Author: Ogochukwu Ndubuisi

BDC Operators Commend CBN on Waiver of 2025 Licence Fees Bureau De Change (BDC) operators have praised the Central Bank of Nigeria (CBN) for waiving the 2025 license fees for the operators. They spoke under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON). The president of the association, Dr. Aminu Gwadabe, gave the commendation on Wednesday in an interview with the Newsmen in Lagos. Gwadabe thanked the management of the Apex Bank for the waiver of the annual license renewal, which he described as amnesty extended to his members. According to him, the move underscores…

EU Targets Products from Russia, Belarus with More Tariffs The European Commission, EU, has proposed further tariffs on a range of agricultural products and fertiliser from Russia and Belarus in an effort to further reduce imports and ultimately impact Moscow’s ability to wage its war against Ukraine. “The agricultural products affected by the new tariffs constitute 15 per cent of agricultural imports from Russia in 2023 that had not yet been subject to increased tariffs,” the Commission said in a Tuesday statement. “Once adopted by the Council, all agricultural imports from Russia would be the subject of EU tariffs,” it…

Energy Summit: Tinubu Reaffirms Commitment to Improve Electricity Access President Bola Tinubu has concluded his visit to Dar es Salaam, Tanzania, where he joined other African leaders to participate in the Mission 300 Africa Energy Summit. The President, who arrived with his team arrived on Sunday, is now on his way back to Abuja. The two-day summit, hosted by the government of Tanzania in collaboration with the African Union, the African Development Bank (AfDB), and the World Bank Group, adopted the Dar es Salaam Declaration. The Declaration focused on providing access to electricity for 300 million people in Africa by…

Telecom Operators Justify 50% Tariff Hike The Association of Licensed Telecoms Operators of Nigeria (ALTON) has justified the recent 50 per cent hike in telecom tariffs, citing the need to adapt to rising economic pressures and ensure the sustainability of the industry. Mr Gbenga Adebayo, the Chairman of ALTON, said this during an interview on television monitored by the News Men Tuesday in Lagos. He explained that the tariff increase was not taken lightly, but rather was a necessary response to the significant economic challenges facing telecoms operators. Adebayo said: “The industry has been grappling with escalating costs, including diesel,…

AfBD, World Bank Commit $40bn to Mission 300 Dr Akinwumi Adesina, President and Chairman of the Board of Directors of the African Development Bank (AfDB), says the bank and the World Bank Group are committing 40 billion dollars toward the Mission 300 innitiative. Adesina disclosed this while delivering his welcome remarks tagged,“From Ideas to Action to Accelerate Energy Access,” at the Mission 300 Africa Energy Summit on Tuesday in Dar es Salaam, Tanzania. The goal of the Mission 300 is to provide electricity to 300 million Africans by 2030. Adesina said the financial commitment to Mission 300 included 18.2 billion…

Telecom Hike: LCCI Seeks Continuous Stakeholders’ Engagement The Lagos Chamber of Commerce and Industry (LCCI) has called for continuous engagement by stakeholders in telecommunications sector to create a win-win situation, following the approved tariff hike. Director General, LCCI, Dr Chinyere Almona, made the call on Tuesday in an interview with the News Agency of Nigeria (NAN), in Lagos. Almona was reacting to the recent approval of a 50 per cent tariff hike on mobile telecommunication by the Nigerian Communications Commission (NCC). She said the emerging innovative landscape in food production, surveillance technology for security and exploits of artificial intelligence depended…

China’s Oil, Gas Output Exceeds 400m Tonnes for First Time China’s crude oil and natural gas output exceeded 400 million tonnes of oil equivalent for the first time in 2024, according to the National Energy Administration. The country’s crude oil and natural gas output has sustained a robust annual growth streak of over 10 million tonnes for the eighth consecutive year, the administration said. Crude oil production reached 213 million tonnes in 2024, an increase of 24 million tonnes from 2018, while natural gas production reached 246.4 billion cubic meters. It is with an average annual growth of over 13…

The naira depreciated against the US dollar in official foreign exchange (FX) market as demand pressures increased after huge rally

ACCI Urges FG to Streamline Regulatory Frameworks, Eliminate Business Bottlenecks The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to streamline regulatory frameworks to eliminate overlapping and complex processes that burden businesses. ACCI’s Director-General, Mr Agabaidu Jideani, made the call while speaking on possible ways to promote a conducive business environment, in Abuja on Monday. Jideani urged government to create a stable and supportive environment that would inspire confidence among investors, saying that such gesture would enhance business activities across the country. “Government should prioritise the implementation of business-friendly policies and focus on improving budget…

Africa Loses $18bn Annually Due to Conflict – African Union Kenyan President William Ruto, the champion of the African Union (AU) institutional reforms, on Monday said conflicts is hindering Africa’s potential, resulting in estimated losses of 18 billion dollars annually, displacing millions of people. Ruto, said Africa currently hosts 35 million internally displaced persons, 8.9 million refugees, 1.1 million asylum seekers, and 1 million stateless persons. “Between April and June 2024 alone, a total of 1,000 terrorism incidents were recorded across Africa, resulting in 4,818 deaths,” he said during the high-level Extended Bureau Retreat on AU Institutional Reforms held in…