The National Bureau of Statistics (NBS) has listed the real estate sector as the third-largest sub-sector in Nigeria’s economy, up from 5th position, following the recent GDP rebasing exerciseAccording to data from the Nigerian Bureau of Statistics (NBS), the real estate sector contributed 5.20 per cent to the GDP in Q1 of 2024.The rebasing exercise has rearranged the hierarchy of Nigeria’s leading industries. While grain crop production and Trade remain the top and second-largest industries, real estate has surpassed crude petroleum and Natural gas to claim third place.Telecommunications remains in the fourth spot, followed by Crude Petroleum and Natural Gas, Construction, and Food, beverages,…
Author: Oladi Samuel
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The Economic and Financial Crimes Commission (EFCC) said it has arrested four Chinese nationals and 101 Nigerians over an alleged perpetration of internet fraud in Abuja.According to the Commission, the suspects were apprehended in a business apartment in the Gudu axis of Abuja on Thursday, January 9, 2025.The EFCC said this was in continuation of its efforts to clean the nation of internet fraud and other acts of corruption.“The suspects, comprising 67 males (including four Chinese) and 38 females were allegedly involved in a hotel review job scam targeting victims and hotels in Europe and other parts of the world.“The…
The Henley Passport Index 2025 has been released, showing which countries have the strongest passports for visa-free travel.Singapore continues to hold the top position, followed closely by Japan, offering citizens the most freedom for international travel.This year’s ranking highlights the countries with the most visa-free access and also focuses on the trends in global mobility.Singapore retains its spot as the most powerful passport in the world, allowing citizens to visit 195 destinations without requiring a visa. Japan follows with 193 destinations. Other countries such as Finland, Germany, and France are also among the top contenders, offering significant travel privileges.Top 15…
General Hydrocarbons Limited (GHL), owners and operators of OML 120, Deep Offshore Nigeria, has addressed a recent Mareva court injunction that temporarily freezes its assets across banks and digital platforms in Nigeria.The reaction was contained in a statement dated January 10, 2025, and signed by Nduka Obaigbena, Chairman of the GHL Board.Nairametrics previously reported that the Federal High Court in Lagos issued several orders, including a Mareva injunction, to freeze assets and accounts linked to General Hydrocarbons Limited, its affiliates, and prominent individuals, including media mogul Nduka Obaigbena.The court’s decision follows allegations of unpaid loans totaling $225.8 million, owed to…
The Bauchi State Government has debunked allegations that N400 million was allocated in its 2025 budget for the purchase of six computers for the Office of the Secretary to the State Government (SSG).The government disclosed this in a statement by Aminu Hammayo, the Secretary to the Bauchi State Government, who described the claims as “a lie from the pit of hell.”According to Hammayo, the claims are “nothing but a pedestrian and intellectually bankrupt propaganda effort.” “The ludicrous claim that the Bauchi State Government has allocated N400 million in the 2025 budget to purchase six computers for the office of the Secretary…
The Sudanese government, in an effort to stabilize its crumbling economy, has introduced new banknotes and compelled the largely unbanked population to open bank accounts.The initiative, launched in December, aims to render funds looted by the paramilitary Rapid Support Forces (RSF) worthless.According to Finance Minister Jibril Ibrahim, the initiative has been successful, though he did not specify the amount of Sudanese pounds deposited.Sudan has been embroiled in a two-year conflict between the army and the RSF, which has severely damaged the economy, devalued the currency by three-quarters, and left half the population facing hunger.Ibrahim stated that the government’s move has…
The Federal Government has allocated N29.54 billion to the National Youth Service Corps (NYSC) for the provision of kits, transportation and feeding for corp members in the 2025 fiscal year.This provision is categorized under the Federal Ministry of Youth Development as part of the Miscellaneous expenditure for NYSC in the N49.74 trillion proposed budget for 2025.Other expenditures under the Miscellaneous section for NYSC in the proposed budget include N104.56 million for honorarium and sitting allowances, as well as N165 million for publicity and advertisement.Another significant allocation includes N50 million for postage and couriers service, N730 million for sporting activities, and…
The Coalition of Northern Groups (CNG), Civil Society Organisations and other stakeholders have raised concerns over the proposed tax reform bills currently under consideration by the National Assembly, alleging that the measures could exacerbate poverty and increase unemployment across the country.They also called on lawmakers from the North to turn down the tax reform bills by the federal government.In a communique issued at the end of their Town Hall meeting on Thursday at Arewa House, Kaduna, the groups maintained that the bills did not reflect the realities on the ground.According to the communique signed on behalf of the groups by…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that the Bola Tinubu administration inherited an economy on the brink of collapse but is steadily reversing the trajectory through bold and targeted reforms.Speaking during a briefing with the Senate Committee on Appropriations regarding the 2025 Appropriation Bill, Mr. Edun noted the administration’s economic stabilization strategy, noting significant progress in fiscal recovery and growth.“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” Edun stated. “Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable…
The Dangote Petroleum Refinery is building eight new storage tanks with a combined capacity to hold 6.3 million barrels of crude oil to store imported crude.According to an exclusive report by Africa Report, the 650,000-barrel-a-day capacity refinery struggles to get an adequate local supply of crude, hence it is increasing its crude import this year.The Vice president for oil and gas at Dangote Industries Ltd, Devakumar Edwin, said crude supply from the Nigeria National Petroleum Company Limited (NNPCL) is insufficient.Edwin, who noted that the refinery currently has 20 crude storage tanks with a capacity of 120 million litres each, told…