Business

Crypto giant Binance has laid off more than 1,000 people in recent weeks in a continuing exercise that could result in the exchange losing more than a third of its staff, the Wall Street Journal reported on Friday, citing a person familiar with the moves. According to Reuters, a string …

Nigeria needs to revolutionise its industrial sector to become an economic giant . Dr Akinwumi Adesina, President, African Development Bank made this declaration in his address to an audience gathered for Business Day Nigeria’s 2023 CEO Forum in Lagos recently. Akinwumi regretted that Nigeria is developing too slowly and far …

President Bola Tinubu has signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products. The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake announced …

India’s imports of crude oil from Russia fell 6.5% in June after reaching a record high in May, while those from Iraq, Saudi Arabia and the US increased, according to energy cargo tracker Vortexa. India imported 1.8 million barrels per day (mbd) of Russian crude in June. China imported 1.6 …

Femi Falana, SAN, on Friday, blamed the “irresponsibility” of the ruling class for the hardships brought on by the alleged fraud perpetrated by beneficiaries of the fuel subsidy regime and failed promises to reform the oil sector. There is, therefore, a need for the Federal Government to act fast to …

Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has reiterated the call for “re-globalisation,” saying deglobalisation poses an enormous risk to developing countries, including Nigeria. She added that global prosperity would be adversely affected if trade is allowed to fragment into rival blocs. Speaking at the 13th World Chambers …

Special Adviser to President Bola Tinubu on Policy Coordination, Hadiza Bala Usman has defended the removal of fuel subsidy saying it is in the best of Nigerians. Hadiza,daughter of the late celebrated Historian, Yusufu Bala Usman , who was a former Managing Director of the Nigeria Port Authority (NPA), maintained …

The President of African Development Bank (AfDB),Dr Akinwumi Adesina has called on the International Monetary Fund((IMF) to grant permission to Multilateral Development Banks(MDBs) to use its Special Drawing Rights to meet the financing deficit of vulnerable jurisdictions. Speaking on a panel at the Summit for a New Global Financing Pact, …

The Nigeria Labour Congress has kicked against the alleged plan to increase electricity tariff by 40 per cent on July 1. The Congress described the move as insensitive and callous, saying it reflected an organised indifference to the well-being of consumers, especially, the poor ones. The NLC said this in …

African Development Bank Group president Akinwumi Adesina called for new ways of preparing and de-risking projects to mobilise private sector investment for sustainable development. “We need new ways of aggregation to prepare the projects, to de-risk the projects and lower the transaction cost for those deploying capital,” he said. Adesina …