The National Information Technology Development Agency (NITDA) has said major big foreign tech companies operating in Nigeria, such as Microsoft, Google, TikTok, and other social media platforms, remitted a total tax of N2.55 trillion ($1.5billion) during the first half of the year, according to data released on the agency’s X handle. A statement signed by…
Nigerian maritime and logistics company Nigerdock has completed an agreement with the Nigerian Ports Authority (NPA) for the commencement of operations of Snake Island Port, an 85-hectare, multipurpose port facility comprising three terminals located within the Snake Island Integrated Free Zone. The concession is for a period of 45 years with an optional extension. Nigerdock’s…
Nigeria-China trade value has hit N7.38 trillion as at June, Vice-President Kashim Shettima, said Wednesday at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja. It was organised by First Bank Plc. The vice-president, represented by the Special Adviser to the President, General Duty, Dr Aliyu Modibbo, said China remained the country’s number one trading…
About five years after it went moribund, the Nigerian National Petroleum Company (NNPC) Ltd has announced the successful re-streaming of the Port Harcourt Refining Company (PHRC). This was disclosed in a statement by the Chief Corporate Communications Officer NNPC Ltd.,Olufemi Soneye, on the company’s official X handle. Soneye explained this achievement, marked by the commencement…
The capacity of Nigeria’s manufacturing sector to create jobs has continued on the decelerating pace with only 2,606 jobs created in the first half of 2024 (H1 2024), a 29.99 per cent reduction from H2 2023,according to the Manufacturers Association of Nigeria (MAN). MAN’s ‘Executive Summary’ of finding of the manufacturing sector’s survey for H1…
The Nigerian National Petroleum Company Limited (NNPCL) has said there is no disparity between its crude oil production figure and that of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).Chief Corporate Communications Officer at the state-run but “oil behemoth” Mr. Olufemi Soneye, in a statement on Monday, explained: “The NNPC Ltd has clarified that there is…
The Central Bank of Nigeria (CBN) will be extending the recapitalisation deadline for Bureau De Change (BDC) operators from December 3, 2024 to June 3, 2025. The Association of Bureaux De Change of Nigeria (ABCON) President, Alhaji Aminu Gwadabe, disclosed this yesterday during an emergency virtual general meeting organised by group for its members. He…
The naira crashed against the dollar at both official and parallel foreign exchange markets to begin the week on a negative note. FMDQ data showed that the naira weakened to N1,675.62 per dollar on Monday from N1652.62 last Friday, indicating a N23 loss. Similarly, at the black market, the naira depreciated to N1,755 per dollar…
Nigeria’s Oil and Gas Free Zones Authority has granted a Free Zone Enterprise Licence to Portland Gas Limited to establish a state-of-the-art Compressed Natural Gas (CNG) conversion and refilling center in the Onne Free Trade Zone, Port Harcourt, a move that will help to accelerate the country’s transition to cleaner energy. A statement explained that…
