Nigeria Unveils 150 million-litre Jet Fuel Depot The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled the Joint User Hydrant Installation 2 (JUHI-2) with a storage capacity of 150 million litres of Jet A1 fuel. The facility is described as the largest airside jet...

Inflation Pushes 129 million Nigerians into Poverty – World Bank Report The World Bank has released the Nigeria Development Update report, stating that over 129 million Nigerians are currently trapped in poverty. It released the report on Thursday in Abuja as headline inflation rises, forcing millions...

After IMTOs Engagement, Remittances Rose to Almost $600m in September – Cardoso The Central Bank of Nigeria (CBN) says remittance inflows rose to almost $600 million as of the end of September. Olayemi Cardoso, CBN governor, announced at a special summit dinner organised by the Nigerian...

World Bank Reveals Why Nigeria Should Continue Current Economic Reforms The World Bank has urged the federal government not to reverse the ongoing economic reforms, warning that it may have negative implications for the country. Removal of fuel subsidy and abolishing multiple foreign exchange systems were...

Nigeria’s Foreign Reserves Rose to $39bn in October – Cardoso The governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11. Cardoso spoke on Tuesday when he appeared before the house...

REA Plans N1.1bn Private Sector Funding  The Federal Government has disclosed plans to crystallise N1.1bn private sector funding for the power sector. The Managing Director of Rural Electrification Agency, Abba Aliyu, disclosed this on Wednesday at the ongoing Nigeria Energy Summit, which was held in Lagos...