Africa’s gas ambitions rise, but Future uncertain as experts discuss challenges in shifting energy landscape
Post AMUGE
5 hrs
Business a.m. To succeed in the highly competitive international gas market, Africa must ensure that it provides a compelling value proposition to its stakeholders, according to experts in the energy sector. The continent’s gas investment proposition, they argue, must be relevant, future-proof, and in line with both financial and environmental sustainability needs, if it is […]
Fuel price climbs to N1,030 Per Litre as NNPCL terminates exclusive refinery purchase agreement
Post AMUGE9 hrs
Business a.m. The Nigerian National Petroleum Company Limited (NNPC) has recently raised the pump price of petrol to N1,030 per litre in various outlets across the nation’s capital, Abuja, according to reports on Wednesday. In a recent turn of events, the NNPC has taken the decision to end its exclusive purchase agreement with Dangote Refinery, […]
Nigeria records $2.60bn in capital importation for Q2 – NBS
Post AMUGEOctober 8, 2024
Busayo Samuel Nigeria’s capital importation reached $2.60bn in the second quarter of 2024, representing a robust increase of 152.81 percent year-on-year compared to $1.03bn in Q2 2023. This is according to the latest capital importation report from the National Bureau of Statistics released on Tuesday. Despite this substantial annual growth, the figure marks a decline […]
Gold rallies 4.6% in September as jumbo rate cut, geopolitical concerns stoke investor appetite
Post AMUGEOctober 8, 2024
Onome Amuge September saw gold surge 4.6 percent, with the precious metal hitting new highs a record eight times, the most recent on September 26 before posting a minor decrease into the end of the month, the World Gold Council (WGC) reported on Tuesday. The latest rise in the yellow metal follows strong monthly increases […]
CBN reiterates commitment to stability of Nigeria’s financial system, safety of depositors’ funds
Post AMUGEOctober 8, 2024
Busayo Samuel The Central Bank of Nigeria (CBN) has reaffirmed its commitment to maintaining the stability and security of the nation’s financial system, emphasizing the safety of depositor funds. In a media statement by Hakama Sidi Ali, the acting director of corporate communications , on Tuesday, the CBN highlighted the critical role of public confidence […]
NCC withdraws sanction on Starlink, cites communication error
Post AMUGEOctober 8, 2024
Joy Agwunobi The Nigerian Communications Commission (NCC) has officially withdrawn its earlier announcement regarding sanctions against Elon Musk’s satellite internet service, Starlink. In a brief statement, the NCC admitted that the press release concerning the sanctions was issued in error and has now been retracted. This follows the Commission’s initial plans to penalise Starlink for […]
FG, states, LGs lose $billions in revenue as NNPCL captures PIA
Post AMUGEOctober 7, 2024
Policy think-tank seeks urgent review of Act PIA’s implementation working against federation Revenue drops from $12bn to $1.8bn in 2 yrs NNPCL interpret PIA to own advantage PHILLIP ISAKPA A major lacuna in the implementation of Nigeria’s three-years-old Petroleum Industry Act (PIA) signed into law by former President Muhammadu Buhari in August 2021 and touted […]
Gold boom beckons Nigeria as analysts predict bullish global market prices
Post AMUGEOctober 7, 2024
ONOME AMUGE For a country seeking to revitalise its economy, Nigeria may have struck gold, quite literally. Amid the precious metal market’s continuous upward climb, driven by gold’s capacity to weather geopolitical and economic storms, Nigeria stands at a unique crossroads, where the precious metal’s reliability as a safe haven and its role as an […]
FAO food price index hits highest 18-Month spike in September
Post AMUGEOctober 4, 2024
Business a.m. The latest FAO Food Price Index, released on Friday, signalled the sharpest monthly surge in food commodity prices globally in the last 18 months, with the prices for all the covered commodity groups rising, with sugar leading the way. In September, the FAO Food Price Index, a barometer of the international prices of […]
CBN launches electronic Fx matching system to curb speculation
Post AMUGEOctober 4, 2024
Busayo Samuel The Central Bank of Nigeria (CBN) has launched the electronic foreign exchange matching system (EFEMS). A circular issued on Thursday by Omolara Duke, the apex bank’s director of financial markets department, said the system, which is for forex (Fx) transactions, would be implemented not later than December 1. She said there would be […]