FG Signs $3.5b Agreement with Afrexim to Promote Textile, Others The Federal Government has announced a $3.5 billion agreement with the African Export–Import Bank (Afreximbank) to enhance the textile industry and promote the use of compressed natural gas (CNG) vehicles among other initiatives. The Minister of...

Egypt, Nigeria, Morocco Receive 61.2% Remittances in Africa . The Mo Ibrahim Foundation, an African non-grant foundation, says Egypt, Nigeria, and Morocco receive 61.1 percent of remittances into Africa. The foundation disclosed this in its 2024 forum report, titled, ‘Financing Africa. Where is the Money?’ Published on June...

Nigeria to Set Electricity Tribunal as FG Activates 2.6 million Meters The Federal Government, on Thursday, declared that it was perfecting the process for the establishment of an electricity offences tribunal with an inbuilt appeal system to speedily tackle power-related offences. It also declared that a...

FG Begins N2.7tn Subsidy Debt Probe The Federal Government has begun the proposed audit of the N2.7tn fuel subsidy claim by the Nigerian National Petroleum Company Limited (NNPCL). An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn. However, in the...

First Bank Appoints New Managing Director, Others First Bank of Nigeria Limited, the commercial banking division of the financial services group, has announced the appointments of Olusegun Alebiosu, Ini Ebong and Omotunde Alao-Olaifa as managing director/CEO, deputy managing director and non-executive director, respectively. The appointments followed...

Nigeria Exports N58.65b Electricity in Q1 2024 In the First Quarter 2024 Q1, Nigeria exported N58.65 billion electrical energy to African countries. The National Bureau of Statistics (NBS) made this known in its document titled: “Foreign Trade in Goods Statistics (Q1 2024).” A section of the report...