Business
Eco-friendly Industrial Park To Takeoff in Lagos
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.
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
Business
Brent crude slid to around $106 per barrel
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Brent crude slid to around $106 per barrel on Friday in a likely technical correction, but was still set to end the week sharply higher as the escalating conflict between the US and Iran fueled concerns over prolonged disruptions to global energy supplies.
Top US officials reportedly warned President Donald Trump that the war could continue through the remainder of his term, which ends in January 2029.
Meanwhile, Iranian leaders are reportedly determined to continue fighting despite mounting economic costs, viewing the conflict as an existential threat.
They also claim that Tehran has managed to rebuild its missile capabilities and could intensify attacks on US and Gulf assets if Washington escalates its own strikes.
Fighting has intensified over the past two weeks, with the US targeting Iranian oil tankers while Iran launched missiles at US warships and tankers in the Persian Gulf, as well as American assets in neighboring countries.
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Business3 days agoBrent crude slid to around $106 per barrel
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Business3 days agoDangote Refinery Buys 16m Barrels Of Nigerian Crude For October
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News3 days agoAlbert Horsfall, Ex-SSS Director-General dies
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Business3 days agoObi Sees Something Good in Tinubu’s “Naira Float Policy ‘
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Health3 days agoBayelsa deploying 19 doctors, 210 nurses to strengthen primary healthcare centres
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News1 day agoBamanga Tukur, former Adamawa gov, ex-PDP Chair dies at 90