The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has said Nigeria imports about $4 billion worth of steel annually, stressing the need for import substitution to reduce pressure on foreign exchange (forex). Speaking during a visit to the National Steel Raw Materials Exploration Agency (NSRMEA) in Kaduna, Audu described the agency as a cornerstone…
Carrier neutral data centre operator, Rack Centre, has said its newly built 12megawatt (Mw) LGS2 Data Centre will boost data sovereignty, reduce operating cost for businesses and spur economic growth. Speaking with reporters during a media tour of the facility ahead its inauguration in Lagos, its Chief Sales Marketing Officer, Folu Aderibigbe, said the new…
An indigenous solar energy company, LPV Technologies, has called for a radical shift in government policy with a call for a zero-import approach to solar panels, arguing that only through local manufacturing can Nigeria truly secure its renewable energy future. Speaking at a press briefing at its newly inaugurated facility in Lagos at the weekend,…
Open Access Data Centres (OADC), a subsidiary of WIOCC Group, said it has earmarked additional $240 million investments to expand its data centre in Lagos. The company said with the investment, it will upgrade the data centre situated in Lekki, and serve as the landing station for Google’s Equiano subsea cable in Nigeria, to 24…
A real estate company, Pennek Nigeria, has called for a single regulatory body to streamline processes and reduce costs for developers as a way of addressing the current housing deficits in the country. Its Group CEO, Kennedy Nnadi, in a statement in Lagos, stressed the need for increased public sector support for real estate developers,…
Nigeria and Brazil have officially signed the commercial phase of the $1.1 billion Green Imperative Project (GIP), marking a significant step toward enhancing food security and agricultural productivity in Nigeria. This coming six years after its initial agreement. Speaking at the signing ceremony of the deal at the Presidential Villa, Abuja, Vice President Kashim Shettima,…
As a result of the fall in the cost of food, fuel and gas, the headline inflation eased from 24.48 per cent in January 2025 to 23.18 per cent in February this year. The National Bureau of Statistics (NBS) made this known yesterday in its document titled: Consumer Price Index (CPI) February 2025. It added…
The Housing Development Advocacy Network (HDAN) has called on President Bola Tinubu and the National Assembly to incorporate tax relief measures for developers of social housing and building materials in the proposed Nigeria Tax Bill 2024. A statement endorsed by its Executive Director, Festus Adebayo, emphasized that excessive taxation could hinder the delivery of affordable…
The Federal Government is set to begin implementing the $200 million African Export-Import Bank (Afrexim) fund to boost tourism and the creative economy on June 1. The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musa Musawa, who made the disclosure on Wednesday, also revealed that efforts are underway to mobilize $2 billion in…
