Schneider Electric Expands Operations in Nigeria, Reinforces Commitment to Sustainable Energy
Schneider Electric, a leading global provider of energy management and automation solutions, has further solidified its commitment to Africa's economic growth by opening a new office headquarters in Aromire, Ikeja, Lagos. The new facility will serve as a central hub for Schneider Electric's operations in Nigeria and the broader West African market. The company's Country President for West Africa, Ajibola...
Lagos State to Tighten Oversight on Agricultural Investments to Ensure Accountability
The Lagos State Commissioner for Agriculture, Abisola Olusanya, has announced plans to implement stringent monitoring of agricultural investments to track state support and hold all stakeholders in the food value chain accountable. Speaking at the Agriculture & Allied Group 2024 Symposium/Fair organized by the Lagos Chamber of Commerce and Industry, Olusanya emphasized the importance of building a robust food logistics...
Nigeria’s Economy Rebounds: PMI Records First Expansion in 13 Months
The latest Purchasing Managers' Index (PMI) released by the Central Bank of Nigeria (CBN) has indicated a positive shift in the country's economic activities. The composite PMI for August 2024 stood at 50.2 index points, marking the first expansion in 13 months. The sectoral breakdown reveals that both the services and agricultural sectors registered growth, while the industry sector experienced...
BoI Rallies Behind Resilient Local Companies Amid Global Economic Downturn
The Bank of Industry (BoI) has reaffirmed its commitment to supporting local companies that have continued to invest in Nigeria despite the challenges posed by the global economic downturn. During a facility tour of several BoI-funded companies in Lagos, Dr Olasupo Olusi, the Managing Director of BoI, praised the resilience and determination of these businesses. He highlighted the importance of...
GSMA Urges Nigeria to Reduce Telecom Taxes to Boost Digital Economy
The Global System for Mobile Communications Association (GSMA) has urged the Nigerian government to reduce telecom taxes to stimulate investments, boost the country's digital economy, and enhance connectivity. Angela Wamola, Head of Sub-Saharan Africa at GSMA, highlighted that Nigeria's complex and burdensome tax regime is hindering the telecom sector's ability to invest in infrastructure, expand services, and contribute meaningfully to...
Belemaoil Appoints Seasoned Executives to Spearhead Growth
Indigenous oil firm, Belemaoil Producing Limited, has appointed Ahmadu Sambo as its new Managing Director/Chief Executive Officer (MD/CEO) and Emmanuel Onos as its Chief Financial Officer (CFO). The duo brings a wealth of experience in the oil and gas industry, both in Nigeria and internationally. Sambo, a former Group General Manager of Finances at the Nigerian National Petroleum Company Limited...
NIN-SIM Linkage Deadline Looms: Subscribers Express Frustration Over Portal Challenges
As the September 15 deadline for linking National Identification Number (NIN) to Subscriber Identification Module (SIM) cards approaches, subscribers are expressing growing frustration over the challenges they face in uploading their details on the National Identity Management Commission (NIMC) portal. The President of the National Association of Telecommunications Subscribers (NATCOMS), Adeolu Ogungbanjo, described the situation as "terrible" after visiting several...
Federal Government to Build Super Grid to End Grid Collapse
In an attempt to address the recurring issue of national grid collapse, the Federal Government has announced plans to construct a "super grid." This announcement was made by the media aide to the Minister of Power, Bolaji Tunji, in a statement released on Tuesday. Minister of Power, Adebayo Adelabu, revealed these plans during his attendance at the China-Africa Cooperation...
Dangote Refinery to End Fuel Scarcity, Boost Nigeria’s Economy
The long-awaited commencement of fuel production by the Dangote oil refinery is set to revolutionize Nigeria's economy. According to Ogun State Governor, Dapo Abiodun, the refinery will eliminate the persistent fuel shortages that have plagued the nation for decades, while also conserving precious foreign exchange. The 650,000 barrels per day refinery is expected to start supplying petrol to filling stations...
Global Market Downturn: Asian Stocks Tumbled
The global market experienced a significant downturn on Wednesday, with Asian stock markets mirroring the previous day's sharp decline on Wall Street. The downturn was primarily driven by a 9.5% slump in Nvidia, a leading chipmaker, which triggered a sell-off in semiconductor stocks across the region. Key Asian markets suffered substantial losses: Japan's Nikkei 225: Lost 4.2% South Korea's Kospi: Down 3.0% Taiwan's...
