By Ayomide Otitoju Dangote Petroleum Refinery & Petrochemicals has reaffirmed its commitment to supporting Nigeria’s energy stability despite recent disruptions in the global oil market triggered by geopolitical tensions in the Middle East. The company said the ongoing conflict in the region has forced the shutdown of several refineries and reduced global refining output, contributing…
By Ayomide Otitoju For many Nigerians, owning a home has long seemed like a distant aspiration. However, the Mortgage Refinancing and Equity Investment Fund (MREIF) home loan offered by FirstBank of Nigeria is helping to reshape that reality by making mortgage financing more accessible. Here are five important things to know about the initiative: 1….
By Ayomide Otitoju The federal government has unveiled plans to boost the manufacturing sector’s contribution to Nigeria’s GDP from the current 8.2% to 15% by 2030 and 25% by 2035, according to the newly launched Nigeria Industrial Policy (NIP), announced by the Federal Ministry of Industry, Trade and Investment (FMITI). The manufacturing sector currently employs…
By Ayomide Otitoju Pernod Ricard Nigeria is strategically positioned to benefit from the growing consumer preference for high-quality international spirits, commonly referred to as premiumisation, the company’s Managing Director, Michael Ehindero, has said. Speaking on the company’s market strategy, Ehindero highlighted that extensive research guides Pernod Ricard Nigeria, helping the company identify growth opportunities and…
By Ayomide Otitoju Dimension Data Nigeria has officially executed its N20 billion ($15 million) Bond Programme under Dimension Data SPV Funding Plc, following approval from the Securities and Exchange Commission (SEC). The signing ceremony, marking the completion of documentation and regulatory clearances, was held at the Capital Club, Victoria Island, Lagos. Speaking at the event,…
By Ayomide Otitoju Lagos State is playing a leading role in reshaping Africa’s urban landscape, Governor Babajide Sanwo-Olu has said, describing the city as a central driver of the continent’s economic and infrastructural growth. Speaking at the John F. Kennedy Jr. Forum hosted by the Harvard Kennedy School Institute of Politics in Boston, Massachusetts, Sanwo-Olu…
OpenAI, the artificial intelligence startup behind ChatGPT, has surpassed $25 billion in annualised revenue as of the end of last month, according to a report by The Information citing a source familiar with the figure. The milestone represents a 17% increase from the $21.4 billion in annualised revenue the company recorded at the end of…
By Ayomide Otitoju The Central Bank of Nigeria (CBN) has added domestically sourced gold, refined to London Bullion Market Association (LBMA) Good Delivery standards, to its foreign reserves, bringing total gold holdings to $3.5 billion, the apex bank announced. The move marks a significant milestone in the CBN’s strategy to diversify its reserves. According to…
By Ayomid Otitoju The Federal Executive Council has approved the implementation of a GIS-enabled alphanumeric digital postcode system aimed at modernising Nigeria’s national addressing framework. Minister of Communications, Innovation and Digital Economy, Bosun Tijani, disclosed the development on Wednesday, stating that the approval was granted by President Bola Tinubu during a council meeting. He described…
