IMF predicts Nigeria’s economy will hit $1.85tn by 2029 The International Monetary Fund (IMF) has projected that Nigeria’s economy will experience significant growth over the next few years, reaching $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms. This forecast demonstrates a positive trajectory for the country’s economic development. PPP terms allow for more…
EKEDC Reaffirms Commitment to Enhanced Metering Services The Eko Electricity Distribution Company (EKEDC) has reiterated its dedication to significantly improve metering services for its customers, following the deregulation of electricity meter prices under the Meter Asset Provider (MAP) scheme. This announcement was made during the Customers Engagement Forum with Mushin business unit customers in Lagos….
MEMAN, Stakeholders Emphasize Operational Safety in Retail CNG Sector. The Major Energies Marketers Association of Nigeria (MEMAN) and various stakeholders have stressed the importance of enhancing operational safety in Nigeria’s retail Compressed Natural Gas (CNG) sector. This was highlighted during a workshop titled “Enhancing Operational Safety in Nigeria’s Retail Compressed Natural Gas Sector,” held at…
ICPC Initiates Legal Action Against Rural Electrification Agency Officials for Alleged Fraud. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced legal proceedings against several officials of the Rural Electrification Agency (REA) for their alleged involvement in fraudulent activities totaling over N1.2 billion. Among these officials is Usman Ahmed Kwakwa, who was…
Uganda and South Korea Collaborate on Nuclear Power Plant in Buyende. In a significant move towards energy diversification and sustainable development, Uganda and South Korea have announced plans to construct a nuclear power plant in Buyende District, eastern Uganda. This initiative was unveiled by Vice President Jessica Alupo, emphasizing the project’s primary objective of enhancing…
Mine Pit Collapse in Niger State Kills One, Traps 30. A mining pit collapse in Galkogo village, Niger State, has resulted in the death of one person and left 30 others trapped, according to the Niger State Emergency Management Agency (NSEMA). The collapse occurred at an underground gold mine on Monday, following heavy rains that…
FG Eyes $250bn Revenue Through Customs Modernisation Project. The Federal Government has announced plans to generate over $250 billion through the ongoing Customs Modernisation Project of the Nigeria Customs Service (NCS). This ambitious project aims to automate the NCS’s business processes, making it easier for stakeholders in the trade value chain to obtain import and…
Sahara Group Enhances Downstream Transformation with Strategic Appointments. Sahara Group, a leading energy and infrastructure conglomerate, has announced a series of strategic appointments aimed at driving the transformation of its downstream operations. Foluso Sobanjo has been appointed as Head of Africa Downstream, while Nomnso Dike has taken on the role of Chief Executive Officer at…
NCDMB Plans Strategic Enhancements to Boost Nigerian Content Fund. The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to implement changes aimed at enhancing the Nigerian Content Intervention (NCI) Fund, aiming to increase its impact and efficiency. This was revealed by the Executive Secretary of NCDMB, Engr. Felix Omotsola Ogbe, during a quarterly…
Nigeria’s External Reserves Plummet by $1.8bn in 10 Weeks. Nigeria’s foreign exchange reserves have declined by $1.8 billion in the past 10 weeks, according to recent data from the Central Bank of Nigeria (CBN). As of May 29, 2024, the country’s FX reserves stood at $32.69 billion, a drop from $34.44 billion recorded on March…
