Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, July 01 to Saturday, June 06, 2024.
Nigerian Electricity Regulatory Commission (NERC) has approved another electricity tariff hike from N206.80/kWh to N209.50/kWh for users in the Band A category.
This was confirmed by some of the distribution companies (DisCos) in Nigeria on Wednesday. Head, Corporate Communications, Ikeja Electric, (IE) Kingsley Okotie; Acting Managing Director…Read more
The Economic Community of West African States (ECOWAS) have renewed its commitment to the realization of a single currency, known as the ECO for the region.
Nigeria’s Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun, determined to bring the long-term dream to fruition, on Thursday hosted a virtual high-level committee…Read more
The Nigerian National Petroleum Company Limited (NNPCL) yesterday inaugurated 12 Compressed Natural Gas (CNG) stations in Abuja and Lagos, according to a statement by Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye.
He quoted the Group Chief Executive Officer, NNPC Ltd, Mallam Mele Kyari as declaring that the drive to…Read more
Following a recent report of another multinational firm, Aarti, an Indian steel firm’s planned exit from Nigeria, the Manufacturers Association of Nigeria (MAN) has reassured that the exit of multinationals will provide an opportunity for local companies to take their place.
MAN Director-General, Mr Segun Ajayi-Kadir, in an interview with New Telegraph, in Lagos, admitted that it had been…Read more
Chief Corporate Communication Officer, Nigerian National Petroleum Company Limited, (NNPC Ltd) has said it is incorrect that the company has incurred $6bn petrol payment backlogs.
In a telephone interview with New Telegraph on Thursday, the NNPC Ltd spokesman said the report is fake news and…Read more
The Federal Government, through the Ministry of Solid Minerals Development, has announced a new regime of rates for the mining sector, adding that this will enhance the ease of doing business and consolidate ongoing reforms.
Minister of Solid Minerals Development, Dr Dele Alake, during a media briefing in Abuja yesterday, stated that the review underscored Federal Government’s commitment to increasing…Read more
As part of preparation for a new phase of business transformation, the Board of Directors of Emerging Markets Telecommunication Services Limited (EMTS), operating as 9mobile, has announced the appointment of seasoned telecoms expert and technology business leader and advisor; Obafemi Banigbe, as the Chief Executive Officer of the company.
He succeeds the outgoing CEO, Juergen Peschel, who will be retained as a consultant to support the business transformation process...Read more
The African Export-Import Bank (Afrexim Bank) has said that divesting from fossil fuel could reduce Nigeria’s total Gross Domestic Product (GDP) by as much as $30 billion and may cost Africa around $190 billion in GDP.
It added that it could reduce GDP by as much as $22 billion in Algeria and $19.3 billion in Angola. Afrexim Bank Africa Trade Report 2024 seen by…Read more
The Federal Government, on Wednesday, announced the completion of the divestment deals between Nigeria Agip Oil Company and Oando Plc, as well as that of Equinor and Project Odinmim, which are jointly worth about $1.5bn.
It also announced that as of June 2024, the country’s functional oil rigs increased to 34, adding that a total of 31 oil blocks were currently on offer...Read more
Nigerian Shippers’ Council (NSC) in collaboration with the National Judicial Institute (NJI) is set to host the 17th edition of the international maritime seminar for judges in West Africa.
Expected at the event are the Chief Justices of The Gambia, Ghana, Kenya, Liberia and Sierra Leone, along with some justices/judges of…Read more
The Federal Government has commissioned two newly acquired 80-ton bollard pull tugboats deployed to enhance the berthing of vessels at the Lekki Deep Seaport and Dangote Refinery in Lagos.
The Minister of Marine and Blue Economy, Adegboyega Oyetola who commissioned the vessels, Christened MT Iragbiji and MT Bama noted that they were acquired by the Nigerian Ports Authority (NPA) to support…Read more
Delay in implementation of Nigerian Export Proceeds (NXP) regulations in the seaports is threatening annual shipments of N61.6 trillion in goods to foreign countries. This is coming three months after the announcement of its commencement.
The new policy is designed to improve traffic flow reduce congestion around the port complex and encourage timely…Read more
Indigenous energy companies are capable of growing Nigeria’s oil production, Chief Executive Officer, Seplat Energy, Mr. Roger Brown, has said.
He also said Nigeria’s oil/gas production levels could be increased and its sub-surface potential largely optimized if divestment and other…Read more
As more multinational firms depart Nigeria over the harsh business environment, the Acting Executive Vice Chairman, FCCPC, Dr Adamu Abdullahi, has said the regulations being rolled out by the government’s Ministries, Departments and Agencies (MDA) are not necessarily behind the investors’ decision to quit the country.
Indeed, there have been speculations from some quarters that MDAs ‘punitive’ regulations on various firms in the country have been…Read more
Nigeria Sovereign Investment Authority (NSIA) has shortlisted 10 innovators for a prize value of $220,000 on Demo Day, after a week-long accelerator programme (physical boot camp).
The shortlisted innovators emerged from 25 innovators, who pitched their solutions before an expert panel of business and technology leaders. The authority confirmed the selection in a statement issued…Read more
