Category: Economy - Page 4 - African News Today

Wike: I Didn’t Buy Any New Car as FCT Minister

23Aug

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Wike: I Didn’t Buy Any New Car as FCT Minister

The Federal Capital Territory Administration (FCTA) issued a statement to address news articles and broadcasts involving the new FCT Minister, Barr. Ezenwo Nyesom Wike. Amidst sensationalist headlines, the FCTA aimed to set the record straight and provide accurate information to the public. The statement addresses recent claims that Minister Wike is initiating a large-scale demolition operation targeting 6000 houses across 30 settlements in Abuja, including Wadata Plaza. The FCTA refutes these allegations, stating that they lack any factual basis. The FCTA criticized mainstream newspaper headlines that attributed quotes and claims to the Minister that he did not make. It emphasizes that the Minister did not publicly mention specific areas or numbers of structures to be removed. His f...

Cooking Gas to Increase in Price Next Week – Marketers

10Aug

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Cost of Living, Economy, News, Nigeria, Petroleum

Cooking Gas to Increase in Price Next Week – Marketers

Gas users in Nigeria are facing the grim prospect of higher prices in the coming weeks, as marketers have hinted at an impending price hike. The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, revealed that a confluence of factors, including rising international prices, high tax rates, vessel prices, forex scarcity, and naira devaluation, is pushing gas prices higher. Olatunbosun Oladapo, in a recent statement, cautioned gas users to brace themselves for the impact of price increases, which he stated would take effect as early as next week. He pointed out that international gas prices have surged, resulting in higher costs for importation. The increased prices of vessels, coupled with the scarcity of foreign exchange and the devaluation o...

NLC: Government Response Will Determine Duration of Protest

2Aug

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Cost of Living, Economy, Human Rights, Labour, News, Nigeria

NLC: Government Response Will Determine Duration of Protest

The Nigeria Labour Congress (NLC) has made it clear that the duration of the ongoing protest will be determined by the response of the government to their demands, and not by the use of force. NLC President, Joe Ajaero, made this disclosure during an interview with Channels TV at Unity Fountain in the Federal Capital Territory (FCT) on Wednesday. The NLC launched its protest on Wednesday morning in various states of the federation, including the FCT, Lagos, Kaduna, Kano, Cross River, Ebonyi, Ogun, Imo, Ondo, and Edo, among others, against what they deem as "anti-people" policies. Ajaero emphasized that the NLC will decide whether the protest continues for today, tomorrow, or longer, based on the response received from the government. He stressed that it is not in the interest of the ...

Oil Marketers Want Further Price Review as Petrol Prices Soar

24Jul

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Cost of Living, Economy, News, Nigeria, Petroleum

Oil Marketers Want Further Price Review as Petrol Prices Soar

Nigeria's oil marketers have asserted that the current petrol prices in the country do not accurately reflect the market reality and are projecting yet another price review this month. This comes less than two months after the price of petrol was increased from N189 per litre to N500. The situation has sparked outrage from the public, leading to criticism from various quarters. Recently, some filling stations operated by the Nigerian National Petroleum Corporation (NNPC) increased their pump prices of petrol from N537 per litre to N617 per litre across the country. This development has further exacerbated the already strained situation for consumers and businesses. Tunji Oyebanji, a former Chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, expressed his con...

Nigerian Government’s Subsidy Removal Continues to Raise Questions

30Jun

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Cost of Living, Economy, News, Nigeria, Petroleum

Nigerian Government’s Subsidy Removal Continues to Raise Questions

A closer look at the contradictory reports on subsidy removal and its impact on Nigeria's economy The Nigerian government has found itself once again embroiled in a debate over the subsidy removal, leaving citizens confused about the true status of the subsidy and its implications. Reports from 2016 and 2023 present conflicting narratives, raising questions about the government's stance on this critical issue. Back in August 2016, Vice President Yemi Osinbajo claimed that the federal government had saved a significant amount of N1.4 trillion by eliminating the oil subsidy. Addressing the public during a meeting in Kano, Osinbajo highlighted the benefits of deregulating the downstream petroleum sector, leading to increased petrol availability across the country. He also mentioned a m...

Slip of the Naira at the I&E Window Continues on Wednesday

22Jun

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Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This ma...

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

21Jun

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Economy, News, Nigeria, Tanzania, United States of America

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

Earlier this week, news broke that Aliko Dangote was moving 60% of his family investment to the US.Two days after, we saw him in Tanzania promising to increase his investment in the country because he wants to support the new president, whose business decisions have been investment friendly. I am happy for him. He has sense. But as a businessman, I am not sure Dangote is a model. Don't take my word for it. Let the data speak: In October 2016, Dansa, Dangote's fruit juice company packed up because it wasn't making profit. It closed shop, owing its workers 6 months salary. He also started a $13 million tomato processing plant in March 2016 and closed shop in August 2017, saying it was because of "importation of tomato paste, shortfall in the supply of fresh tomatoes and power fai...

Breaking News: EFCC Boss, Bawa, Suspended by Tinubu

14Jun

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Breaking News, Corruption, Economy, Justice, Law Enforcement, News, Nigeria

Breaking News: EFCC Boss, Bawa, Suspended by Tinubu

President Bola Ahmed Tinubu has taken the decision to indefinitely suspend AbdulRasheed Bawa, the Chairman of the Economic and Financial Crimes Commission (EFCC), from his position. The suspension comes as a result of serious allegations of abuse of office that have been leveled against Bawa. The President has deemed it necessary to initiate a thorough investigation into the conduct of the Chairman during his tenure. In an official statement released on Wednesday by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation, the decision to suspend Bawa was announced. The statement clarified that the suspension was implemented to allow for an unbiased investigation into the allegations brought against him. As part of the suspension d...

CBN Grants Banks Authority to Trade Foreign Exchange Freely

14Jun

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Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his ins...

Breaking: CBN Governor, Emefiele Suspended by President Tinubu

9Jun

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Breaking News, Corruption, Economy, Justice, News, Nigeria

Breaking: CBN Governor, Emefiele Suspended by President Tinubu

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect. This decision was made in light of the ongoing investigation of his office and the planned reforms in the financial sector of the economy. The suspension of the Central Bank Governor has caused widespread concern and criticism. The President does not have the power to suspend the Central Bank Governor. The power to remove the CBN Governor is vested in the President and the Senate jointly, as stated in Section 11(2) of the Central Bank of Nigeria Act, 2007. Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who will act as the Central Bank Governor ...