Nigeria and China have renewed their bilateral currency swap agreement, extending the deal for another three years, with provisions for further renewals upon mutual consent. EDITOR’S PICKS NNPC Unveils Command Centre for Real-Time Monitoring of Hydrocarbon Operations ATCON Urges FG to Tackle Infrastructural Barriers Hindering Broadband Expansion BREAKING: Sokoto Villages Hit by Airstrike Targeting Terrorists, … Read more
The Chartered Institute of Bankers of Nigeria (CIBN) has expressed concerns about the negative effects of certain government policies, including the removal of the fuel subsidy and the floating of the Naira, on both the banking sector and the Nigerian economy as a whole. EKO HOT BLOG reports that this statement was made during the … Read more
The Federal Government has initiated the disbursement of a N75 billion loan aimed at supporting the manufacturing sector, following a 14-month delay since the initiative’s announcement. The funds, provided through the Bank of Industry (BOI) at an annual interest rate of 9%, are designed to assist larger companies in managing production costs and adapting to … Read more
The National Petroleum Authority of Ghana (NPAG) has announced plans to import refined petroleum from Nigeria’s Dangote Refinery to bolster energy security and strengthen regional cooperation. Speaking at the 2024 OTL Africa Downstream Energy Week in Lagos, Dr. Mustapha Abdul-Hamid, CEO of NPAG, said this collaboration would reduce Ghana’s dependence on higher-cost imports from Rotterdam, … Read more
The Federal Executive Council (FEC) has given its approval for the Economic Stabilization Bills (ESB), marking a significant step in the government’s Accelerated Stability and Advancement Plan. This decision was reached during the council’s 18th meeting, chaired by President Bola Tinubu at the Aso Chambers of the State House in Abuja. The ESB, based on … Read more
President Bola Tinubu declared on Friday that his role as Nigeria’s leader is not to seek personal gain or accumulate wealth but to serve the nation and its people. Speaking during a meeting with the Forum of Former Presiding Officers of the National Assembly at Aso Rock Villa, President Tinubu stressed that his administration is … Read more
The Federal Government has inaugurated a new Board of Directors for the Nigeria Sovereign Investment Authority (NSIA), entrusting them with the responsibility of guiding the nation’s economic growth and stability. During the inauguration at his office in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, urged the Board to utilize … Read more
Implementing Unsustainable Minimum Wage Will Lead To Job Loss – FG Warns NLC. Idris highlighted the influential role of religious leaders in raising public awareness about government initiatives. The minister commended the Church’s partnership in providing essential services and fostering peace, unity, and hope. EKO HOT BLOG reports that the Federal Government, represented by the Minister … Read more
SGF George Akume emphasizes economic productivity and stability in setting a new national minimum wage. Government aims to control inflation and ensure a balanced economy alongside wage increases. Akume criticizes organized labour for shutting down the national grid during a recent strike. EKO HOT BLOG reports that the Secretary to the Government of the Federation (SGF), … Read more
Labour Party renames ‘Obidient’ directorate after backlash from over 200 support groups. Support groups accused LP leadership of undermining the movement’s independence. LP’s National Publicity Secretary announced the renaming decision in response to the controversy. EKO HOT BLOG reports that the Labour Party (LP) leadership has renamed the ‘Obidient’ directorate following backlash over its naming and … Read more
Tinubu Eyes Import Duty Suspension On Food, Drugs, and essential commodities for six months to tackle inflation. Proposed Executive Order also includes waiving levies on fertilizers, poultry feed, flour, and grains, and offering low-interest loans to agriculture, pharmaceutical, and manufacturing sectors. Plan contradicts earlier statements by Tinubu on food imports, emphasizing domestic production to address … Read more
Federal Government seeks World Bank loan approval for $2.25bn Funding Funds earmarked for two major development projects. Loans aimed at enhancing economic stability, resource mobilization, and fiscal reforms in Nigeria. EKO HOT BLOG reports that the Federal Government is gearing up to secure new loan funding from the World Bank, with approval anticipated for loans … Read more
EKO HOT BLOG reports that the West African Monetary Zones (WAMZ) under the ECOWAS have faced significant challenges in realizing their aspirations to adopt a single currency across member states, with the timeline for implementation stretching beyond initial expectations. During the 51st meeting of the Convergence Council of WAMZ held in Abuja over the weekend, Olorunsola … Read more
President Tinubu appoints Abdulkarim Chukkol as acting EFCC Chairman, replacing Abdulrasheed Bawa. Chukkol, former Director of Operations, brings vast law enforcement experience from institutions like the FBI National Academy. This appointment reflects Tinubu’s dedication to fighting corruption and ensuring economic stability in Nigeria. EKO HOT BLOG reports that in a swift move following the suspension … Read more