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Economy
Nigeria’s Diaspora Remittances Will Rise To $22bn – Report
A rating Agency, Agusto Consulting Limited, on Tuesday projected that Nigeria’s diaspora remittances would rise by five per cent to $22bn by the end of 2021.Agusto Consulting Limited, a wholly owned subsidiary of a rating agency, Agusto…
$100m Lost as NNPC Gives Bunkering Service to Foreigners – SOAN
Shipowners Association of Nigeria (SOAN) said that the nation has lost $100 million to capital flight as the Nigerian National Petroleum Corporation (NNPC) recently contracted coastal and bunkering vessel services to a foreign shipping…
FG Denies Report on Reintroduction of Covid-19 Restrictions
The Federal Government, on Monday, has denied media reports that it has reintroduced new Covid-19 restrictions as part of measures to curb the spread of the new India variant into the country.Secretary to the Government of the…
E-payment Transactions Rise 82% To N66trn In Q1 2021
Nigeria Interbank Settlement System (NIBSS) said that the value of electronic payment (e-payment) transactions has risen to N65.6 trillion in the first quarter of the year (Q1 ’21).This increase, the report says indicate a 82 per cent…
Real Estate, Power, 2 Others Attract $8.35 Billion In 3 Months
Nigerian Investment Promotion Commission (NIPC), in April said that the real estate, power, manufacturing and agriculture sectors received $8.35 billion worth of investment in the first quarter of 2021.This opposite what was witnessed…
COVID-19, Forex: 415 Firms’ Shut Down in One Year – MAN
Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, on Friday said that 415 firms closed shop in the last one year due to forex squeeze and COVID-19 pandemic.Ajayi-Kadir, who made the remark during the…
[BREAKING] COVID-19 Resurgence: FG Re-Imposes Restrictions as ECOWAS Fixes Tests At $50
The Federal Government, on Monday announced the re-institution of all extant control measures aimed at mitigating the impact of the deadly scourge.Disturbed by the resurgence of the COVID-19 pandemic, the Presidential Steering Committee…
Nigeria’s Revenue Crisis May Worsen as India Slashes Crude Imports By $39.5bn
Nigeria’s revenue earning capacity has come under threat following the reduction of importation of crude oil by India.Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States…
Crude Oil Prices Rise After Colonial Pipeline Cyberattack
Following the cyber-attack, on Friday, that hit top U.S. fuel pipeline operator, Colonial Pipeline Co., the price of oil has started to improve.During the Asian session on Sunday, WTI oil opened at $65.52, representing a 0.95% gain from…
COVID-19: Bad Loans to Real Estate Rises By 66.5% In 2020
National Bureau of Statistics (NBS) revealed that the total Non-Performing Loans (NPL) recorded by banks for the real estate and construction sectors increased by 66.57% in 2020.Disclosing this in its selected Banking Sector Data:…
COVID-19: World Bank Approves $1.5bn To Assist Nigeria Rebuild Economic Resilience
In consideration of the critical state of the nation’s economy following the sharp decline in oil prices and production, the World Bank Group (WBG) has approved the sum of $1.5 billion social protection fund to help Nigeria finance …
Ondo varsity non-teaching unions suspend strike.
The non-teaching staff unions of Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa, have suspended five weeks-old strikes over non-payment of salaries and unremitted pension deductions.The News Agency of Nigeria…
FG Places ‘High-Profile’ Persons Under Watch For ‘Terrorism Financing’
Attorney General of the Federation and Minister of Justice, Abubakar Malami, has said that the Federal government is currently profiling a large number of high-profile Nigerians who have been alleged to have reasonable links to terrorism…
FG To Unveil Dedicated Portal for Sale of Houses to Nigerians
Minister of Works and Housing, Babatunde Fashola, has announced that it plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.Fashola, who spoke at the ninth meeting of the National Council…
Private Sector Recorded Growth in April – Report
Nigerian private sector was said to have improved by 2.9 percent in April, 2021 according to a Purchasing Manufacturing Index, PMI report released by Stanbic IBTC Bank Plc.According to the report, released on Thursday, April figure…
CBN Extends Naira 4 Dollar Incentive for Diaspora Remittances
The Central Bank of Nigeria (CBN) has announced an extension to its Naira 4 dollar incentive to encourage diaspora remittances till further notice.The News Agency of Nigeria (NAN) reports that the CBN introduced the scheme on March 5,…
Heritage Bank, Dukia Gold to Boost Nigeria’s N300trn Gold Industry
In an effort to create new opportunities and boost Nigeria’s N300 trillion gold industry, Dukia Gold, yesterday got approval from the Lagos Commodities and Futures Exchange (LCFE) to trade its exchange traded notes on its platform.…
SIFAX Group to partner Liberia on port development
SIFAX Group has assured the Liberian government of its readiness to partner with the country in order to explore opportunities in its maritime and logistics sector.Capt. Ibraheem Olugbade, Executive Director, Ports & Cargo Handling…
FG extends NIN-SIM linkage deadline again
The Federal Government has again authorised the extension of the deadline for the ongoing national identification number (NIN) and subscriber identity module (SIM) integration exercise until June 30.This was revealed in a joint…
Petroleum Ministry, others make presentations as Buhari Presides over 43rd virtual FEC
The Ministries of Petroleum Resources, Foreign Affairs, and Humanitarian Affairs, Disaster Management, and Social Development are expected to make presentations at the 43rd virtual meeting of the Federal Executive Council (FEC).Read…
CBN to sanction DMBs, BDCs for rejecting old, smaller denomination U.S dollars
The Central Bank of Nigeria (CBN) has ordered Deposit Money Banks (DMBs) and Bureau De Change (BDC) operators to, henceforth, accept old and lower denomination U.S dollars as legal tender.The apex bank gave the order in a circular…
IGR: Lagos tops other states with N418.99bn in 2020
Lagos State topped other states of the federation, including the Federal Capital Territory (FCT), in Internally Generated Revenue (IGR) in 2020, realising a total of N418.99 billion in the year.This is indicated in the National Bureau…
States, FCT generate N1.31trn as IGR in 2020 – NBS
The 36 states and the Federal Capital Territory (FCT) generated N1.31 trillion as Internally Generated Revenue (IGR) in 2020 compared to N1.33 trillion recorded in 2019, the National Bureau of Statistics (NBS) says.NBS made this known…
Urgent action needed to address spiralling inflation – NACCIMA
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called for urgent action to address the underlying causes of the nation’s current inflationary trends.Director-General, NACCIMA, Amb. Ayoola…
FG faults Obaseki, denies printing N60bn to finance March allocation
The Federal Government has debunked a claim by Edo State Governor, Godwin Obaseki that it printed N60 billion to support March allocation to states and local government areas.Minister of Finance, Budget and National Planning, Zainab…
DMO lists N150b FG bonds for auction
The Debt Management Office (DMO), on Wednesday, announced the auctioning of three Federal Government bonds of N150 billion at N1,000 per unit.Details obtained from DMO’s website said that the three bonds were valued at N50 billion each,…
Franco-Nigeria bilateral trade drops by $2.2b dollar in 2020 – Minister
France, on Tuesday, announced that its volume of trade with Nigeria in year 2020 dropped to $2.3 billion dollars, from $4.5 billion in 2019, as a result of COVID-19.The French Minister in charge of Foreign Trade and Attractiveness, Mr…
Nigeria many decades too late to disintegrate – Awosika
The Chairman, Board of Directors of First Bank, Ibukun Awosika, says the ongoing conversation around the dissolution of Nigeria is not an option because the country “is many decades too late to disintegrate”.The businesswoman,…
World Bank to provide COVID-19 finance to 50 countries by mid 2021 – President
The World Bank will provide 50 countries with finance to buy COVID-19 vaccines by mid-2021, Mr David Malpass, World Bank Group President has said.Malpass made this known on Wednesday in Washington D. C. during a news conference at the…
95m people became extremely poor in 2020 – IMF
The International Monetary Fund said on Tuesday the world economy could recover faster than expected in 2021, revising its January projection up by 0.5 per cent points to 6 per cent.The United States and China, the world’s two biggest…