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With the new local government chairmen now in office, traders at Mile Three Market, particularly along Bishop Okoye Street, have called on the chairman of Port Harcourt City Local Government, Allwell Ihunda, to take urgent steps against multiple taxation. The traders lamented that they are compelled to pay different levies in the morning and again
The Federal Government has approved new imprest limits for Ministers and other top management officials across its Ministries, Departments, and Agencies (MDAs). The limits, approved by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, are outlined in the 2025 General Imprest Warrant. The warrant aligns with Financial Regulation No. 1003, which
The Coalition of Civil Society Organizations in Rivers State has criticized the Central Bank of Nigeria (CBN) for maintaining the Monetary Policy Rate (MPR) at 27.5%, describing the decision as alarming and detrimental to businesses and individuals seeking credit facilities nationwide. In a statement, the CSOs lamented that while the CBN and commercial banks continue
Nigeria’s real estate sector has overtaken crude oil and natural gas to become the third-largest contributor to the nation’s Gross Domestic Product (GDP), according to the latest report from the National Bureau of Statistics (NBS). The report reveals that the sector’s contribution to the economy surged from ₦22 trillion under previous estimates to ₦41.2 trillion
The Central Bank of Nigeria (CBN) has announced the retention of the Monetary Policy Rate (MPR) at 27.5%, maintaining all other policy parameters unchanged. CBN Governor, Olayemi Cardoso, disclosed this during the Monetary Policy Committee (MPC) briefing held on Tuesday in Abuja. He explained that the decision was driven by the need to sustain the
The Nigeria Civil Aviation Authority (NCAA) has issued a directive mandating all international airlines operating in the country to enforce the $10,000 currency declaration requirement for all inbound passengers. The directive, dated April 24, 2025, is aimed at addressing lapses in compliance with Nigeria’s financial disclosure laws. According to a statement issued on Tuesday by
The newly appointed Chairman of Bori Market, Government Tigidam, has pledged to transform the market into a thriving commercial hub, in line with the vision of the Administrator of Khana Local Government Area, Professor Barinedum Nwibere. In a statement, Tigidam said the market, which is currently in a dilapidated state, will be upgraded to attract
The Minister of Steel Development, Shuaibu Audu, has revealed that Nigeria loses approximately $4 billion annually in foreign exchange due to the importation of steel products. Audu made the disclosure on Thursday during a press conference in Abuja to announce the maiden edition of the National Steel Summit, scheduled to hold on July 15, 2025.
With the rainy season in full swing, business owners and traders in Port Harcourt are expressing deep concern over dwindling patronage and mounting losses. Many traders say the persistent rainfall has severely impacted sales, with customers staying away from markets due to poor weather conditions. Several shop owners reported that they have not recorded any
Segun Ajayi-Kadiri, the Director-General of the Manufacturers Association of Nigeria (MAN), has called on the Federal Government to proceed with the complete privatization of the country’s state-owned refineries. Ajayi-Kadiri emphasized that handing over the management of the Port Harcourt, Warri, and Kaduna refineries to private sector operators would enhance efficiency and boost productivity in the
