The financial crisis facing Nigeria’s data centres is reaching a critical point due to the ongoing devaluation of the naira. This sector, vital for the country’s digital infrastructure, is grappling with severe financial strain as operators struggle with the dual challenges of currency depreciation and inadequate long-term funding. As explained by Ikechukwu Nnamani, CEO of…
NNPC’s Refusal to Be Sole Buyer May Drive Dangote Refinery to Focus on Exporting Petrol The ongoing dispute between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC) has cast doubt on the future of local petrol supplies. The NNPC has declared it will not purchase petrol from Dangote’s facility unless it is priced…
Effective September 9, 2024, a one-time N50 fee will be applied to all OPay transactions above N10,000, as mandated by the federal government. Starting September 9, 2024, a N50 transfer levy will be imposed on OPay transactions exceeding N10,000, in compliance with the Federal Inland Revenue Service (FIRS) regulations. This new charge is part of…
Nigeria Strengthens Economic Partnership with China Through $3.3 Billion Industrial Agreement Nigeria has taken a significant step in enhancing its economic partnership with China, marked by the signing of a $3.3 billion industrial agreement. This Nigeria-China Economic Partnership centers around the development of the Brass Industrial Park and Methanol Complex, a project set to boost…
In a bid to combat rising food costs and alleviate hardship, the Federal Government has commenced the sale of 30,000 Metric Tons (MT) of milled rice at a subsidized rate of N40,000 per 50-kilogram bag. Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced the initiative, which involves deploying 1,000 trucks to deliver a…
The Yoruba Council of Elders (YCE) has expressed deep concerns about the worsening conditions in Nigeria, urging President Bola Tinubu to address the immediate needs of citizens. The Yoruba elders tell Tinubu that Nigerians are suffering deeply, with many struggling due to the lack of electricity, food, and fuel. The council emphasized that while long-term…
The National Economic Council (NEC) has urged state governments to accelerate their work on proposals regarding the creation of state police in Nigeria. In a move aimed at enhancing security across the country, the NEC has set a firm deadline for all states to make their submissions on the matter. The development marks a significant…
The Nigerian Bar Association (NBA) has strongly condemned the recent fuel price hike in Nigeria, expressing grave concerns over the steep increase implemented by the Nigerian National Petroleum Company (NNPC). The pump price of fuel, which has skyrocketed from 617 Naira to nearly 900 Naira, has placed an overwhelming financial strain on Nigerian citizens, worsening…
At the Nutrivision 2024 event in Abuja, philanthropist Bill Gates addressed the ongoing challenge of low tax collection in Nigeria, underscoring its impact on vital public services. Gates emphasized that Nigeria’s current tax revenue is insufficient to meet the financial needs of critical sectors such as health and education. He pointed out that without significant…
Vice President Kashim Shettima inaugurated the highly anticipated $115 million terminal upgrade at Onne Port in Rivers State, showcasing a significant milestone for Nigeria’s maritime and trade sectors. The investment in the West Africa Container Terminal (WACT) underscores the critical role Onne Port plays in facilitating trade across Nigeria and the West African region. APM…
Subscribe to our monthly newsletter