Author: Ogochukwu Ndubuisi

FG Signs Amended BASA Agreement with UAE The Minister of Aviation and Aerospace Development, Mr Festus Keyamo, has signed the amended Bilateral Air Service Agreement (BASA) between Nigeria and the United Arab Emirates (UAE). This is contains in statement signed and made available to newsman in Abuja by Mr Tunde Moshood , the Special Adviser to the Minister on Media and Communications The agreement was executed during the International Civil Aviation Organisation (ICAO) Global Implementation Support Symposium (GISS) 2025. keyamo emphasised the importance of enhancing connectivity between Nigeria and the UAE, with a focus on expanding codeshare agreements and interlining…

Robust Policies Will Boost Nigeria’s Deepwater Output – Shell Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) says the country can achieve its oil and gas production targets and drive development programmes by focusing on its deepwater resources. The company said that the country could achieve this by maintaining policies that encourage investment and enhance output in the sector. Mr Ronald Adam, the Managing Director of SNEPCo, disclosed this at the ninth Sub-Saharan Africa International Petroleum Exhibition and Conference on Tuesday in Lagos, According to Adam, deepwater resources are crucial for Nigeria to meet its oil production goals. He highlighted…

Naira Falls Across FX Markets on US Dollar Shortage The naira fell against the US dollar by 0.36% to settle at N1506 at the Nigerian autonomous FX market with mild foreign currency shortage. Traders said FX transactions were consummated in the official window between N1490.00 N1515 as Central Bank of Nigeria (CBN) intervention slows. Reflecting tight FX liquidity conditions, the Naira depreciated by N30 in the parallel market to close the day at N1580 per greenback. The naira has significantly depreciated since the liberalization of the exchange rate regime in June 2023. In 2024, following changes to the pricing mechanism,…

NEPC Reports 20.7% Growth in Nigeria’s 2024 Trade Volume The Nigerian Export Promotion Council (NEPC) has announced that the country’s trade volume in 2024 reached 7.2 metric tons, with a 20.7 per cent increase in value, totaling 5.45 billion dollars. Dr Nonye Ayeni, Executive Director of NEPC, made this statement during the Ministry of Industry, Trade, and Investment’s retreat for the presentation of the 2025 roadmap on Monday in Abuja. “In terms of value, we grew by 20.7 per cent to 5.45 billion dollars, and we are now represented in 126 countries. “This is a clear indication that Nigeria is…

Dangote Peugeot Begins 3008 GT Assembly in Kaduna, Unveils Landmark Pickup The official manufacturer and marketer of the Peugeot brand of vehicles in Nigeria, Dangote Peugeot Automobiles Nigeria Limited (DPAN), has taken another bold step towards regaining its leadership position in the auto market. This time, DPAN has commenced the assembly of the GT model of the wave-making Peugeot 3008, which has hit commercial success and won awards with its different variants in various markets across the world. With its 1.6 litre high performance turbo engine, Peugeot 3008 GT has expanded the existing line-up of vehicles from the assembly lines…

Nigerian Stock Market Hits N66trn as Zenith Bank Lists Shares Nigerian stock market began the week on a mixed note as the All-Share Index edged down by 0.04% to close at 105,891.33 points, bringing the year-to-date return to 2.88%. Despite this decline, market capitalization surged by 0.73% to N66.07 trillion, adding N477 billion in gains, driven by Zenith Bank’s listing of 9.67 billion ordinary shares. The Nigerian Exchange All share index retreated by 4 basis points but market capitalisation of all stocks listed in the local bourse surged. Stockbrokers attributed divergence in key indicators to the additional shares of 9,673,336,214…

UK in Line for 2.8% Annual Pay Rise to £94,000 The annual salaries of members of the British parliament (MPs) could rise to almost 94,000 pounds ($116,490) per year, after the body in charge of their pay recommended a slightly above-inflation increase. The Independent Parliamentary Standards Authority (IPSA) made the announcement on Monday that it was proposed to increase MPs’ pay by 2.8per cent in April, subject to a consultation. If approved, the increase would take an MP’s annual salary to 93,904, up from 91,346 pounds. At the start of the last parliament, in 2019, MPs were paid 79,468 pounds.…

EKEDC Commences Distribution of Free Meters to Customers In its continuous effort to bridge the metering gap, Eko Electricity Distribution Company (EKEDC) has commenced the distribution of free prepaid meters to Band A customers within its franchise area under the Meter Acquisition Fund (MAF) scheme. The Meter Acquisition Fund (MAF) scheme is an initiative of the Federal Government of Nigeria under the Presidential Metering Initiative (PMI) designed to provide meters to Band A customers at no cost. It aims to replace faulty meters and accelerate the migration of postpaid customers to prepaid. The process is monitored by the industry regulator,…

US Dollar Inflows to Nigeria’s FX Market Climbs by 53% As foreign investors’ confidence continue to rise, the volume of US dollar inflows into Nigeria saw a significant boost in January. The Central Bank of Nigeria’s (CBN) FX reforms has continued to drive foreign portfolio investors’ attention into the local economy to take advantage of elevated yield in fixed interest securities assets. In the same way, the equities market has also seen an influx of foreign interest participation amidst banking sector recapitalisation. Based on the data obtained from FMDQ, total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) rose…

Trump Plans 25% Tariffs on Steel, Aluminum Imports U.S. President Donald Trump plans to impose tariffs of 25 per cent on steel and aluminum imports into the United States, he said on Sunday. “Any steel coming to the United States is going to have them, 25 per cent tariff,” Trump said, according to journalists travelling with the president. When questioned about tariffs on aluminum imports, Trump replied, “25 Per cent for both.” Trump also confirmed his plan to announce further reciprocal tariffs in the coming week. He spoke of an announcement on Tuesday or Wednesday. “Very simply, if they charge…