Tinubu’s Economic and Financial Reforms: Gains, Pains, and Missed Targets
CBN also implemented wide ranging foreign exchange reforms, chiefly the elimination of multiple exchange rates to curb arbitrage, enhance transparency and boost investors’ confidence.
Nigeria risks 3rd recession in 7yrs, NACCIMA warns FG
•Says declining trend in growth rate worrisome By Yinka Kolawole The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Federal Government to urgently implement policies to prevent Nigeria falling into a third recession by the end of 2022, noting that the declining trend in the nation’s economic growth […]
IMF warns Nigeria, others of hunger-induced unrests
By Emma Ujah, Abuja Bureau Chief The International Monetary Fund (IMF) has warned Nigeria and other Sub Saharan countries against hunger-related social unrests as a direct consequence of Russia’s invasion of Ukraine, which combined with inflation, rising debt poses a major threat to economic growth in the region. The International Monetary Fund (IMF) has warned […]
Zenith Bank records 22% growth in Q1 2022
Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2022, with a growth of 22% in Gross Earnings from N157.3 billion reported in Q1 2021 to N191.5 billion in Q1 2022. A statement from the bank noted that from the unaudited statement of account presented to the Nigerian Exchange […]
FCMB records 42% rise in Q1’22 gross profit
The FCMB Group Plc has recorded a 42 percent increase in profit before tax, PBT, to N6 billion in the first quarter of 2022, Q1’22, from the N4.2 billion recorded in the same period in 2021. Profit after tax was up by 45% to N5.2 billion from N3.6 billion in 2021 as impressive growth across […]
UBA’s profitability rises 9.6% to N44.5bn
By Babajide Komolafe United Bank for Africa (UBA) Plc has recorded N44.5 billion profit before tax, PBT, for the first quarter ending March 31st 2022, Q1’22, representing a 9.6 per cent increase from N40.6 billion in the corresponding period of 2021, Q1’21. The increased profitability was driven by 18.3% growth in gross earnings to N183.9 […]
Energy crisis: Power generation rises by 12.59% to 4,354 MW
•NIPP tower collapses in Calabar •Siemens equipment arrive in September By Ediri Ejoh THE country’s power generation, Wednesday, rose by 12.59 percent to 4,354 megawatts, MW, against 3,868mw recorded on Tuesday, according to data obtained from the Independent System Operator (ISO) portal, a semi-autonomous unit at the Transmission Company of Nigeria (TCN). However, this increase […]
GTCO posts N54.3bn profits in Q1’22
By Nkiruka Nnorom Guaranty Trust Holding Company (GTCO) Plc has reported N54.3 billion in Profit Before tax (PBT) for the first quarter (Q1) ended March 31, 2022, representing 1.1 per cent increase compared to N53.7 billion posted in the corresponding period of 2021. The Group’s unaudited financial statement for the period simultaneously released to the […]
Credit to govt rises 22.5% to N16.3trn in Q1’22
•Currency in circulation declines 2.4% By Elizabeth Adegbesan In apparent reflection of increased borrowing activities of the federal and state governments, credit to the government rose by N3 trillion or 22.5 per cent, quarter-on-quarter (QoQ) to N16.3 trillion in Q1’22 from N13.3 trillion in the fourth quarter of 2021, Q4’21. The Central Bank of Nigeria […]
Nigeria seals $300m FDI deal with UK
By Emmanuel Elebeke About $300 million Foreign Direct Investment inflow is expected into Nigeria from the United Kingdom. When conclude, the deal which is coming as a support for small and medium sized enterprises in Nigeria, is expected to generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs. […]
Petrol: Nigeria’s daily consumption rises to 74m litres
*Lagos, Abuja, 35 other states get 1.03bn litres in 14 days *Petrol price rise 7.3% By Prince Okafor Nigeria daily consumption of Premium Motor Spirit, PMS, also known as petrol, has risen from 72.07 million litres a day in December 2021 to 74 million litres per day as at the week ended April 3, 2022. […]
MTN Nigeria raises N127bn via commercial paper
By Nkiruka Nnorom MTN Nigeria Communication Plc has raised N127 billion through commercial papers (CP). The N127 billion was raised through the issuance of series 1 &11 notes under the company’s N150 billion commercial papers (CP) programme. The issuance consisted of two tenors – a 184-day series issuance priced at a 7.50 per cent yield […]
FG’s deficit spending rises 23% to N7.3 trn
By Elizabeth Adegbesan Deficit spending by the Federal Government (FG) rose by 23.7 per cent, YoY, to N7.3 trillion in 2021 from N5.9 trillion recorded in 2020. The Central Bank of Nigeria, CBN, disclosed this in its fourth quarter 2021 (Q4’21) Statistical Bulletin report. The 23 per cent rise in FG’s deficit spending was caused […]
STOCK MARKET: Investors’ dividend earnings up 47.1% to N1.1trn
lAs RoI outperforms GDP growth, inflation lReturns not reflecting on share price-Shareholders lDangote Cement takes lead with N340.8bn By Peter Egwuatu Stock market investors are set to enjoy a 47.1 per cent YoY increase in dividend earnings to N1.1 trillion for the financial year ended 2021, up from N732.9 billion the preceding year 2020. The […]
Anchor Insurance gets nod to sell passengers’ flight welfare scheme
By Rosemary Iwunze The National Insurance Commission (NAICOM) has approved Local Passengers’ Flight Welfare Scheme for Anchor Insurance Company Limited. This follows the firm’s determination to expand its retail market which aims to subsequently increase premium earnings and deepen penetration.Managing Director of the company, Mr. Ebose Augustine, said that the scheme will run henceforth with […]
Net foreign exchange inflow falls 27% to $52.46bn
•CBN’s FX sale in I&E rises 76.9% to $4.6bn By Elizabeth Adegbesan Net foreign exchange (forex) inflow into the economy fell by 27 per cent, Year-onYear, to $52.46 billion in 2021 from $70.66 billion in 2020. Vanguard analysis of the fourth quarter 2021 (Q4’21) statistical bulletin of the Central Bank of Nigeria, CBN, showed that […]
