Business

Withdrawal of COVID-19 Forbearance pushes banks’ bad loans above CBN limit

Withdrawal of COVID-19 Forbearance pushes banks’ bad loans above CBN limit

By Elizabeth Adegbesan The withdrawal of the Central Bank of Nigeria’s (CBN) COVID-19 regulatory forbearance given to banks has pushed banks’ Non-Performing Loans (NPLs) ratio to 9.94 per cent in the first quarter of 2026 (Q1’26), significantly above the apex bank’s prudential benchmark of 5.0 per cent. The development was disclosed in the CBN’s first quarter […]
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Seme Customs collects N973m in October

Seme Customs collects N973m in October

The Seme Area Command of the Nigeria Customs Service has collected a total of N973,540,612.78 in the month of October 2014 which is the highest monthly revenue collected this year, even as it has stepped up anti-smuggling measures as Christmas celebrations approaches.

Access to credit and Nigeria’s economic development

Access to credit and Nigeria’s economic development

THERE is broad agreement that Nigeria with over 160 million people, an entrepreneurial spirit, natural resources, and an economic policy framework that looks increasingly market – driven has a promising future. In the last few years as Nigeria has come into the global development picture with GDP growth averaging 6-7.5 per cent a year, it has become fashionable to look at the unlocking of Africa’s biggest economy. Only in April, a rebasing of the country’s economy captured economic sectors like entertainment and fashion and pushed the country’s GDP to the fore on the continent.

ICT sector has created 12m jobs in two years — NITDA DG

ICT sector has created 12m jobs in two years — NITDA DG

The Director General of the National Information Technology Development Agency, NITDA, Peter Jack, has disclosed that that the nation’s Information and Communication Technology, ICT, sector has boosted the federal government’s effort in job creation with the creation of about 12 million jobs from 2012 to date.

BoI reduces unemployment by 793,428

BoI reduces unemployment by 793,428

The Bank of Industry says its empowerment funds have so far taken a total of 793, 428 Nigerians off the street as they have been gainfully employed across four key sectors of the economy in the last three years.