•Surprised at scale of investment President Muhammadu Buhari yesterday commissioned the new 3 million Metric Tonnes capacity per annum state-of-the-art Dangote Fertiliser Urea Plant, with an emphatic assurance that the project would give a huge fillip to Nigeria’s agricultural sector, which revitalisation has been a focal point of his administration’s economic policy.   The new plant, which […]

 •As currency in circulation falls By Elizabeth Adegbesan   Banks’ credit to the private sector rose Month-On-Month, MoM, by 4.23 per cent to N36.9 trillion last month from N35.4 trillion in January 2022. However, currency in circulation fell MoM by 0.27 per cent to N3.29 trillion from N3.25 trillion in January 2022. Data from the Central Bank […]

•Cut deposit rates to increase profitability By Babajide Komolafe There are indications that banks are widening their interest rate margin apparently to cushion the impact of rising inflation on their operating cost and profitability. This involves raising lending rates and reducing deposit rates. As a result bank customers now pay higher interest rates on loans […]

By Godfrey Bivbere & Esther Onyegbula The Comptroller General of Customs Strike Force, Team A, yesterday, said it has impounded India Hemp, Donkey Skin, Timber and other items worth N373.6 million. This comes as the team said it collected revenue amounting to N648.3 million from Demand Notice, DN, issued in the last four weeks. The […]

·As earnings rise 17%, crossing N10trn mark ·Profit rises 37% to N2.6trn ·CBN gets credit for the positive results ·2022 looks bright except if – Analysts  By Peter Egwuatu Leading companies in Nigeria have recorded impressive financial performance ahead of the recently posted positive numbers in the nation’s Gross Domestic Product, GDP, as well as relatively stable […]

By Emma Ujah, Abuja Nigeria, yesterday, raised a $1, 25 billion Eurobond in the International Capital Market. A statement by the Debt Management, last night indicated that the Eurobond had a seven-year tenor and singled out Nigeria as the first African nation to access funds from the International Capital Market, in 2022. The statement read: […]

By Emma Ujah, Abuja Nigeria’s total public debt rose by 20.2 percent to N39.56 trillion ($95.77 billion) as at December 31, 2021, up from N32.92 trillion ($86.392 billion) in 2020, the Director-General (D-G) of the Debt Management Office (DMO), Ms. Patience Oniha, has stated. Oniha disclosed this at a media interactive session in Abuja, yesterday, […]

By Levinus Nwabughiogu The Director-General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh, revealed yesterday that the $195 million Deep Blue contract attracted a management fee of 10 percent, which is $19.5 million. Jamoh was responding to questions on the actual cost of the project awarded to HLS International Company, raised by the […]

By Emma Ujah, Abuja Global food prices are poised to keep climbing even after jumping to a record high in February, 2022, the International Monetary Fund (IMF) has said. The world body, in a blog, yesterday, warned that poor nations of the world would be hit hardest by the impending food crisis, occasioned by the […]

By Elizabeth Adegbesan Nigeria’s spending on importing used vehicles rose by 12.6 per cent to N617.48 billion in 2021from N548 billion in 2020 on the back of reduction in import duty on used vehicles. Vanguard’s findings from the National Bureau of Statistics (NBS) Foreign Trade data in Goods Statistics report showed that the import bill […]