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.
Champion Breweries shareholders commend performance as profit soars 313.9 %
By Peter Egwuatu Shareholders of Champion Breweries Plc , have applauded the Company’s financial performance for the year ended March 31, 2021, as it recorded growth of 313.9 per cent in its Profit Before Tax, PBT to N1.73 billion from N418 billion in the corresponding period of 2020. The Company also recorded positive growth in […]
Naira loses, exchanges at N420.50 to dollar
The Naira on Wednesday depreciated at the Investors and Exporters window, exchanging at N420.50 to the dollar, a 0.05 depreciation against N420.27 traded on Tuesday. The open indicative rate closed at N419.46 to the dollar on Wednesday. An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before […]
Agric policies failing as agro-imports exceed exports by 120% in Q1’22
•Wheat, palm oil dominate imports By Elizabeth Adegbesan Despite the various public policies and investment supports to the agricultural sector over the years, there are indications that the sector is still much non-performing. A report by the National Bureau of Statistics, NBS, has indicated that agricultural imports stood at N443.36 billion in the first quarter […]
Investment in FGN Savings Bonds rise 53% to N7.5trn
By Babajide Komolafe Investment in the FGN Savings Bonds rose by 53 per cent, year-on-year, YoY, to N7.5 trillion in the first half of the year (H1’22), from N4.9 trillion in the corresponding period of last year (H1’21). Financial Vanguard analysis showed that the sharp increase in investors’ patronage for FSB in H1 ‘2022 is […]
FirstBank: More recognitions, awards for outstanding contributions
By Babajide Komolafe, Economy Editor After operating for over 128 years with awards and recognitions to show for its commitments and accomplishments in banking, corporate philanthropy, socio-economic development, support to businesses and commercial activities, FirstBank is showing no signs of stopping or slowing down. In the first five months of this year, First Bank of […]
FG borrowing from bonds market declines 73.6% to N600bn
lAs equities skyrocket 1,901% to N1.1trn lHigher interest rates to return – Analysts By Peter Egwuatu The Nigerian financial market has recorded a major shift as the Federal Government and companies pull back from bonds segment of the market while equities market record a major rebound. The value of government securities listed on the Nigerian […]
How DBN provides MSMEs international financing platform — Okpanachi
In its operations since 2017, the Development Bank of Nigeria (DBN) has provided the Micro, Small and Medium Enterprises (MSMEs) sub-sector stable long-term financing window. The Managing Director, Mr. Tony Okpanachi, told senior business journalists in Abuja, at an interactive session, that his organization has channeled over N482 billion to operators in the sub-sector with […]
Forget FDIs if you don’t fix insecurity, Egyptian President tells African leaders
By Emma Ujah The President of Arab Republic of Egypt, Mr. Abdel-Fattah El-Sisi, has told leaders of African countries bugged down by insecurity and political instability to forget Foreign Direct Investments, FDIs. Addressing the on-going 2022 Annual Meetings of the African Export-Import Bank (Afreximbank), in Cairo, Egypt, yesterday, El-Sisi said no investor would invest in […]
Oil theft bleeding Nigerian economy — Akpatason
By Victor Ahiuma-Young THE Deputy Majority leader, House of Representatives, Peter Akpatason, has called on the Federal Government to bring full weight of the law and security agencies on oil theft and pipeline vandals, warning that their activities are seriously bleeding the nation’s economy. Akpatason, who is a former President of Nigeria Union of Petroleum […]
CBN, NPA, Customs team up to tackle constraints in non-oil exports
By Babajide Komolafe The Bankers Committee, led by the Central Bank of Nigeria, CBN, the Nigeria Port Authority, NPA, and the Nigeria Customs Service, NCS, have resolved to form a working group to identify and implement measures to address constraints to non-oil exports. This was one of the highlights of the maiden edition of the […]
