African countries spend \$90bn yearly on infrastructure Local contractors sidelined due to financing gaps Afreximbank launches support plan for African firms Africa spends nearly \$90 billion every year on infrastructure, but most of the contracts still go to foreign companies. Eko Hot Blog reports that this concern was brought to the fore during the Intra-African … Read more
FG Unveils Postharvest Systems Transformation Plan Kyari explained that the NiPHaST programme would stabilise food prices He emphasised that the programme would unlock private sector investments In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda aimed at eradicating poverty, achieving food and nutrition security, driving economic growth, and reducing postharvest losses, the Federal Government … Read more
Lagos Is a No Man’s Land – Tinubu’s Adviser Daniel Bwala Bwala defended the N3.9 trillion in federal projects reportedly allocated to Lagos over two years Says Lagos pride of Nigeria’s economy Daniel Bwala, the Special Adviser to President Bola Tinubu on Policy Communication, described Lagos State as belonging to no single group and called … Read more
NECA Calls for Increased State Wages Workers Need Higher Pay to Boost Productivity Raise Minimum Wage Above ₦70,000, NECA The Nigeria Employers’ Consultative Association (NECA) has called on state governments to increase civil servants’ pay beyond the current ₦70,000 minimum wage. According to Eko Hot Blog, the association argues that states no longer have an … Read more
The Executive Chairman of Epe Local Government, Princess Surah Olayemi Animashaun FHTI, has completed the construction of a modern wooden jetty at Take Nla Village, Ward D1. The project is aimed at improving water transportation, making it easier for residents and traders to move goods and people. It is also expected to boost trade, tourism, … Read more
As the world prepares to welcome the New Year, various stakeholders in Nigeria, including those from the manufacturing, academic, security sectors, local government unions, and the Ijaw National Congress, have called on President Bola Tinubu to take steps toward improving the economy in 2025. While acknowledging the challenges of 2024, which they described as “tough” … Read more
President Bola Ahmed Tinubu has reiterated that his administration’s tax reforms are permanent and will remain a key part of Nigeria’s economic policy. The President made this assertion on Monday night during a presidential media chat aired by the Nigerian Television Authority (NTA). EDITOR’S PICKS Sanwo-Olu Donates N75M to Support Legionnaires and Families of Fallen … Read more
The Federal Government has lifted the ban on mining activities in Zamfara State, five years after its implementation. EKO HOT BLOG reports that Dele Alake, the Minister of Solid Minerals Development, made the announcement during a press briefing. His spokesperson, Segun Tomori, released a statement on Sunday highlighting the rationale behind the decision. “The Federal … Read more
The Senate has initiated a move to restore Nigeria’s monetary sovereignty by prohibiting the use of foreign currencies for payments and transactions within the country. EKO HOT BLOG reports that this effort aims to ensure that all financial transactions, including salaries, are conducted in naira. The proposed ban would cover not only local workers but … Read more
The Federal Government has announced plans to establish a youth bank that will offer loans, grants, and other financial products to support young entrepreneurs, fostering innovation and job creation. EKO HOT BLOG reports that the Minister of Youth Development, Mr. Ayodele Olawande, made this announcement during a media briefing in Abuja on Tuesday. The minister … Read more
The Nigerian National Petroleum Company Limited (NNPCL) has announced securing a $1bn crude-backed loan to facilitate the operations of the 650,000 barrels-per-day Dangote Petroleum Refinery and address liquidity challenges. Chief Corporate Communications Officer, Olufemi Soneye, revealed this during the Energy Relations Stakeholders Engagement in Abuja on Monday. EDITOR’S PICKS PDP Declares Ethiope East Federal Seat … Read more
Nigeria’s broad Money Supply (M²) surged by 48.3% year-on-year (YoY) to reach N107.7 trillion in October 2024, up from N72.6 trillion in the same period of 2023, according to the Central Bank of Nigeria (CBN) Money and Credit Statistics report released yesterday. EKO HOT BLOG reports that despite this increase, M² experienced a month-on-month (MoM) … Read more
President Bola Ahmed Tinubu on Tuesday, officially commissioned the Bola Ahmed Tinubu Technology Innovation Complex at the Nigeria Immigration Service (NIS) headquarters. The state-of-the-art complex is named after the president and aims to revolutionize the country’s migration and border management processes. The complex includes several key components: the Command and Control Centre (for regular migration), … Read more
The Minister of Aviation, Mr. Festus Keyamo, will inaugurate the construction of an airport in Nsulu, Abia State, on Tuesday next week. EKO HOT BLOG reports that the announcement was made by the Abia State Commissioner for Information, Prince Okey Kanu, during a press briefing after the weekly Executive Council meeting in Umuahia. Kanu explained … Read more
Hon. Chidi Obetta, the representative for Nsukka/Igbo-Eze South Federal Constituency in the National Assembly, has declared that Adada State will be the first state to be created from the South East region. Speaking at his 2nd Town Hall Meeting held over the weekend at the Princess Alexandra Auditorium, University of Nigeria, Nsukka (UNN), Obetta highlighted … Read more
Kabiru Adeniyi Adisa, a prominent figure in the All Progressives Congress (APC) in Osun State, has vowed to unseat Governor Ademola Adeleke in the 2026 governorship election. EKO HOT BLOG reports that Adisa believes he possesses the necessary qualifications to govern the state more effectively than the incumbent. In a statement issued in Ibadan, Oyo … Read more
Nigeria’s exports to France soared to over N3.9 trillion (approximately $2.4 billion) in the first half of 2024, securing France’s position as Nigeria’s top export destination among individual countries. According to data from the National Bureau of Statistics (NBS), Nigeria’s total exports for the same period amounted to around N38.5 trillion ($24 billion). This robust … Read more
Nigeria’s Senate President, Godswill Akpabio, has called on the Chinese government to increase financial aid to Nigeria and Africa, urging deeper bilateral cooperation to enhance developmental efforts. Akpabio made the appeal during a visit by Zhang Qingwei, Vice Chairman of the Standing Committee of China’s National People’s Congress (NPC), marking his first trip to Africa. … Read more
Governor Peter Mbah of Enugu State has presented a ₦971 billion budget proposal for the 2025 fiscal year to the state’s House of Assembly, emphasizing poverty eradication and inclusive growth. Tagged the “Budget of Exponential Growth and Inclusive Prosperity,” the estimates comprise ₦837.9 billion for capital expenditure (86% of the budget) and ₦133.1 billion for … Read more
The Nigerian National Petroleum Company (NNPC) Ltd. has fulfilled its commitment to re-stream the Port Harcourt Refining Company (PHRC), marking the start of crude oil processing and the distribution of petroleum products to the market. This milestone was announced in a statement on Tuesday by the Chief Corporate Communications Officer of NNPC Ltd., Olufemi Soneye. … Read more