The Central Bank of Nigeria (CBN) has announced a significant economic turnaround, revealing that the country recorded a $6.83 billion balance of payments surplus in 2024. This marks a strong recovery from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. Speaking at the CBN Special Day during the 36th …
China To Invest $1B In Nigeria’s Sugar Industry
The National Sugar Development Council (NSDC) has signed a Memorandum of Understanding with Chinese conglomerate SINOMACH for a major sugarcane farming and processing project aimed at producing up to one million metric tons of sugar annually in Nigeria. The agreement, announced on Sunday, is part of the Nigeria-China Strategic Partnership championed by …
Nigeria Leads Africa In Soft Drink Consumption
Nigeria’s soft drinks and beverage market continues to show impressive growth, solidifying its position as the largest consumer of soft drinks in Sub-Saharan Africa, according to the German Mechanical Engineering Industry Association (VDMA). In a statement shared with Sunday PUNCH during a press briefing in Lagos ahead of drinktec 2025, …
Trump Defends Trade Policy As China Raises Tariffs
On Friday, April 11, President Donald Trump defended his escalating tariff policy, even as tensions with China deepened. Trump insisted that the United States was “doing really well” despite China announcing a sharp increase in tariffs on American goods to 125 percent, further escalating the trade war between the two largest economies. The …
FG Sets Up Team To Study Impact Of US Tariffs
The Federal Government has established a subcommittee to evaluate the direct and indirect effects of the recent U.S. trade tariffs on Nigeria’s economy. This move was confirmed in a statement released Friday by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance. According to the …
NSML, Temile Development Company Signs LoI For Ship Construction Supervision Services Maritime
Alfred Temile, MD/CEO Temile Development Company Limited (left) and Abdulkadir Kere Ahmed, MD/CEO of NLNG Shipping and Marine Services Limited (NSML) during the signing of Letter of Intent in London for ship construction services related to the construction of a Very Large Gas Carrier (VLGC) at Hyundai Heavy Industries Company Limited at the shipyard in …
Nigeria’s Oil Reserves Hit 37B Barrels, Gas Climbs To 210.54 TCF – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially declared the country’s petroleum reserves as of January 1, 2025, revealing 37.28 billion barrels of crude oil and condensate, along with 210.54 trillion cubic feet (TCF) of natural gas. The announcement was made in a press release titled “The Declaration of Annual …
FCTA To Landowners: Develop Within Two Years Or Forfeit Land
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has introduced a series of land administration reforms, including a new law that mandates the revocation of undeveloped plots two years after the issuance of Rights of Occupancy. Speaking at a press briefing in Abuja on Friday, the Director of …
Nigeria Secures $12.1 Million Grant For Abuja Startup Hub
Nigeria has received a $12.1 million grant from the Japanese government to establish a startup hub in Abuja, aiming to transform the capital into a vibrant center for technology and innovation. The National Information Technology Development Agency (NITDA) announced the agreement on Thursday during a signing ceremony at the Federal Ministry of …
Renaissance Unveils Robust Sabbatical Programme For Varsity Teachers, Researchers
Renaissance Africa Energy Company Limited has welcomed 14 professors and 23 research students from various Nigerian universities for the Renaissance Joint Venture sabbatical and internship programmes. “Providing practical industry experience opportunity for lecturers and research students is a sure way to strengthen teaching and research capability that will translate into building a pool of industry …