In 2023, Nigeria’s total foreign trade increased to N71.88 trillion from N52.38 trillion recorded in 2022, representing an increase of 37.2% year-on-year (Y-o-Y) These figures were contained in the Foreign Trade in Goods Statistics (Q4 2023) report published by the National Bureau of Statistics (NBS) on Friday, March 8, on its website. The statistics agency […]
Ericsson and MTN Group have agreed to modernise the core network of MTN’s affiliates in South Africa and Nigeria over five years in line with MTN Group’s MTN Unified Cloud Acceleration (MUNA) principles and objectives. The MTN Group in a statement indicated that the agreement was recently concluded, where the companies agreed on key strategic […]
The Federal Government, through the Federal Ministry of Innovation, Science and Technology, has signed a Memorandum of Understanding (MOU) with Domineum/Edenbase UK for the development of Abuja Tech City. The Minister of Innovation, Science and Technology, Uche Nnaji, who signed the agreement on behalf of the government in Abuja, said the collaboration laid the foundation […]
The Central Bank of Nigeria (CBN) has raised the foreign exchange (FX) rate for the clearance of goods from N1444.56/$ to N1515.09 against the one United States dollar (USD), representing an increase of N70.53 compared to the prior rate. Before the latest adjustment of the rate, the single-window trade portal of the Nigeria Customs Service […]
The Minister of Steel Development, Prince Shuaibu Audu, has hinted of plans by the Federal Government on a three-year roadmap designed to fully reactivate the ailing Ajaokuta Steel Company to ensure that the billions of Naira invested in it are not wasted. The minister, who disclosed this at the weekend during a media briefing in […]
Ogun State Governor, Prince Dapo Abiodun, has inaugurated a 12-man committee of Ogun Invest Ambassador Network to create a robust and seamless working relationship between government and investors, for businesses to thrive. Abiodun, during the inauguration and orientation course for the ambassadors, at Ogun Invest Office, Isheri, in Ifo Local Government Area of the state, […]
Following the coming on stream of the Dangote Refinery a few weeks ago, the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Dangote Group have set up a joint committee to harmonise the operations of the refinery in line with the provisions of the Coastal and Inland Shipping Cabotage Act 2003. The initiative was […]
The Federal Government on Tuesday disclosed that it had issued 13 new licences for the generation of off-grid and embedded power, independent electricity distribution and trading of electricity. The disclosure, which was contained in the Nigerian Electricity Regulatory Commission (NERC) report listed the new licencees as Daybreak Power Solutions Limited, which was issued eight licences […]
The Ministry of Finance Incorporated (MOFI) has been directed by the Federal Government to take over from the Bureau of Public Enterprises (BPE), its equity holdings in the 11 successor electricity distribution companies (DiSCos) of the defunct Power Holding Company of Nigeria (PHCN). To ensure this, the MOFI was instructed, in a memo signed by […]
….Approves 7 Marketers For Product Lifting The Dangote Refinery, the largest single-train refinery in the world, has commenced the refining of Automotive Gas Oil (also known as diesel) and Aviation fuel (Jet AI) about seven months after its inauguration seven months ago. The refinery began operations in the early hours of Friday following the earlier […]