The Federal Government has commenced the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to Nano businesses nationwide. The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) classifies Nano businesses as enterprises that have one or two workers and less than N3 million annual turnover. The Minister of […]
The Nigerian Civil Aviation Authority (NCAA) has suspended the Permits for Non-Commercial Flights (PNCF) licences of three private jets for engaging in commercial operations. Acting Director-General of the NCAA, Captain Chris Najomo, announced the suspension in a visual press release posted on the official NCAA X (formerly Twitter) account on Tuesday. According to him, the […]
The International Energy Agency (IEA) has again reviewed its oil demand forecast for 2024 downward, citing weaker deliveries from the Organization for Economic Cooperation and Development (OECD) countries for its latest action. The IEA’s latest oil report shows a slower global oil demand growth of 1.6 million barrels per day (mbbl/d) in the first quarter […]
The Nigerian Customs Service’s (NCS’) foreign exchange (FX) rate for cargo clearance and import duties collection has dropped from N1,572.5/$ to N1,448.38/$1, representing a decline of N124.12 from last week’s rate. The latest FX rate of the revenue agency is reflected on the Central Bank of Nigeria’s (CBN’s) official window. Over the past weeks, the […]
The African Development Bank (AfDB) has signed a $75 million loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited. The loan will enable Indorama to increase its fertilizer production and develop a port terminal for exports, supporting food production and food security across regional and international markets, while fostering job creation in Nigeria. A news […]
Ogun State Governor, Prince Dapo Abiodun, on Thursday said his government would continue with its ongoing infrastructure drive, especially in road construction to fast-track economic growth in the state. Abiodun made the commitment during the commissioning of the six kilometres (first phase) of the Siun-Owode-Ofada road in the Obafemi Owode Local Government of the state. […]
The Federal Airports Authority of Nigeria (FAAN) on Thursday announced that it had shut down KFC facility at the Murtala Muhammed International Airport (MMIA) in Lagos with immediate effect over what it termed discriminatory treatment of a customer. The management hinged its action on a social media report by a Passenger with Reduced Mobility (PRM), […]
Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has announced the successful close of its largest ever debt facility, a US$1.16 billion syndicated loan, attracting new lenders from the Middle East, Europe and Asia, in its efforts to bridge Africa’s yawning infrastructure gap. A news report from the African Press Organization (APO) […]
The Swiss Re Institute has reported that global insured losses from natural catastrophes surged to $108 billion for the fourth consecutive year in 2023, with the earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods acting as the main drivers. A news report from the Institute indicated that total global insured […]
Ecobank, the pan-African banking group, has formally signed the Women’s Empowerment Principles by UN Women and the UN Global Compact (WEPs), which provide guidance to the private sector on how to advance gender equality and women’s empowerment in the workplace, marketplace and community. The bank’s Group Chief Executive Officer, Jeremy Awori, announced the signing of […]