Business

Nigeria’s average daily crude oil production rose to 1.35 million barrels per day (bpd) in August. This comes despite Nigeria retaining its position as Africa’s largest oil producer, surpassing Algeria which produces 910,000 barrels of oil per day, and Congo in third place which produced 270,000 barrels of oil per day in August according to the oil alliance. That’s according …

Billionaire businessman and chairman of the United Bank for Africa (UBA), Tony Elumelu has pointed out that the development of any country is impossible without access to reliable electricity to drive industrialization. Elumelu said this on Tuesday while delivering the keynote address at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in …

President Bola Tinubu said on Tuesday that his administration has begun restoring confidence in the Nigerian economy through its reforms. He said this at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) held in Abuja. Tinubu, who was represented by Vice President Kashim Shettima, said the measures initiated by the government were …

Investors in the Nigerian equity market made a gain of N343 billion at the close of trading on Tuesday. This follows the increase in share prices of stocks such as SFS REIT, RT BRISCOE, and CAVERTON among others on the trading floor. After five hours of trading in the capital market, equity capitalization increased to N55.6 trillion from N55.2 trillion …

The Nigerian National Petroleum Corporation (NNPC) Limited has announced the signing of an agreement with Chevron Nigeria Ltd (CNL), its joint venture (JV) partner, for the conversion of five oil mining licenses (OMLs) into four oil exploration licenses (PPLs) and 26 oil mining licenses (PMLs). This comes despite the conversion being expected to significantly increase crude oil production — with …

The National Bureau of Statistics (NBS) said on Monday revenue generated from Value Added Tax (VAT) rose to N1.56 trillion in the second quarter of this year. The figure shows a 9.11% growth in VAT revenue when compared to the N1.43 trillion recorded in the first quarter. The agency revealed that revenue generated from Corporate Income Tax (CIT) for the …

The renewed deal signaled a strong relationship between the two governments and their historic partnership. Monday, September 9, 2024/ The Liberian Maritime Authority, the world’s largest Open Registry, has announced the renewal of its historic partnership in a maritime agreement with the People’s Republic of China. A dispatch from Chian says the maritime agreement is designed to foster strong relations …

The Nigerian equity market started the week on a negative note on Monday, September 9, 2024 as investors lost N111 billion at the end of the trading session. This follows a decline in share prices such as JBerger, Transpower, and UPL among others on the trading floor. After five hours of trading in the capital market, equity capitalization dropped to …

Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, said on Monday that the Federal Government has not increased the Value Added Tax (VAT) to 10%. Former Vice President Atiku Abubakar on Sunday slammed the planned VAT hike as deliberated by the chairman of the presidential committee on fiscal policy and tax reforms, Taiwo Oyedele. In his recent …

The Securities and Exchange Commission (SEC) has warned that it will soon initiate enforcement action against all individuals and entities, including crypto exchange platforms, that operate outside its regulations. This follows the recent In-Principle Approval granted to two crypto exchanges Quidax and Busha by the commission. SEC Director-General Dr. Emomotimi Agama in a statement released on Sunday, reiterated the commission’s …