FG grants China approval to establish electric vehicle factories –

The Chinese Ambassador to Nigeria, Yu Dunhai, has harped on the imperative of enhanced collaboration between China and Nigeria in unlocking the potential of Nigeria’s Solid Minerals sector through the establishment of electric vehicle factories in Nigeria. Dunhai disclosed this while paying a courtesy visit to the Minister of Solid Minerals Development, Dr Dele Alake, in his office, where he emphasised the importance of closer ties between both nations in advancing Nigeria’s industrial growth. A statement by the minister’s Special Assistant on Media, Segun Tomori, on Sunday, disclosed plans by China to establish electric vehicle factories in Nigeria….(Read More)

CBN slashes FG loans by over N4tn –

The Central Bank of Nigeria recorded a significant decline of N4.145tn in net loans and receivables in 2024, driven primarily by a reduction in its overdraft exposure to the Federal Government and changes across other loan categories. According to the apex bank’s audited financial statements, net loans and receivables at the bank level dropped from N16.122tn in 2023 to N11.977tn in 2024. At the group level, the figure declined from N15.091tn to N10.959tn, reflecting a N4.132tn drop. The most substantial adjustment came from the overdraft extended to the Federal Government under the Ways and Means provision. The Ways and Means provision in Nigeria refer to the….(Read More)

Nigeria now member of European reconstruction, development bank –

Nigeria has been formally admitted as a member of the European Bank for Reconstruction and Development (EBRD), marking a step towards boosting private sector access to international capital and supporting the country’s long-term economic transformation. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, led a high-level delegation to the EBRD 2025 Annual Meetings in London, where its admission was formalised, a statement by Mohammed Manga, Director of Press at the finance ministry, has said). Speaking at the Board of Governors’ Plenary Session, Edun described Nigeria’s membership as a strategic milestone which aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda…..(Read More)

Tantalizers acquire Grand Media entertainment firm –

Tantalizers Plc has announced its acquisition of Grand Media Projects Limited, a media and entertainment company co-founded by veteran filmmaker Tade Ogidan and actor Richard Mofe-Damijo, marking a shift by the food services firm into Nigeria’s entertainment and creative industry. The move was disclosed in a corporate notice filed with the Nigerian Exchange Limited and signed by the Company Secretary, Olamide Babawale-Mo, recently. The development signals Tantalizers’ efforts to diversify its business portfolio beyond the food sector and tap into the growing influence and economic potential of the Nigerian creative economy…..(Read More)

NNPCL refineries not producing enough petrol – DAPPMAN –

 The Depot and Petroleum Products Marketers Association of Nigeria has said that its members can only buy Premium Motor Spirit (petrol) from the Dangote Petroleum Refinery, as the refineries owned by the Nigerian National Petroleum Company Limited cannot optimally produce premium motor spirit but naphtha. DAPPMAN’s Executive Secretary, Olufemi Adewole, confirmed this in a chat with our correspondent on Sunday. According to him, DAPPMAN members are ready to lift petroleum products from the Dangote refinery as the only viable petrol-producing facility in the country. Consequently, he stressed that the marketers will only resort to importation if they cannot get the product locally. He highlighted that the Dangote refinery was not ready to sell premium motor spirit ….…(Read More)

Moody’s downgrades US credit rating, citing rising debt –

Moody’s Ratings has downgraded the nation’s credit rating one notch from Aaa to Aa1, leaving the U.S. government without a top grade among any of the major rating agencies. Moody’s cited rising debt and interest payment ratios that are “significantly higher than similarly rated sovereigns.” “Successive U.S. administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” Moody’s said in a Friday news release. “The U.S.’s fiscal performance is likely to deteriorate relative to its own past and compared to other highly-rated sovereigns.”For U.S. consumers, lower ratings……(Read More)