FG Approves 499 Licenses For Purchase, Sale Of Solid Minerals

The Federal Government (FG) through the Ministry of Solid Minerals Development has approved about 499 licenses for the purchase and sale of solid minerals in Nigeria in 2023. This was disclosed by Dele Alake, Minister of Solid Minerals Development, during his keynote speech with the theme ‘Digging Deeper: Diversifying Nigeria’s Economy for Wealth Creation’ at Solid Minerals Conference on Tuesday.

NAFDAC Warns About Fake Milk In Circulation

The National Agency for Food and Drug Administration and Control (NAFDAC) has warned members of the public in a statement issued on Wednesday about the sale of fake Arla Dano 14g full cream milk powder currently in circulation in Nigeria. The statement reads in part, “NAFDAC zonal directors and state coordinators have been directed to conduct surveillance and mop up the counterfeited Arla Dano 14g full cream milk powder across the states in Nigeria.

FOREX: Market Manipulators Will Face Sanctions - CBN Warns

The Central Bank of Nigeria (CBN) has issued a stern warning to authorized dealers of foreign exchange (FOREX) to desist from any type of pricing distortion that results in market manipulation, otherwise risk sanctions. The apex bank acting director of the Financial Market Department, Aliyu, M. Ashiru in a recent circular disclosed that the investigation has revealed instances of underreporting of transaction rates and the practice of ‘second cheques’ on foreign exchange and fixed-income transactions.

OPay To Block Accounts On March 1 For Non-Compliance With KYC Requirements

OPay, a Fintech company, has disclosed that fraudulent accounts and accounts which are not KYC compliant will be blocked on its system from March 1, 2024. KYC (Know-Your-Customer) is a process utilized by banks to obtain information about the identity and address of its customers, which helps to ensure that the services of banks are not misused. The Fintech firm stated that security measures on its platform have been upgraded and new customers are now required to provide their National Identity Number (NIN) for account opening.

Naira Free Fall: Manufacturers Considering Fresh Price Hike

Nigeria’s manufacturers project fresh hikes in the prices of commodities in the market in response to the continued free fall of the Naira against the United States dollar in the foreign exchange market. Francis Meshioye, President of the Manufacturers Association of Nigeria, disclosed this in a statement at the weekend while reacting to Nigeria’s persistent forex crisis.

Biggest Container Vessel Berths At Lekki Deep Seaport

The largest container vessel to sail in Nigerian territorial waters landed at the Lekki Deep Seaport. The vessel measuring 367M in length overall christened “Maersk Edirne” has a Breadth of 48.2 and carries a Gross Registered Tonnage (GRT) of 142,131metric tonnes and a Deadweight Tonnage (DWT) of 147,340 metric tonnes, constituting 3,376 total cargo onboard was navigated to safety by the highly experienced and thoroughly equipped Pilots of the NPA.

FG Set To Inaugurate Minimum Wage Committee On Tuesday

The Federal Government (FG) is set to inaugurate a committee on national minimum wage, following President Bola Ahmed Tinubu’s approval. This was disclosed in a letter by George Akume, the Secretary to the Government of the Federation (SGF) titled, ‘Inauguration of the Tripartite Committee on National Minimum Wage’ and addressed to the Nigeria Labour Congress (NLC) which stated that inauguration ceremony would take place on Tuesday, 30 January, 2024.

Improved Exposure To Internet Reduced Nigeria’s Poverty Rate By 7% - World Bank

The World Bank has said consistency and improved exposure to internet and other related online materials brought down the rate of poverty by 7% in Nigeria. The bank disclosed this in a new brief themed, “Digital transformation drives development in Africa.”

India Invest $7bn In Nigeria

The government of India has approved the investment of $7 billion for Nigeria as part of the $14 billion foreign investment the country promised to Nigeria during the G20 Summit in India last year. Indian High Commissioner to Nigeria, Shri G. Balasubramanian, who made this disclosure during the country’s 75th Republic Day celebrations noted that India and Nigeria enjoy strong and historical relations. With the ties dating back to before Nigeria’s independence.

Alex Otti Appoints Sanusi, Okonjo-Iweala, Others As Members Of Economic Council

Abia State Governor, Alex Otti has listed the seventh Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, and the former governor of the Central Bank of Nigeria (CBN), His Highness Muhammad Sanusi II (14th Emir of Kano) and other eminent citizens as members of the newly inaugurated Abia Global Economic Advisory Council (AGEAC) Global Economy Council. The governor who made this announcement on Thursday, 18th of January 18 2024 during the inauguration of the council disclosed that the team is aimed at building the state into a self-sustaining economic hub.