In a significant move aimed at reshaping global financial systems, Russian President Vladimir Putin has called on members of the BRICS bloc—Brazil, Russia, India, China, and South Africa—to adopt cryptocurrencies and other digital currencies in their financial transactions. His objective is clear: reduce reliance on the US dollar and empower emerging economies to operate independently…
In a major step toward monetizing Nigeria’s vast gas reserves, the Nigerian National Petroleum Corporation (NNPC) Limited, in partnership with Shell, TotalEnergies, and Agip, has finalized an important agreement to supply gas to the Brass Fertilizer & Petrochemical Company Limited’s upcoming methanol-manufacturing plant. This milestone agreement, which took nearly nine years to materialize, was officially…
In a significant policy shift, the Federal Government of Nigeria has authorized petroleum marketers to lift petrol directly from the Dangote Refinery, bypassing the long-standing arrangement where the Nigerian National Petroleum Corporation Limited (NNPCL) acted as the sole intermediary. This move, which marks a departure from the traditional procurement structure, aims to promote efficiency and…
Nigeria’s external reserves have surged to a 22-month high of $37.31 billion, marking a significant inflow of foreign currency into the nation’s economy. Data from the Central Bank of Nigeria (CBN) shows that as of September 18, 2024, the reserves reached their highest level since November 4, 2022, when they stood at $37.36 billion. This…
The Nigerian presidency has provided clarification regarding Coca-Cola’s decision to withdraw its $1 billion investment pledge, initially made in 2021. In a statement released on Thursday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, addressed reports suggesting that Coca-Cola had failed to honor its previous investment commitment to Nigeria. Onanuga explained that…
The Central Bank of Nigeria (CBN) has announced plans to expand the use of its digital currency, eNaira, to facilitate payments into government accounts and streamline transactions for Ministries, Departments, and Agencies (MDAs). This initiative will enable MDAs to manage vendor and beneficiary payments using the eNaira, marking a significant step toward integrating digital currency…
Binance, the global cryptocurrency trading platform, has identified two key conditions that must be fulfilled before it can consider registering under the Nigerian Securities and Exchange Commission’s (SEC) special framework program for Virtual Asset Service Providers (VASPs). This program is designed to regulate crypto platforms operating in Nigeria. Binance’s stance comes in response to the…
According to the platform’s leadership, World Liberty Financial will enable users to lend and borrow cryptocurrencies directly from one another, bypassing traditional financial institutions.
The Federal Government is set to unveil a strategic initiative on Wednesday aimed at establishing Nigeria as a global leader in the rapidly expanding Halal economy. This effort is projected to contribute an additional $1.5 billion to the country’s Gross Domestic Product (GDP) by 2027. The global Halal market, which encompasses a wide range of…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the Dangote Refinery will begin distributing Premium Motor Spirit (PMS), commonly known as petrol, starting Sunday. Initially, this distribution will be exclusive to the Nigerian National Petroleum Company Limited (NNPCL). This significant development was revealed during a press briefing…
