Economy

The Federal Government has assured power generation companies (Gencos) that steps are being taken to offset the N4.7 trillion debt owed to them to prevent a nationwide blackout. Concerns have been raised over the liquidity crisis in the sector, with some Gencos struggling to sustain operations due to unpaid invoices. Gas-fired power plants are particularly affected, as they face difficulties …

As part of its commitment towards food security, the Lagos State Governor, Mr Babjide Sanwo-Olu would be delivering the keynote speech for the 10th edition of agrofood & plastprintpack Nigeria which will commence on Tuesday, March 25, 2025 in Lagos. His presence emphasises the speeks volume of Lagos State’s commitment to industrialisation, trade expansion, food security, and sustainable packaging solutions. …

The Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, has stated that the recent commencement of polypropylene production by the Dangote Refinery has the potential to revive Nigeria’s struggling textile industry. Reportedly in an interview, Ajayi-Kadir described the development as a game-changer, highlighting that the refinery’s 830,000 metric tonnes annual production capacity far exceeds the country’s local …

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has slammed private depot owners for stockpiling petrol and inflating prices following the Dangote Petroleum Refinery’s suspension of naira-based sales. Retailers have begun hoarding Premium Motor Spirit (PMS) in anticipation of a price hike, fearing that the failure of the Federal Government to continue crude oil sales to Dangote Refinery in naira …

The Nigerian Exchange Ltd. (NGX) has lifted the trading suspension on the shares of Mutual Benefits Assurance Plc, effective Thursday, March 20, 2025. This allows shareholders to resume trading the company’s shares on the NGX platform. The company was initially suspended on July 8, 2024, for failing to file its financial accounts within the stipulated timeframe, as required by NGX …

The Federal Airports Authority of Nigeria (FAAN) has announced the temporary closure of Samuel Ladoke Akintola Airport, Ibadan, Oyo State, to facilitate extensive upgrade works aimed at enhancing its infrastructure and operational standards. In a statement signed by its Director of Public Affairs and Consumer Protection, Mrs. Obiageli Orah on Sunday, FAAN confirmed that the Federal Government approved the closure …

The Minister of Solid Minerals Development, Dr. Dele Alake, has revealed that Nigeria’s intensified war against illegal mining has led to the arrest of 327 offenders and the recovery of 98 illegal mining sites within the past year. Speaking at a press conference in Abuja to mark the first anniversary of the Mining Marshals, Alake attributed this success to the …

The Federal Government of Nigeria and the Canadian government have signed a code-sharing agreement aimed at enhancing efficiency and connectivity in the aviation industry. Announcing the development on Friday, Gbenga Saka, Special Adviser on Digital Media to the Minister of Aviation and Aerospace Development, Festus Keyamo, stated that the agreement would allow airlines from both countries to sell seats on …

The leadership of APM Terminals Apapa has met with the Special Adviser to the Oyo State Government, Tilewa Folami, alongside agricultural commodities importers and exporters, to address logistics challenges and highlight the benefits of the newly launched Apapa-Moniya rail service. The delegation, led by APM Terminals Apapa Terminal Manager, Steen Knudsen, included key executives such as Adetunji Igbaugba, Jan Jensen, …

Nigeria’s inflation rate fell to 23.18% in February, down from 24.48% in January, as declining food prices and lower logistics costs contributed to easing inflationary pressures, according to the National Bureau of Statistics (NBS). The latest inflation report highlights a 130 basis point drop in the headline inflation rate, driven by lower prices of key staples such as yam, potatoes, …