Economy

Aviation

FG summons 80 private jets owners over operating papers, Import duty

Abbah Umar - June 18, 2024

The Federal Government, through the Nigerian Customs Service (NCS), has embarked on a renewed effort to address the issue of improperly imported private jets in the country. This initiative which has seen about 80 operators of private jets summoned to...

Economy

Who Are the Vandals Sabotaging Nigeria’s Infrastructural Efforts?

A Effanga - June 17, 2024

In recent years, Nigeria has made concerted efforts to improve its infrastructure, from roads and bridges to pipelines and power installations. However, these efforts are being significantly hampered by a persistent problem: vandalism. Vandalism of infrastructure not only hinders...

Economy

Customs Seizes N4.1 Billion Worth of Narcotics from Canada and India at Lagos Seaport

Emeka Udeh - June 15, 2024

The Tin Can Island Command of the Nigeria Customs Service (NCS) made a significant announcement on Friday regarding their interception of illicit substances imported into the country, underscoring their commitment to safeguarding national security and public health. According to...

Economy

Amidst economic challenges another international firm exits Nigeria

Abbah Umar - June 15, 2024

Another setback has hit Nigeria as American fund management firm BlackRock Inc. has announced it is selling off its equity investments in the country citing liquidity challenges in these markets and difficulty in repatriating funds in dollars. BlackRock Inc. also...

Economy

“Nigerians Seek Higher Minimum Wage of N100,000, Not Political Statements, Idam Urges Tinubu”

Mfon Ekanem - June 15, 2024

Human rights activist and lawyer, Maduabuchi Idam, has voiced concerns over President Bola Tinubu's apparent lack of commitment to the welfare of Nigerian workers, specifically criticizing the proposed national minimum wage of N62,000. Idam emphasized that this figure is...

Economy

Nigerian Banking Sector Loses N14.71 Billion to Fraud Over Five Years

Mfon Ekanem - June 14, 2024

The Nigerian banking sector has experienced significant financial losses due to a marked increase in fraudulent activities over the past five years. This alarming trend has raised concerns about the security measures in place and the evolving tactics used...

Economy

NNPCL Urges Creation of Special Court to Combat Crude Oil Theft

Mfon Ekanem - June 14, 2024

To fully harness its potential as a driver of national economic and industrial growth, Mele Kyari, Group Chief Executive Officer of NNPC Limited, emphasized the crucial role of the judiciary in addressing the challenges of crude oil theft and...

Economy

Nigeria Repays China, World Bank, Others Over $2bn Debt, Borrows Another $2bn

Abbah Umar - June 14, 2024

In the first five months of 2024, Nigeria has witnessed a remarkable surge in its expenditure on external debt servicing, as per the latest data released by the Central Bank of Nigeria (CBN). The figures paint a picture of...

Economy

Nigeria’s Crude Oil Production Falls to 1.25 Million Barrels Per Day in May, Reports OPEC

Mfon Ekanem - June 13, 2024

Nigeria's crude oil production fell to a record low of 1.25 million barrels per day (bpd) in May 2024, according to the Organisation of Petroleum Exporting Countries (OPEC). The OPEC monthly oil market report for June, reviewed by Channels Television,...

Economy

BREAKING: NLC, TUC Differ on Minimum Wage Demand: “Not N250,000”

Mfon Ekanem - May 8, 2022

In the midst of the ongoing discourse surrounding the establishment of a new national minimum wage for Nigerian workers, organized labor has underscored their flexibility, stating that they are not rigidly adhering to a specific numerical value. The recently concluded...

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