Business

Nigeria has equalled Angola as the largest oil drilling market in sub-Saharan this year, says a report by Hawilti and the Caverton Offshore Support Group Plc. Oil drilling involves the extraction of oil by drilling a well through the earth’s crust to reach the fossil fuel deposits. According to the...

There are strong indications that terminal operators at the nation’s seaports have jacked up the cargo handling rate by 45 per cent following the devaluation of the naira by the Central Bank of Nigeria (CBN) from N461 to N631 per US Dollar, which the apex bank sold at the Importers...

The Human Rights Writers Association of Nigeria has issued a 72-hour ultimatum to the Federal Government, for the immediate arrest of ex-Niger Delta agitator, Mujahid Asari-Dokubo. The group threatened that should the Federal Government refuse to arrest Asari-Dokubu as it demanded, it would mobilise its members to embark on a...

The federal government may have lifted the ban on importation of vehicles through the land borders, it has been revealed. The development is projected to revitalise economic activities within the corridor. Daily Trust reports that the last administration had closed land borders between Nigeria and Cotonou, Benin Republic, and subsequently...

The Nigerian naira has moved from being overvalued to undervalued following the government’s long-awaited foreign exchange reform, analysts at US-based Bank of America said in a June 28 note to clients as reported by Businessday. The newspaper quoted the analysts saying, “We now see a USDNGN fair value of 680...

Oil marketers have projected that the pump price of petrol could rise above N700 per litre in Northern Nigeria starting from July. The National Controller Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told The PUNCH on Wednesday that prices could rise to above N700 in the north once...

The sustained advocacy of the Mohammed Bello Koko- led Management of the Nigerian Ports Authority (NPA) for the decongestion of the ports to pave way for efficient operations received a boost on June 23, 2023, when the Permanent Secretary, Federal Ministry of Transportation, Dr. Magdelene Ajani, led an inter-agency team...

Vice President Kashim Shettima has assured Nigerians that the administration of President Bola Tinubu will promptly address the infrastructural deficits in the country. Shettima gave the assurance on Wednesday in Maiduguri when he paid a Sallah homage to the Shehu of Borno, Alhaji Abubakar Ibn Garbai El-Kanemi. He said that all the...

The World Bank has approved a fresh $500 million loan for Nigeria to help improve the livelihood of women in Nigeria. Disclosing this in a statement, the World Bank said, “The World Bank has approved $500 million for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further...

The Abuja Electricity Distribution Company (AEDC) has appealed to its customers to disregard the planned tariff increase as approval for such an increment had not been received. AEDC management made the appeal in a statement on Monday in Abuja. “Please disregard the circulating communication, regarding the review of electricity tariffs....