Author: Ogochukwu Ndubuisi

LCCI Proffer Actionable Solutions to Drive Economic Growth, Devt in 2025 The Lagos Chamber of Commerce and Industry (LCCI) has proffered actionable solutions aimed at making the nation’s economic landscape to benefit businesses, strengthening economic growth and development. President, LCCI, Mr Gabriel Idahosa, made the recommendations at the chamber’s first quarter news conference on Thursday in Lagos. He noted that while the recent Gross Domestic Product (GDP) growth figures highlighted commendable progress, gaps between current economic realities and the 2025 budgetary goals raised significant concerns. Idahosa said the 2024 third quarter performance demonstrated resilience but revealed structural bottlenecks, especially in…

Chinese Yuan Weakens to 7.1708 Against Dollar The Central Parity rate of the Chinese currency, Renminbi, or the Yuan, weakened 12 pips to 7.1708 against the dollar on Thursday. This is according to the China Foreign Exchange Trade System. The Central Parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the Central Parity rate each trading day. #Chinese Yuan Weakens…

MULTIVERSE was the top loser, with a price depreciation of -9.87%. Other decliners include MAYBAKER (-9.78%), REDSTAREX (-4.75%), HONYFLOUR (-4.74%), MTNN (-3.63%), and DANGSUGAR (-2.73%).

TUC Calls for Review of Items in Tax Reform Bills The Trade Union Congress of Nigeria (TUC) has called for review of some items in the tax bills for the benefits of Nigerians. TUC President, Festus Osifo made the call in a statement on Tuesday following its National Executive Council meeting. “The threshold for tax exemptions should be increased from the current N800,000 per annum, as proposed in the bill, to N2,500,000 per annum. “This will provide relief to struggling Nigerians within that income bracket, easing the excruciating economic challenges being faced by increasing their disposable income. “Also, the proposed…

Reforms, Fiscal Gains Signal Nigeria’s Economic Recovery – Wale Edun Nigeria’s economy is making significant strides in recovery and growth, the Honourable Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun, said during his 2025 budget defence before the Senate Committee on Finance. The Minister was joined by the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, the Accountant General of the Federation, Dr. Oluwatoyin Sakirat Madein, as well as directors from the Federal Ministry of Finance, as they outlined the administration’s efforts…

Ex-presidential Aspirant Files £990trn Suit against CBN, Others Mr Tunde Omosebi, a former presidential aspirant on the platform of the All Progressives Congress (APC) in the 2023 elections, has sued the Central Bank of Nigeria (CBN) and others for 990 trillion pounds in damages for allegedly violating his fundamental rights. Omosebi, in the suit filed before Justice James Omotosho of a Federal High Court in Abuja, also prayed the court for an order converting the CBN to a Reserve Bank of Nigeria (RBN). He also urged the court to make an order that the commercial banks involved in the alleged…

Nigeria Leads Africa as Top Upstream Investment Destination -AEC Nigeria ranks as Africa’s leading destination for upstream oil and gas investment in 2024, research from market intelligence firm Wood Mackenzie shows. The country accounted for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totalling $13.5 billion. The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and Shell’s approval of the Bonga North Tranche 1 project. The investments reflect Nigeria’s ongoing efforts to unlock its hydrocarbon potential…

NCC Approves Request for Tariff Adjustments by Operators The Nigerian Communications Commission (NCC), pursuant to its power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges by telecommunications operators, will be granting approval for tariff adjustment requests by Network Operators in response to prevailing market conditions. The adjustment, capped at a maximum of 50 per cent of current tariffs, though lower than the over 100 per cent requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability. These adjustments will remain within…

Trump’s Foreign Policy: Buy Greenland, End Ukraine War Republican President-elect Donald Trump says he plans to acquire Greenland, bring the war in Ukraine to a close, and fundamentally alter the U.S. relationship with NATO during his second four-year term. In recent weeks, he has also threatened to seize the Panama Canal and slap Canada and Mexico with 25 per cent if they do not clamp down on the flow of drugs and migrants into the United States. Here is a look at the foreign policy proposals Trump has pledged to advance once he takes office on Monday: Trump has said…

Recapitalisation: Mutual Benefits‘ll not Acquire Another Insurer – Chairman Mutual Benefits Assurance Plc says it doesn’t intend to acquire any insurance company for the recapitalisation exercise mandated for insurers. Dr Akin Ogunbiyi, Chairman of Mutual Benefits Assurance Plc, said this in an interview with the News men on the sideline of the insurance company’s 29th annual thanksgiving held in Lagos. The thanksgiving had the theme: “Thus Far has the Lord Helped Us.” The Nigerian Senate had in December 2024 passed the Insurance Reform Bill 2024, which raises the minimum capital base for insurance companies operating in the country. The reform…