Business

Tesla hit the brakes Wednesday on letting people pay for electric cars with bitcoin, saying the computing-intense mining process of creating new cryptocurrency spews climate-harming emissions. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Tesla chief executive Elon Musk said in […]

Dr Ngozi Okonjo-Iweala has officially resumed as Director-General of the World Trade Organisation (WTO). As she took up the new role on Monday, the former Nigerian finance and foreign minister said she was eager to get straight to work as the first woman and first African to lead the beleaguered World Trade Organization. “I am […]

Nigeria’s Ngozi Okonjo-Iweala looks set to be confirmed Monday as the first woman and first African leader of the beleaguered World Trade Organization, a near-paralysed institution desperately needing a kick-start. The WTO has called a special general council meeting at which the former Nigerian finance minister and World Bank veteran is expected to be formally selected as […]

The Federal Government has issued an ultimatum to all telecommunications operators in the country to block all Subscriber Identification Modules (SIMs) without National Identification Number (NIN). It also ordered the network operators to ask all their subscribers to provide valid NIN to update their records and suspend SIM registration. These formed parts of the resolutions […]

The World Bank has finally approved Nigeria’s request for a $1.5 billion loan. This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024. “This Country Partnership Framework will guide our engagement for the next 5 years […]

The Monetary Policy Committee has retained key lending rates at 11.5%. Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced this on Tuesday, saying it is part of efforts to boost the economy towards a sustainable recovery from the recession. “Members voted in line with the most pressing need towards reversing the recession […]

Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021. Ahmed spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, […]

Nigeria’s Ngozi Okonjo-Iweala has reached the final stage in the race to lead the World Trade Organisation. The former finance minister alongside Yoo Myung-hee of South Korea are the final candidates remaining in the race, sources familiar with the decision said Wednesday, in what will be a first for the trade body. The official announcement […]

President Muhammadu Buhari on Monday said the COVID-19 pandemic has resulted in trying times, not just for the Nigerian people, but also for the government. The President said the country’s revenues and foreign exchange earnings have fallen by almost 60 percent since the pandemic took hold. Buhari’s remarks were delivered by Vice President Yemi Osinbajo […]

Re-elected President of the African Development Bank, Dr Akinwumi Adesina, will be sworn-in on Tuesday, September 1, to serve a five-year term. The ceremony, according to the AfDB in a statement on Monday, will be held virtually at 9am. Dr Adesina, Nigeria’s former Minister of Agriculture and Rural Development, was re-elected last week after getting […]


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