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Economy
Elon Musk’s comment sends Bitcoin crashing by 17%
Bitcoin shed as much as 17 percent of its value Tuesday in apparent response to a comment by Tesla CEO, Elon Musk, over the weekend.The world's most valuable cryptocurrency has witnessed an unprecedented rise in value in recent times as…
FCT Residents get March 31 Deadline to File Tax Returns
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has given March 31 deadline to all taxpayers in FCT to file their annual tax returns.The Executive Chairman of the service, Mr Abdullahi Attah,…
FG warns speculators to leave mine sites
The Nigeria Mining Cadastre Office (MCO) has warned speculators to leave the minefield for active and serious investors.The Director-General of MCO, Mr. Obadiah Nkom, gave the warning in a statement by Head, Press Unit of MCO Folasade…
Rising inflation threat to manufacturing industry – MAN
The Manufacturers Association of Nigeria (MAN) has described the January 2021 inflation rate of 16.47 per cent as a threat to the envisaged manufacturing and industrial sectors' recovery and growth.Mr. Segun Ajayi-Kadir,…
Expert Identifies Strategies to Achieve Nigeria’s 30% Renewable Energy Target
A climate change expert, Prof. Chukwumerije Okereke, says there is need to evolve workable strategy toward achieving Nigeria’s goal of 30 per cent total electricity supply from renewable energy by 2030.Okereke, also a Visiting…
Crypto ban will trigger stock market rebound – Experts
Capital Market experts on Monday expressed optimism that the ban on cryptocurrencies by the Central Bank of Nigeria (CBN) would likely trigger enhanced activities in the nation’s stock market.
They said this an interviews with the News…
CBN explains directive on cryptocurrency transactions
Following reactions trailing a recent Central Bank of Nigeria (CBN) directive to Deposit Money Banks (DMBs) to desist from cryptocurrencies transactions, the apex bank has clarified that the intention is to ensure accountability.Making…
CBN Crypto Order: “We Need To Open Up Our Economy, Not Close It” – Atiku
Former Vice President Atiku Abubakar has urged the Central Bank of Nigeria (CBN) to revisit its Friday directive prohibiting cryptocurrency transactions in Nigeria.In a statement on Saturday morning, Atiku stated that the number one…
Nigerians furious as CBN directs closing of crypto-related accounts
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to close accounts found engaging in cryptocurrency transactions on their systems.The apex bank gave the directive in a circular dated Friday, February…
WTO Job: Coast Clear For Okonjo-Iweala As Only Opponent Withdraws
Former Finance Minister, Dr Ngozi Okonjo-Iweala has edged closer to securing the job of Director-General of the World Trade Organisation (WTO).This followed Friday's withdrawal of her only remaining opponent and Trade Minister of South…
Car Duty Reduction: Why Customs Hasn’t Implemented FG’s Order
The Nigeria Customs Service (NCS) says the duty rate on cars and other vehicles will soon be reduced.Kathleen Ekekezie, Assistant Comptroller-General, Zonal Coordinator, Zone `A’ Headquarters, NCS, made the disclosure while receiving…
150,000 Kebbi farmers, civil servants to benefit from CBN facility
At least 150,000 farmers in the 21 Local Government Areas of Kebbi are to benefit from different Anchor Borrower Programme (ABP) facilities for dry and wet season farming, an official has said.The state Chairman of Wheat Farmers…
Oil Spill: ERA/FoEN hails judgement against Shell
The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), an NGO, has described as a healthy development the recent judgement by the Netherland’s court of appeal that held Shell liable for the oil spills it caused across…
Contract for renovation of national art theatre to be awarded soon— Emefiele
The Central Bank Governor, Mr Godwin Emefiele, has expressed hope that a contract for the renovation of the National Art Theatre would be awarded in the next couple of weeks.Emefiele gave the hint while responding to questions at a news…
Provide details of payments of N729bn to 24.3m poor Nigerians – SERAP asks FG
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajia Sadiya Umar-Farouk to “publish details of proposed payments of N729bn to 24.3…
Old cheque books will be phased out March 31 – CBN
The CBN has advised all Deposit Money Banks (DMBs) accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), to enlighten their customers on the revised cheque book, introduced across all banks.Mr…
Nigeria records highest inflation rate in 3 years
Nigeria has recorded its 16th straight month of inflation-rate increase, according to the December 2020 consumer price index/inflation report released by the National Bureau of Statistics on Friday.The report revealed that inflation…
“Be Prepared To Lose All Your Money” – UK Financial Regulator Warns Crypto…
Investors in crypto assets must be aware they could lose all their investors, the U.K.’s Financial Conduct Authority warned on Monday.It said that cryptocurrencies come with "very high risks", warning that investors who lose their…
Nigerian economy will grow by 1.1 percent in 2021 – World Bank
The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.It said this in a statement issued in Washington D.C. on Tuesday at the…
World Bank Predicts 4% Global Economic Growth, 1.1% for Nigeria in 2021
The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.It said this in a statement issued in Washington D.C. on Tuesday…
South Africa Urges Manufacturers, Farmers to Expand Exports Through AfCFTA
South Africa’s Trade and Industry Minister Ebrahim Patel on Friday urged manufacturers and farmers in the country to prepare themselves for opportunities in export markets following the launch of the African Continental Free Trade…
2021 Budget: “Deliver On Targets Or Get Sanctioned” – Buhari Warns Revenue…
President Muhammadu Buhari Thursday in Abuja issued a stern warning to agencies of government saddled with revenue generation to work hard to meet their targets.According to a statement by his Senior Special Assistant on Media and…
Fintiri signs Adamawa N140 bn 2021 budget into law
The Governor of Adamawa State, Ahmadu Fintiri on Saturday signed the state's N140 billion 2021 budget into law.Speaking at the ceremony in Yola, Fintiri said that 52 per cent of the budget was for capital expenditure, while 48 per cent…
Why we bumped up 2021 budget to N13.58tn – House of Reps
The House of Representatives has hinged its decision to increase the 2021 budget by over N500 billion on the harsh economic realities in the country.Spokesman of the House, Hon. Benjamin Kalu gave the explanation on Tuesday.The…
42 microfinance banks affected as CBN withdraws operating licenses
The Nigeria Deposit Insurance Corporation (NDIC) says the Central Bank of Nigeria (CBN) has withdrawn the operating licenses of 42 Microfinance Banks in the country.NDIC, which is the official liquidator of the MfBs, disclosed this in a…
Nigeria to Host World Summit for Single Market in Africa in 2021
Nigeria will host the World Summit for Single Market in Africa on March 23, 2021, an official has said.Mr Angelo Elosia, the Chairman/Chief Coordinator, Invest in Africa World Summit and Expo said this while speaking with…
CCECC to Support Infrastructure Development in Nigeria
The China Civil Engineering Construction Corporation (CCECC) has pledged to support infrastructure development in Nigeria.
The company made this known on Wednesday in Abuja in while issuing its first Cooperate Social…
NCC Implements New SIM Registration Rules
The Nigerian Communications Commission (NCC) has implemented the new Subscriber Identification Module (SIM) Cards rules in the country.NCC Director of Public Affairs, Dr Ikechukwu Adinde, made this known in a statement on…
ECA Says Africa’s Economic Growth to Drop to -4.1% in 2020
Economic growth in Africa is projected to drop drastically to negative 4.1% before making a strong comeback in 2021 at 5% growth, the UN Economic Commission for Africa (ECA) said in a new report on Tuesday.The report, dubbed,…
One Million Consumers to Access Uninterrupted Water Supply in Bauchi – Official
No fewer than one million consumers will have access to safe drinking water in Bauchi metropolis by March 2021, the News Agency of Nigeria (NAN) reports.This was made known by Mr Aminu Gital, the Project Manager of a N30…