Nigeria will need 15 years to transform economy – World Bank VP
The World Bank says that Nigeria must sustain its current economic reforms over the next 10 to 15 years to position itself as a leading global economic power, not only in sub-Saharan Africa but worldwide.
Nigerians spend N9.5trn monthly on living expenses
By Biodun Busari The National Bureau of Statistics (NBS) said Nigerians have spent a whopping N9.51 trillion on household expenses monthly. According to the Bureau, Nigerians continue to face high costs of goods and services which has led to a household expenditure of N57.1 trillion in the first six months of the year. It was […]
Nigeria’s inflation rate hits 21.09% as food prices rise
By Biodun Busari Nigeria’s inflation rate has jumped from 20.77% in September 2022 to 21.09% in October 2022 as the country battles with soaring food prices. The National Bureau of Statistics (NBS) revealed this on Tuesday in its Consumer Price Index (CPI) report for October, noting that food inflation was 23.72% in October 2022, from […]
Over $600m stolen from FTX as Crypto market loses $201bn
By Biodun Busari The market capitalisation of all cryptocurrencies plummeted to $841 billion which was a fall of $201 billion in just seven days. This was caused by the disappearance of more than $600 million in cryptocurrency from the wallets of the defunct cryptocurrency corporation FTX, with no apparent cause stated. According to reports, FTX […]
Naira redesign: What you need to know, do
By Biodun Busari President Muhammadu Buhari has said his administration will not go back on the plan of the Central Bank of Nigeria (CBN) to redesign the nation’s highest currency notes of N1,000, N500, and N200. Buhari said this on Wednesday evening in London, UK, shortly after meeting with King Charles III at Buckingham palace. […]
Economy: No more gifts for aso-ebi patronisers at owambe
Economy: No more gifts for aso-ebi patronisers at owambe
How CBN new Naira notes’ll curb money laundering, vote buying
The proposed new currency notes by the Central Bank of Nigeria will help put a stop to money laundering, vote buying, ransom taking and counterfeiting, a coalition of political parties and Ethnic Youth Leaders have assured Nigerians. Conveners of the groups made this assurance at a press conference in Abuja on Friday. The organisations dismissed […]
OPEC+ panel considers cutting oil production by 2m barrels per day
By Biodun Busari A panel of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) ministers has suggested a reduction to the cartel’s output limits of 2 million barrels per day. This cut recommendation was crucial as they seek to stop as a slide in oil prices triggered by the weakening global economy. […]
Women explore options as price of cooking gas hits the roof
Women explore options as price of cooking gas hits the roof
Nigeria’s public debts rise to N45.25tr
By Biodun Busari Nigeria’s debts have risen by about N4 trillion in the past five months to accumulate to N45.25 trillion according to official documents. The documents revealed that the federal government raised about N3.34 trillion through its regular issuance of domestic debt instruments between April and August. Read also: Mounting debts: Consequence of undue […]
FG moves to resuscitate ailing auto firms, others
By Emma Ujah, Abuja Bureau Chief The Federal Government has set up four Technical Working Groups (TWGs) to review and implement a strategic roadmap for the resuscitation of ailing enterprises in the country. The TWGs were constituted for four sectors: Automobile, Housing (Bricks and Clay), Mines and Steel, as well as, Oil Palm, according to a […]
Why Foreign Capitation importation decline will persist – Comercio Partners
The ongoing tight monetary policy of major central banks around the world, as well as domestic factors including scarcity of foreign exchange, widespread insecurity, and pre-election jitters, will lead to further decline in Foreign Capital Importation, FCI, into the country, said Comercio Partners, a Lagos based investment banking firm. Tosin Osunkoya, Co-Managing Partner and Chief Executive […]
Nigerians drink beer worth N599.11 billion in 6 months
Nigerians drink beer worth N599.11 billion in six months running from January t0 June 2022, according to the first quarter results of four major brewers in the country. Champion Brew ended the First Half (H1) 2022 as the best performing company in the brewery Industry, as Nigerian Breweries and Guinness Nigeria lost market share to […]
Naira extends gains by 0.08% at Investors, Exporters window
he Naira on Friday appreciated against the dollar at the Investors and Exporters window, exchanging at N430.33. The figure represented an increase of 0.08 per cent, compared with N430.67 it exchanged for the dollar on Thursday. The open indicative rate closed at N429.50 to the dollar on Friday. An exchange rate of N444 to the […]
Insurance industry pays N11bn EndSARS claims, grows GPW by 10%
By Rosemary Iwunze The Nigerian insurance industry recorded 10.24 per cent growth in Gross Premium Written, GPW, rising to N560 billion in 2021 from N508 billion recorded in 2020. This is even as the sector paid N11.1 billion claims to insured that suffered various losses during the EndSARS protests. Chairman, Nigeria Insurers Association, NIA, Mr. […]
Nigeria’s revenue up 3.28% to N1.26trn in July
*Crosses N1trn in 2nd consecutive month By Yinka Kolawole The revenue inflow to the federation account from the oil and non-oil sector increased by 3.28 percent to N1.26 trillion in July 2022 from the N1.22 trillion recorded in June. According to the details in the revenue report of the office of the Accountant General of […]
