Business

Amid the declining crude production recorded in November 2023, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has expressed optimism that Nigeria can achieve crude oil production of up to 2 million barrels per day (bpd) and exceed the 2024 target of 1.7 million barrels per day (bpd). Lokpobiri expressed this optimism during a stakeholder interactive session on …

President Bola Tinubu on Wednesday assured investors of a sustainable and friendly environment for growth in the country. The president, according to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, gave the assurance when the Managing Director of Energy and Natural Resources in Europe, Africa, and the Middle East for Standard Chartered Bank, Mr. Ade …

The Development Bank of Nigeria (DBN) has again emerged as the highest-ranked public institution in Nigeria in the 2023 Transparency and Integrity Index (TII). The TII index recently released by the Center for Fiscal Transparency and Integrity Watch is a collaboration between the Centre for Fiscal Transparency and Integrity Watch (CeFTIW) and the Bureau for Public Sector Reform, with support …

The Nigerian National Petroleum Corporation (NNPC) Limited on Wednesday secured a $3 billion emergency crude repayment loan from the African Export-Import Bank (Afreximbank) to stabilise the naira. The company confirmed the development in a terse statement in Abuja. Ripples Nigeria gathered that the loan would be repaid with crude oil at an interest rate of eight percent to 11 percent. …

Nigeria’s headline inflation rate for August 2023, rose to 25.80 per cent, marking a 1.72 point higher than the 24.08 per cent recorded in July. This was indicated in the Consumer Price Index (CPI) report for August 2023 recently released by the National Bureau of Statistics (NBS). The significant increase reflected the impact of the removal of petrol subsidies, and …

The House of Representatives has set a revenue target of N6 trillion for the Nigeria Customs Service (NCS) in 2024. The target was set when the Comptroller General of Customs, CGC Adewale Adeniyi appeared before the House Of Representatives Committee On Appropriations on Monday. Abubakar Bichi, Chairman of the committee, told Adeniyi that customs should increase the revenue target to …

As part of efforts to ensure the functionality and sustainability of all water supply facilities nationwide, the Federal Government through the Federal Ministry of Water Resources and Sanitation has launched the Village Level Operations and Maintenance (VLOM) Strategy, Nigerian Roadmap for Water Quality Management’ and the Guidelines for Rural Drinking Water Quality Monitoring and Surveillance. This is even as the …

The reality of the state of the Nigerian economy may have dawned on the Federal Government as reports have it that it is mulling selling stakes in about 20 state run companies. The move, according to a report by Bloomberg, is to raise funds and improve corporate governance in the companies. According to the Chief Executive Officer of Finance Ministry …

President Bola Ahmed Tinubu has said there won’t be further increase in the pump price of premium motor spirit otherwise known as petrol. Similar assurance was also given by the Nigeria National Petroleum Company Limited (NNPCL). Addressing State House correspondents Tuesday after a meeting with President Tinubu, his Special Adviser on Media and Publicity, Mr Ajuri Ngelale, said the president …

For many Nigerians, access to decent and affordable housing remains a critical challenge. The housing challenge is made worse by the rise in rural-urban migration, which continues to stretch the limited public infrastructure in urban centres. Currently, more than 28 million Nigerians lack access to decent and affordable housing. Recently, the Vice President Kashim Shettima lamented that despite efforts being …