LPG sector gasps for investment in infrastructure – NLPGA President

By Adewale Sanyaolu
Amid energy poverty, economic struggles in Africa, alongside global best practices on climate actions, the Society of Petroleum Engineers (SPE) Nigeria Council, is set to throw its spotlight at enhancing the transfer of knowledge and technology within the Nigerian and African energy sectors, driving innovation and development at the Nigeria Annual International Conference and Exhibition (NAICE) which begins today.
The conference themed; Balancing Energy Accessibility, Afforda

By Adewale Sanyaolu
Schneider Electric and Suez, are collaborating to accelerate the deployment of digital solutions for energy efficiency, resource conservation and the control of carbon impact of water cycle management systems.
Suez and Schneider Electric intend to help meet the challenges of water scarcity through the deployment of better performing and more resilient water cycle infrastructures, as an estimated two-thirds of the world’s population will be living in water-stressed area

By Adewale Sanyaolu
European refiners will lose a portion of a key export market for gasoline after Nigerian consumption slumped following the removal of the fuel subsidies in the African country.
Recall that President Bola Tinubu, had in his inauguration speech on May 29, 2023, announced an end to fuel subsidy.
The removal of the fuel subsidy to the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) has led to a 35 per cent drop in average daily gasoline consumption in Nigeri

By Bimbola Oyesola, [email protected]
 
The Nigeria Employers Consultative Association (NECA) has warned the Federal Government that the recent action of the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate (MPR) by 25 basis points to 18.75%, will create crisis and further impede growth of businesses in the country.
The Director-General of NECA, Mr. Adewale-Smatt Oyerinde, in an interview with Daily Sun Workforce said the decision of the CBN’s Monetary Policy Co

By Chukwuma Umeorah 
There has been growing concern among experts, civil society, organized businesses and well-meaning Nigerians who have ramped up support to the government in proffering solution to the seemingly unending problems of the country.This is not far-fetched from the numerous economic and social issues which over the years have continued to weaken the economy and hinder the pace of national development, the path to sustainable growth for Nigeria has been at the fore of every su

By Bimbola Oyesola
The government of Sweden is contributing SEK 5 million (approximately CHF 500,000) to the WTO Fisheries Funding Mechanism to assist developing members and least-developed country members in implementing the Agreement on Fisheries Subsidies.Ambassador Mikael Anzén presented the contribution to WTO Director-General Ngozi Okonjo-Iweala on 27 July.
Director-General Okonjo-Iweala expressed her appreciation for the support from Sweden.
“I am very grateful to Sweden for

By Bimbola Oyesola
The National Pension Commission (PenCom) yesterday alerted the public of what it considered the renewed campaign of outrageous falsehood against the organisation and its Director General, Mrs Aisha Dahir-Umar, over some ‘imagined financial impropriety’. The PenCom management said although the promoters of the fiction went to the extent of manufacturing documents and listing non-existent bank accounts to make the fabrication look real, it maintained that “a fi

By Moses Akaigwe
 Lanre Shittu Motors, one of the leading commercial vehicles assembly and marketing companies in Nigeria, is set to defy the boundaries by driving into other markets.
The management of the company announced last week that it would in a couple of months commence exportation of a new brand of vehicles assembled in Nigeria to other countries in Africa.
The vehicles would carry the LSM brand name to be marketed locally in other countries as some of the best products from Nigeri

By Moses Akaigwe
The Director General of the National Automotive Design and Development Council {NADDC}, Jelani Aliyu, has received the maiden Diaspora Merit Award 2023 for his significant and enormous contributions to Engineering and the Automobile sector.
The award also recognises the NADDC DG as a role model to other Nigerians in the Diaspora to emulate.
Jelani AlIyu, MFR, is an International automotive designer and currently the Director General or the National Automotive Design and Developm

By Moses Akaigwe
The Lagos State Government has commended Access Bank Plc for rebuilding the Vehicle Inspection Service office facility burnt by hoodlums during the EndSARS protests in 2020.
Speaking during the commissioning of the facility at the headquarters of the Vehicle Inspection Service (VIS) on Tuesday at Ojodu-Berger area of the state, the Permanent Secretary, Ministry of Transportation Engr. Abdulhafiz Toriola applauded the commitment and dedication exhibited by Access Bank Plc towards

…Celebrates 175 Years
By Henry Uche
Prudential Zenith Life Insurance Limited (PZL) has reported 18% increase in profit after taxes (PAT) to ₦1.33bn for the year ended December 31, 2022, compared to ₦1.131bn in the same period in 2021.A statement delivered by the company shows that its Gross Written Premium declined by 15% to ₦6.39bn compared to ₦7.5bn in 2021.
The reported financial growth comes just a month after the PZL celebrated 175 years with Prudential PLC an

By Henry Uche
AIICO Insurance Plc, has successfully completed its highly sought-after Graduate Trainee Programme for the year 2023 edition with 30 new employees.
A statement delivered by Mr. Segun Olalandu, Head, Strategic Marketing & Communications of the Insurer, affirmed that the rigorous recruitment process, spanning various higher institutions of learning across the nation, yielded remarkable results with 30 exceptional graduates emerging as the newest additions to the company’s w

•As flight delays, cancellations  worry domestic travellers
 
By Chinelo Obogo            [email protected]  
Nigerian carriers on domestic operations earned over N167 billion from flight ticket sales in the first quarter of 2023, Daily Sun can reveal.A breakdown of local and international traffic for January, February and March of this year, released by the Nigerian Civil Aviation Authority (NCAA), shows that a total of 2,791,591 passeng

By Chinelo ObogoAviation consultant, Sean Mendis, has criticised African countries for deliberately stunting the growth of the continent’s aviation and tourism industry due to their lack of clarity on policies to attract tourists and increase airline traffic.
In a piece with Voyageafriq, Mendis, who was the Chief Operations Officer of Ghana’s Africa World Airlines with over two decades of experience in senior management roles within the aviation sector said it is not uncommon for the

President of the Senate, Senator Godswill Akpabio, on Thursday assured foreign investors of the safety of their investments in Nigeria.
Akpabio, gave the assurance while receiving a delegation from Jampur International Group FZE, led by its CEO, Mohanmed Shafiq in Abuja .
Akpabio reinstated Federal Government’s commitment to providing conducive business environment for both local and foreign investors in Nigeria. “I welcome you on behalf of the Senate of the Federal Republic of Niger

•Rate rises to N762,  N792 at I&E, black markets •Appoint substantive  Governor –Experts
 
By Chinwendu ObienyiNigeria’s FX market is very much on its way to price discovery as investigations reveal that the Naira is currently trading at an average rate of N792.50 at the parallel market, also known as the black market.
This is coming after the official I&E window recorded a closing exchange rate of N762.63 per US dollar compared to the N792.50/$1

The Federal Airport Authority of Nigeria (FAAN) says it will effect a new tariff for toll fare at the Nnamdi Azikiwe International Airport (NAIA) from July 17.
This is contained in a statement signed by the FAAN Management on Thursday in Abuja.
According to the management, the fare for cars will change from N200 to N300 while that of buses and Sport Utility Vehicles (SUVs) will change from N300 to N500.
It said the truck (six tyres) tariff would change from N500 to N1, 000 while the trailer

By Johnson Adebowale
As a measure to tackle the human suffering caused by malnutrition, PZ Wilmar, manufacturers of food brands Devon King’s and Mamador, in partnership with The Global Alliance for Improved Nutrition (GAIN), a Swiss-based foundation, recently intensified social awareness among the Nigerian public on the benefits of fortified food.
This was the case when the company hosted media and civil society organisations for a training workshop on food fortification at its factory in

From Adanna Nnamani, Abuja 
The African Aviation and Aerospace University (AAAU), has signed a Memorandum of Understanding (MoU) with the Nigerian Meteorological Agency (NiMET) to enrich the school’s curriculum as it kick starts Academic activities in September 
The collaboration is expected to open up new avenues for knowledge exchange, research collaborations, and capacity building initiatives.AAAU Registrar, Mr Mustapha Abdullahi, stated this while speaking to journalists duri

No fewer than 180 students in Enugu State were on Thursday trained on financial discipline and savings by the Nigeria Deposit Insurance Corporation (NDIC).
The students, who were drawn from three schools namely; Metropolitan Girls, Urban Girls and City Girls  Secondary Schools, Enugu, were also trained on how to embark on  investments.
The corporation trained the students  while commemorating the “2023 Financial Literacy Day”  with the theme: ”Plan Your Mone

Rite Foods Limited, Nigeria’s leading food and beverage company renowned for its diverse range of award-winning brands, made a remarkable statement as one of the proud sponsors of the revered Ojude Oba festival in Ijebu-land. Themed “Ojude Oba- A Lesson in Religious Harmony,”, the festival was infused with vitality and cultural splendour, captivating participants, indigenes, visitors, and consumers alike. 
As a market leader in the Fast-Moving Consumer Goods (FMCG) sector,

Nigeria’s Organised Private Sector and economic experst yesterday lauded President Bola Tinubu’s signing of four Executive Orders as part of his bid to improve the nation’s  business environment.
In their separate reactions on the import of the orders, the various private sector  umbrellar bodies said the action was a step in the right direction.
“Manufacturers Association of Nigeria has been calling for the reversal of some of these unpopular, ill-conceived pol

By Elizabeth AdegbesanNigeria’s Gross Domestic Product, GDP, slowed to 2.31 per cent in the first quarter of 2023 (Q1’23) due to the effect of the cash crunch experienced during the quarter.The National Bureau of Statistics,NBS, disclosed this today in its GDP report for Q1’23.The NBS said that GDP grew by 2.31 per cent year-on-year in real terms in the reviewed period from 3.52 per cent in Q4 2022 and 3.11 per cent in the corresponding period of 2022.Details later
The post Nig

The Central Bank of Nigeria (CBN) has again increased the monetary policy rate (MPR) by 0.50 per cent to 18.50 per cent.The Governor of the CBN, Mr Godwin Emefiele, announced this interest rate hike on Wednesday while addressing newsmen in Abuja.He said members of the team agreed to raise the benchmark interest rate to curb inflation.The CBN governor said the committee considered a perennial scarcity of Premium Motor Spirit known as petrol, the 2023 general elections, continuous rise in energy p

The Central Bank of Nigeria (CBN) has announced revocation the licences of 132 Microfinance Banks, three Finance Companies and four Primary Mortgage Banks across the country.The revocation is contained in a gazetted circular signed by the CBN Governor, Mr Godwin Emefiele, in Abuja.According to Emefiele, the Microfinance Banks, Finance Companies and Primary Mortgage Banks listed in the gazette ”ceased to carry on, in Nigeria, the type of business for which their licences were issued fo

By Peter Egwuatu  The Chartered Institute of Stockbrokers (CIS) through its training arm, CIS Academy, has executed a Memorandum of Understanding  (MoU) with the Lagos Business School (LBS) for sustainable capacity building for corporate governance.The first series of training was held  at LBS and focused on a range of issues about Board, Leadership, Regulation, and Compliance Issues in the Securities and Investment in Nigeria.  Providing an insight into the relationship

investmentBy John UchechukwuAS Nigeria prepares to utilize natural gas as its transition fuel, there are indications that the Federal Government may have set investment amount for its Energy Transition Programme, ETP, at $410billion of which $10 billion will be spent yearly.Already, the nation’s Energy Transition Office, ETO, domiciled in the Office of the Vice President has secured about $8.2 billion in financing commitments, with ongoing efforts to secure further funds.THE Principal Spec

•Used vehicles dominatesBy Nkiruka NnoromThe value of manufactured goods imported into the country fell to N2.448 trillion in the fourth quarter ended December 31, 2022 as the government tightens the noose on importation of certain items into the country.This represents an 18.43 percent Year-on-Year (YoY) decline compared to N3.001 trillion recorded in the corresponding period in 2021 and 45.6 percent of total imports (N5.363 trillion) during the period.This also represents 14.11 percent Qu

Standard Chartered Bank Nigeria Limited has emerged best user of Artificial Intelligence, AI, for customer experience by The Digital Banker’s judging panel.The Digital Banker recognised the Bank’s card dispute automation initiative which facilitated an improvement in turnaround time of various card dispute situations. As a result of the initiative, customers are now able to access disputed funds faster, while significantly enhancing complaint resolution.Speaking   on&n