NECA DG Attributes Economic Hardships to Inflation Impact on Nigerian Workers In a recent statement, Mr. Adewale Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association (NECA), emphasized that the escalating rate of inflation in Nigeria is a key factor contributing to the economic hardships faced by the average Nigerian worker. Here are the key…
More multinationals likely to exit Nigeria in 2024 – Report More multinational firms may exit Nigeria in 2024, warns a report dated January 12, 2024, by financial solutions firm Cardinal Stone. The report, titled ‘Strategic Resilience: Sailing Through Business Disruptions,’ emphasizes that high operating costs are expected to persist for companies in the Fast Moving…
ILO forecasts 2 million job loss in 2024 A Summary: The International Labour Organization (ILO) forecasts a potential global job loss of two million in 2024, causing the global unemployment rate to rise from 5.1% to 5.2%. The latest ILO report, “World Employment and Social Outlook: Trends 2024,” notes a decrease in joblessness below pre-pandemic…
FG moves 40% shares in DisCos from BPE to Ministry of Finance The federal government has reassigned the Power of Attorney (PoA) for its 40% shareholding in electricity distribution companies (DisCos) from the Bureau of Public Enterprises (BPE) to the Ministry of Finance (MOFI). Wale Edun, the Minister of Finance and Coordinating Minister of the…
Tinubu appoints Adama ED Midstream, Downstream Gas Infrastructure Fund President Bola Tinubu has approved the appointment of a Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) to be domiciled in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). According to a statement by presidential spokesman, Ajuri Ngelale they are; MDGIF Governing…
US firm donates unmanned ships to Nigeria Swiftship, a military manufacturing company based in the United States of America, has donated two hi-tech unmanned water vessels to the Nigerian government. The equipment is S2 and S3 Swift Sea Stalkers. The company donated during a recent visit by the Minister of State for Defence, Bello Matawalle….
Bill to establish 47 new varsities scales second reading The number of federal-owned universities in Nigeria may hit 99 in the coming months as a bill to establish 47 new ones has scaled through the second reading. This is just as about 56 bills have passed for the second reading to establish Federal Medical Centres…
Unbundling of TCN will improve power performance, reliability- Experts Some power experts have said that unbundling of the Transmission Company of Nigeria (TCN) would lead to increased efficiency, performance and realisability of power in the country. The experts disclosed this in separate interviews with the Business Intelligence (TBI Africa) on Monday in Lagos. It would…
MAN predicts 3.2% sectoral growth in 2024 The Manufacturers Association of Nigeria (MAN) has projected sectoral real growth of 3.2 per cent in 2024. This was contained in the Manufacturing Sector Outlook of 2024, signed by the Director-General of MAN, Mr. Segun Ajayi-Kadiri which was made available to the press. Ajayi-Kadiri who predicted 3.2 per…
Dangote Group speaks on EFCC investigation The management of Dangote Industries Ltd. on Sunday reacted to the raid on its Lagos head office by the Economic and Financial Crimes Commission (EFCC). The multi-product group, in a statement in Lagos, said it was prepared to assist the government agency in its investigation on foreign exchange allocations…
