Economy Archives - Page 46 of 69

Jun

16

2023

NIS declares state of emergency on passport

NewsEconomy, Metro, Nigeria

The Acting Comptroller General, of Nigeria Immigration Service (NIS), Caroline Adepoju, on Friday, announced a state of emergency on Passport issues in the country. Adepoju said during her working visit to Lagos that there was an urgent need to address the challenges faced by Nigerians in obtaining international passports. A statement by the Service Public Relations Officer (SPRO), Mr. Tony Akuneme, said that the acting CGI inaugurated a state-of-the-art Visa-on-Arrival Lounge at the Murtala Muhammed International Airport. The NIS boss used the event to announce a comprehensive plan of action to tackle the issues effectively. She said that the facility…

Jun

14

2023

By Amos Oge Kalu

Banks get freedom from CBN to trade forex at any rate

Business, Economy, MetroBusiness, Economy, Metro, Nigeria

The Central Bank of Nigeria has authorized commercial banks to freely trade foreign exchange at any rate. The authorization means that banks now have the power to sell forex at a market-determined rate. Some banks have pegged the USD to Naira rate at N699 to N750, suggesting that Nigeria is now operating a freely floating exchange rate in line with President Bola Ahmed Tinubu’s pledge to unify the rate. Reacting to the development in an Arise Television interview on Wednesday, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), said the unification of foreign exchange rates will…

Jun

09

2023

By Amos Oge Kalu

President Tinubu Signs Another Bill Into Law

Economy, PoliticsBola Ahmed Tinubu, Economy, Next Level, Nigeria, Politics

President Bola Tinubu has signed the Electricity Act 2023 into law according to sources within the presidential villa. The new law replaces the Electricity and Power Sector Reform Act of 2005 and removes the monopoly in the generation, transmission, and distribution of electricity at the National level, to empower States, companies and individuals to generate, transmit and distribute electricity. The bill was initially passed by the National Assembly in July 2022. “This is the culmination of two years’ work, to update the electricity law and bring it in line with what the constitution actually provides,” a source quoted by Business Day said.…

Jun

05

2023

By Amos Oge Kalu

Court stops NLC, TUC from embarking on strike over Fuel Subsidy Removal

Business, Economy, Metro2023, Court, Economy, Fuel Scarcity, Metro, Next Level, Nigeria

The National Industrial Court, NIC, sitting in Abuja, on Monday, restrained the Nigerian Labour Congress, NLC, and the Trade Union Congress, TUC, from embarking on their planned strike to protest the unilateral removal of fuel subsidy by the Federal Government. The court, in a ruling that was delivered by Justice O. Y. Anuwe, barred the two organizations from proceeding with the strike action, pending the determination of a suit that was brought before it by FG. The court held that the interim order, as well as the substantive suit, should be immediately served on both the NLC and the TUC,…

Jun

02

2023

By Kalu Odinakachi

Gov Alex Otti appoints sole administrator, reopens Abia market

Abia State, Business, Economy, PoliticsAbia State, Alex Otti, Business, Economy, Politics

Governor Alex Otti has reopened the Umuehilegbu Industrial Market in Osisioma LGA of Abia State after it was closed for some time because of leadership crises. The governor appointed Timothy Iheke Kalu as the sole administrator of the market for three months, during which he is expected to work with various unions in the market to resolve all issues that led to the closure of the market. The new market sole administrator is also expected to institute proper leadership, which would enable the market to function seamlessly during his three-month reign.