Author: Aishat Olalere

Three Nigerian-based Clean Energy Companies have collectively secured $17 million in Foreign Direct Investment (FDI). It is under the United Kingdom (UK-funded) Manufacturing Africa Programme to expand renewable energy access in the country. This was disclosed on Tuesday in Abuja by the Senior Press and Public Affairrs Officer Communications Lead, Prosperity and Economic Development, Ndidiamaka Eze. Eze said the foreign direct investment support fund was given to boost and support the clean energy sector. It is to encourage Nigeria effort to expand access to renewable energy solutions. “The UK-funded Manufacturing Africa programme has scored a significant win for Nigeria’s clean…

Turkish Airline has unveiled a proposal to purchase 225 aircraft from an American jet manufacturer Boeing Co. Ahmed Bolat, Chairman of the Turkish Airline Board and Executive Committee disclosed this at International Air Travel Association’s (IATA) Annual General Meeting in Dubai on Tuesday. Bolat said the airline is discussing target prices, commercial terms and the cost of engines for 150 MAX narrow-bodies and 75 Boeing 787 wide-bodies with jet manufacturer Boeing co. The announcement from Turkish Airlines comes on the back of a major deal with European plane maker Airbus. Bolat said, “We finished with Airbus. We have ordered 385…

The Tax and Fiscal Policy Reforms Committee is proposing an increase in the Value added tax rate from 7.5 percent to 10 percent. This was disclosed by the Chairman of the Presidential and Fiscal Policy Reforms Committe, Taiwo Oyedele at a public consultation workshop for journalists and public analysts held in Abuja. The theme of the speech was, “Proposed changes to the national tax policy, tax laws and administration.” Oyedele stated that the VAT revenue-sharing formula had also been reviewed to increase state collection rate from 50 to 55 per cent, local government area to 35 per cent and reduce…

The Central Bank of Nigeria has dismissed reports from some quarters accusing it of rescinding the licenses of three financial institutions asides Heritage Bank. The bankers’ bank cleared the air via a post on its official X account on Tuesday. “The content is fake and not from the CBN,” it stated. Earlier, the Apex Bank revoked the license of Heritage Bank PLC. “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby…

International Monetary Fund has excluded Naira from the list of Representative Exchange Rate for Selected Currencies for June 2024. The exclusion was as a result of fluctuation in exchange rate, lack of stability in value and other challenges faced by Naira. The IMF’s Representative Exchange Rates list provides a benchmark for currencies, facilitating international trade and financial transactions. The currencies listed by International Monetary fund include: Chinese yuan (7.246300), Japanese yen (157.150000), Indian, rupee (83.065900), Korean won (1,381.600000), Kuwaiti dinar (0.306500), Omani rial (0.384500), Philippine peso (58.524000), Qatari riyal (3.640000), Saudi Arabian riyal (3.750000), Singapore dollar (1.351100), Thai baht (Not…

Nigerian Treasury bills average yield experience decrease as portfolio investors became more interested in naira assets. Despite the negative interest rates and concerns about inflation, there is an increase in demand on the secondary market for bills with a maturity duration of 24 days and 171 days. Demand for long dated bills was relatively quiet. “In the OMO bills space, a similar pattern was observed. Investors’ appetite for OMO bills improved following lost bids at primary market auction conducted last week. Due to the bullish sentiment, as the average yield declined slightly, down by 2 basis points to 21.7%”, according…

Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have expressed displeasure over the minimum cap of one billion litres of automotive gas oil (AGO) fuel at Dangote Refinery. Dr Billy Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria said that the threshold is too expensive for the majority of marketers to afford as banks are no longer helping matters. Harry said the retail outlet owners cannot afford more than the minimum cap of one million litre of diesel. “The only condition that has been a little difficult is that Dangote has a low…

There is a need for government to support local companies and create an environment that would make it efficient and competitive. The Senior Adviser to President of African Development Bank, Prof. Oyebanji Oyelaran-Oyeyinka made the declaration on Tuesday during a public lecture at the 93rd birthday of Mr Anthony Shobo, Oyelaran-Oyeyinka. The public lecture was titled, ‘Why Nigeria’s Development Lags: Causes and Consequences of Premature Deindustrialisation,’ he emphasised the importance of investing in capabilities at the factory level. Oyelekan recommended that the government should promote manufacturing export capabilities as a source of growth, building capabilities for economic and industrial diversification,…

OPEC+ has placed the market price of crude oil below $80 per barrel in the global commodities market. This occurred after the Organization of Petroleum Exporting Countries and Allies (OPEC+) decision to extend supply cuts. On Tuesday, ING commodities strategists said Brent crude price settled almost 3.39% lower on the day and below US$79 per barrel – a level last seen in February. The American benchmark West Texas Intermediate (WTI) traded increased by 0.16% to $77.11 per barrel compared to the previous session that closed at $76.99 per barrel. The extension of additional voluntary supply cuts into 3Q-2024 leaves the…

Gombe state government has approved ₦20.4 billion for the expansion and dualisation of 18.5 kilometre road in Gombe metropolis. This was disclosed by the Secretary to the State Government (SSG), Prof. Abubakar Njodi, at the end of State Executive Council (SEC) meeting on Monday. “The project would cover Federal Teaching Hospital Junction along Bauchi Road, passing through the Police Headquarters to the Federal College of Education (Technical) along Ashaka Road,” he said. Njodi said the contract has been awarded to the TRIACTA Nigeria Ltd with a completion period of 12 months. Get instant and latest news updates via Our WhatsApp Community or Google…