Economy Archives - Page 32 of 69

Feb

27

2024

On The Flip Side Of The Geometric Miracle Of 24/7 Light In Aba

Abia State, Business, Column, Economy, Metro, News, OpinionAbia State, Business, Economy, Odo Ijere

By Odo Ijere The commissioning yesterday of the Aba Independent Power Plant project designed and built by Professor Barthlomew Nnaji's Geometric Power Ltd over a 20 years period was indeed a shining armor spotted in a thick cloud. It started as a developing story that was too difficult to imagine to be true. A fairy tale sort of stuff of the Cinderella fame. But turning out to be true that at last, something good came out of the tribe of Benjamin. Thus, Aba, the Enyimba City, the pearl of the Eastern States, the elephant of the Igbo miracle, the engine…

Feb

26

2024

By Amos Oge Kalu

Aba makes history today as Tinubu unveils the Geometric Power plant.

Abia State, Business, Economy, Metro, NewsAba, Business, Economy, Metro

President Bola Tinubu will today officially open the first integrated power plant in Nigeria, the Geometric Power Plant, located in the Osisioma Industrial District of Aba. Aba is the commercial centre of Abia State. Turbine 3 was turned on at 3:39 p.m. on Sunday, February 25, 2024, in anticipation of the Power plant's commissioning. This event caused a great deal of joy for the engineers of Geometric Power and their colleagues at KS Energy. President Bola Tinubu was originally supposed to inaugurate the 181-megawatt Geometric Power facility on Saturday, February 24. Nine out of the seventeen Local Government Areas in…

Feb

25

2024

By Amos Oge Kalu

Naira vs USD: Peter Obi criticises Tinubu govt over misguided raid on BDCs

Business, Economy, Metro, News, PoliticsBDCs, Bola Ahmed Tinubu, DSS/EFCC, Economy, Next Level, Opinion, Peter Obi

The Labour Party's 2023 presidential candidate, Peter Obi, believes it was a bad idea for the Economic and Financial Crimes Commission (EFCC) to raid Bureau De Change operators in several major Nigerian cities. On Sunday, Obi revealed this in a statement posted on his official X account. Recall that EFCC agents raided BDC operators in the Federal Capital Territory, Lagos, Kano, and other states in an attempt to save the Naira from ongoing swings against the US currency. Peter Obi, however, responded to the news by stating that the government of President Bola Ahmed Tinubu might have made matters worse…

Feb

24

2024

By Amos Oge Kalu

CBN provides Customs with updated guidelines regarding exchange rates for import clearance.

Business, Economy, Metro, NewsCBN, Economy, Money

The Nigerian Customs Service (NCS) has been directed by the Central Bank of Nigeria to establish a foreign exchange closing rate on the day that importers submit their "Form M" for the purpose of clearing their products and assessing import duties, amidst multiple hikes in customs exchange rates. This was revealed by the CBN in a statement on Friday that was signed by Hassan Mahmud, the department's director of trade and exchange. The pricing system has been upset by the frequent changes in the customs taxes rate, according to CBN, which has resulted in erratic increases in the market's final…

Feb

24

2024

By Amos Oge Kalu

Naira vs. USD: CBN will outlaw street trading and consider new BDC regulations

Business, Economy, Metro, NewsBusiness, Economy, Metro, Money, Nigeria

The Central Bank of Nigeria has announced new rules to Bureau De Change Operators in Nigeria, including the possibility of ending street trading, in response to the ongoing volatility of the Naira against the US dollar in the foreign exchange market. This was revealed on Friday by the top bank in its proposed Revised Regulatory and Supervisory Guidelines for Nigeria's Bureau De Change Operations. For Tier 1 and Tier 2 BDC licences, CBN intends to set the minimum capital share amounts at N2 billion and N500,000 million, respectively. This is a departure from the general license's former capital share of…