Business

Eco-friendly Industrial Park To Takeoff in Lagos

Published

3 years ago

June 12, 2023

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The federal government has conclude arrangements for the establishment of the first zero fossil energy emission-free trade zone in the country.

The industrial park being located at the Imoore, Amuwo-Odofin area of Lagos, would sit on 115,503 hectares of land.

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, disclosed this during the handing over ceremony of the park’s license, to the Managing Director/CEO of the Zone, Anita Omoile.

He said that the park is being developed in line with the federal government’s policy on promoting a green environment.

He said that after the completion of the project it will positions Nigeria as the leading continental hub for regional eco-friendly industrial activities and logistics services with free trade zone status.

” The new dispensation will still witness active manufacturing activities without the usual emission of destructive carbon energy into our space,” he said.

He added that the park is a manufacturing space that would promote food processing, textile and garment production, renewable energy and electric cars as well as research and development services with over 50 international enterprises ready to move to the site in earnest.

Anita Omoile, said that the industrial park would generate over 10,000 jobs and inject an estimated $100 million annually into the economy.

Omoile expressed satisfaction with the seamless and speedy manner the approval was given, adding that the authority had taken the ‘ease of doing business’ policy of the government to a new effective level.

“Our partners across the globe are enthused with the development and this shows that the country is beginning to create the right business environment to attract the needed Foreign Direct Investments,’’ Omoile said.

Related Topics:Eco-Friendly Industrial Park FG Lagos

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NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

20 hours ago

November 4, 2026

OCHEFA

63 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.

Business

Naira Exchange Rates Wednesday, 4 Nov 2026

Published

21 hours ago

November 4, 2026

OCHEFA

63 Views

BLACK/PARALLEL MARKET RATES

1390DOLLAR (US

₦1835POUND (GBP)

₦1510EURO (EUR

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 West African CFA F.(XOF)

₦2200 Central African CFA F.(XAF)

₦850 Australian Dollar AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.93

POUND (GBP)₦1807.72

EURO (EUR)₦1512.26

SWISS FRANC (CHF)₦1644.21

JAPANESE YEN (JPN)₦8.52

West African CFA FRANC (XOF)₦2.30

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03

CHINESE YUAN (CNY)₦201.92

SAUDI RIYAL (SAR)₦359.15

SOUTH AFRICAN RAND (ZAR)₦81.37

Business

Australia hikes rates to 18-year high to fight inflation

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

Published

2 days ago

November 3, 2026

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108369166 1790657472823 gettyimages 2274092462 AUSTRALIA RBA BULLOCK

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•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.

Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.

In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.

“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”

“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

It brings rates to their level seen since late 2008, at the height of the global financial crisis.