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Nigeria has awarded contracts to 42 companies to capture and monetize gas that is released as a byproduct of oil production. The country aims to reduce gas flaring, which costs it approximately $1 billion in lost revenue each year. The successful bidders will develop 49 sites in the oil-producing Niger Delta. Gas flares pose health hazards to communities and contribute to global warming. This move highlights Nigeria's commitment to addressing environmental concerns while harnessing its energy resources for economic growth.
The Nigeria Customs Service (NCS) has announced collaboration talks with the Customs Service of neighbouring Republic of Benin to improve trade relations between both countries. This move is expected to enhance customs administration, trade facilitation, and regional cooperation.
PHED has begun the Global Token Identifier Rollover (TID) for prepaid meters in its franchise area. This initiative is in line with the directive of the Nigerian Electricity Regulatory Commission (NERC). The upgrade involves implementing a standard transfer specification code with key change tokens to ensure seamless meter functionality.
Minister Nyesom Wike publicly criticizes FCDA officials for a breach that occurred during a public event where the public address system failed. He expresses his disappointment, demanding better performance from the officials, and warns that such embarrassment will not be tolerated in the future.
Kwara State Internal Revenue Service (KW-IRS) has achieved a significant milestone by generating a record N35.4 billion revenue in 2022, surpassing their Internal Revenue Generation (IGR) budget by 112 percent. This impressive growth reflects the successful implementation of innovative strategies and the dedication of KW-IRS staff. The executive chairman, Mrs. Shade Omoniyi, expresses her gratitude to Governor Abdulrahman Abdulrazaq and all stakeholders for their support. KW-IRS also emphasizes its commitment to corporate social responsibility through its Community Impact Programmes (CIPs), aimed at enhancing revenue drive and generation in the state.
All international airlines operating from the old terminal of Murtala Muhammed International Airport (MMIA), Lagos have successfully relocated to the new Chinese terminal. This move comes as part of the ongoing rehabilitation efforts by the Federal Airport Authority of Nigeria (FAAN). Passengers and stakeholders experienced some inconveniences during the transition, but FAAN assures everyone that measures are in place to ensure a seamless process for travelers.
Bayobab Group, formerly known as MTN GlobalConnect, has acquired a National Long-Distance Operator License in Nigeria. This milestone will enable Bayobab Nigeria to meet the country's surging data demand and foster enhanced communication and collaboration. The company's CEO, Frédéric Schepens, expressed enthusiasm about contributing to Nigeria's digital economy. With Nigeria's booming connectivity landscape and the adoption of digital services, Bayobab Nigeria aims to propel the country's digital evolution and drive economic growth and innovation.
The Nigeria Basketball Federation (NBBF) has announced the rescheduling of the second phase of the Atlantic Conference group in the ongoing Zenith Bank Women's Basketball League. The change in date was necessary due to the rescheduling of the National Youth Games at the same venue, and the new dates are from October 2 to 8.
The Nigeria Premier Football League (NPFL) has been postponed for the third time, with the kick-off date yet to be announced. This delay has been attributed to the need for members to focus on the Annual General Meeting (AGM) of the Nigeria Football Federation (NFF). The Chief Operating Officer of the League, Davidson Owumi, cited stakeholder representations and logistical challenges as the reasons for the postponement.
The Federal Airports Authority of Nigeria (FAAN) has complied with the directive of the Minister of Aviation and Aerospace Technology by relocating international airlines from the old international terminal to the new one in Lagos. This move aims to improve passenger experience and overhaul the outdated terminal. The new terminal, commissioned in 2022, offers state-of-the-art facilities but has been underutilized so far. The Minister highlighted the need to vacate the old terminal for complete rehabilitation and provide a better gateway to Nigeria.
CDLP Hub Ltd, also known as Concept De Là Paix, celebrated its 1st year anniversary in grand style in Ibadan, Oyo State. The event was attended by notable personalities, CEOs, top entrepreneurs, friends, and family. The CEO and founder, Mr. Peace Adedokun, reiterated the company's commitment to simplicity and innovation in his speech.
The Enugu Electricity Distribution Company (EEDC) has attributed the current power outage in parts of its franchise to the ongoing two-day warning strike led by the organised labour, particularly the Nigeria Labour Congress (NLC). The strike has resulted in the shutdown of Transmission Company of Nigeria (TCN) stations responsible for supplying power to certain areas of the South-East. EEDC assures customers of closely monitoring the situation and providing updates while requesting patience and understanding.
The Federal Government of Nigeria has sought the assistance of the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF) in the creation of a National Infrastructure Register. The register aims to keep track of the country's infrastructure stock as part of the Integrated Infrastructure Master Plan. The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, called on UKNIAF to align their plans with the national objectives and provide capacity building support to relevant ministries. The government recognizes the need to enhance institution capacity and strengthen public-private partnerships to bridge the infrastructure funding gap.
The Nigeria Sovereign Investment Authority (NSIA) recently hosted members of the House of Representatives who came to Lagos to assess the impact of various projects undertaken by the Authority on the country's economy. The visit primarily focused on healthcare, infrastructure, and agriculture. The lawmakers praised the NSIA's interventions in the healthcare sector, particularly at the NSIA-LUTH Cancer Centre. The NSIA has made significant investments in the healthcare industry, including the establishment of modern medical diagnostic centers and plans for expanding the oncology and diagnostic facilities across Nigeria. Additionally, the lawmakers inspected the Golden Fertilizer Company Limited, revived under the Presidential Fertilizer Initiative, and the Lagos-Ibadan Expressway.
An economist, Prof. Akpan Ekpo, has urged the Central Bank of Nigeria (CBN) to take seriously the currency swap agreement with Peoples Bank of China (PBoC) to reduce reliance on dollars for trade. This article discusses the importance of implementing the Nigeria-China currency swap and its potential benefits for businesses and the Nigerian economy.
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