In the midst of protests, the House of Representatives has given its approval to amend the Central Bank of Nigeria Act, increasing the ceiling of Ways and Means Advances from 5 to 15 percent. This decision came during an emergency … Continue reading House of representatives raises limit on CBN loans amid protests
Head of the International Monetary Fund (IMF), Kristalina Georgieva, strongly criticized the United States for prolonging the debt dispute until the last minute, warning that it jeopardizes the stability of the global financial system. Georgieva expressed frustration with the ongoing … Continue reading IMF chief urges United States to resolve debt dispute without delay
Economists are calling on the Central Bank of Nigeria (CBN) to shift its focus towards addressing supply-side factors, cost-push influences, and structural issues that are driving inflation in the country. Despite multiple interest rate hikes, inflation continues to rise. On … Continue reading Economists criticize interest rate hike as inflation persists
As the incoming administration approaches, the Nigerian currency continues its decline against the US dollar. On Friday, at the Investors and Exporters window, the naira was traded at N464.51 to the dollar, representing a 0.18% increase compared to the N463.67 … Continue reading Naira continues downward slide against Dollar ahead of new administration
The International Monetary Fund (IMF) has advised the incoming government of President-elect Sen. Bola Tinubu to prioritize increasing Nigeria’s revenue base and reduce dependence on debt to fund expenditures. During a virtual forum on the Nigerian debt situation, the Resident … Continue reading IMF urges incoming government to boost revenue and reduce dependency on debt
Nigerian shipowners are facing a significant challenge when it comes to ship repairs, as they continue to spend between $15 million and $20 million annually on repairing their ships abroad. This is despite the Nigerian Maritime Administration and Safety Agency … Continue reading Shipowners reveal annual expenditure of $20m on vessel repairs
The Central Bank of Nigeria has extended its eNaira sensitization campaign to women during the Law Ladies Day program at the University of Lagos. The initiative aimed to encourage the adoption of eNaira, the country’s central bank digital currency, among … Continue reading CBN empowers women with eNaira training at law ladies day
The Central Bank of Nigeria has raised its benchmark interest rate (MPR) to 18.5% during its recent Monetary Policy Committee (MPC) meeting. This marks the highest interest rate in the country in 22 years. The decision was announced by the … Continue reading Nigeria’s central bank raises benchmark interest rate to 18.5% – Highest in 22 years
Nigeria’s gross domestic product (GDP) experienced a year-on-year growth rate of 2.31% in the first quarter (Q1) of 2023, indicating a decline from the 3.11% recorded in the same period of 2022. The latest GDP report by the National Bureau … Continue reading Nigeria’s GDP growth slows to 2.31% in Q1 2023 amid cash crunch
During the annual general meeting of the African Development Bank (AfDB) held in Sharm el Sheikh, Egypt, African leaders expressed concern over the global financing architecture that is pushing several African countries into a debt trap amidst challenging socioeconomic conditions. … Continue reading African leaders call for review of global financing architecture to address debt crisis and global challenges
Yesterday, President Muhammadu Buhari officially commissioned the highly anticipated Dangote Refinery, marking a significant milestone for Nigeria’s energy sector and import-export relations. With a staggering investment of $18.5 billion, the refinery is set to revolutionize the country’s economy and reshape … Continue reading Dangote refinery set to launch debut products in August
The Nigerian Federal Government has announced that effective from June 1, 2023, unlicensed dealers of petroleum products will no longer be allowed to load products. The government emphasized that obtaining a license is mandatory for anyone involved in the petroleum … Continue reading Federal government to shut down unlicensed petroleum product dealers starting June 1, 2023
During the official launching of the Dangote Oil Refinery in Lagos State, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, expressed optimism that the refinery would have significant economic benefits for Nigeria. Emefiele stated that the refinery … Continue reading Dangote oil refinery to generate electricity and create over 135,000 jobs
The Debt Management Office (DMO) has denied the claim made by the non-governmental organization Socio-Economic Rights and Accountability (SERAP) that Nigeria has defaulted on its Chinese loans. SERAP had applauded a court judgment that ordered the current administration, led by … Continue reading Debt management office refutes claims of Nigerian loan default as NGO aeeks accountability for Chinese loans
The Dangote Refinery, the world’s largest single-train refinery, is set to commence operations today, processing crude oil grades from Africa, Asia, and America. The refinery, with a capacity of 650,000 barrels per day, is expected to produce a surplus of … Continue reading Dangote refinery: Africa’s largest oil processing facility commences operations, revolutionizing Nigeria’s fuel supply
President Muhammadu Buhari is scheduled to inaugurate the Dangote Refinery and Petrochemicals, the world’s largest single-train refinery, situated in Ibeju-Lekki, Lagos. This landmark event is expected to transform Nigeria’s oil and gas sector significantly. Joining President Buhari are five other … Continue reading Dangote refinery: Buhari sets to inaugurate Nigeria’s game changing mega project in oil and gas sector
According to a report titled “Nigeria’s eNaira, One Year After” published on the International Monetary Fund’s website, it has been revealed that 98.5% of eNaira wallets have remained unused one year after the launch of Nigeria’s central bank digital currency. … Continue reading Usage of Nigeria’s eNaira wallets lags with 98.5% remaining unused, says IMF report
Sovereign Trust Insurance Plc has announced a significant increase in its gross premium written during the 2022 financial period. The company reported a growth rate of 20%, equivalent to N15.2 billion, compared to N12.7 billion in 2021. The audited financials … Continue reading Sovereign Trust Insurance Plc reports 20% growth in gross premium written in 2022
The Central Bank of Nigeria (CBN) has granted approval to four domestic companies to print cheques within the country, as indicated in a recent circular. The circular, signed by Sam Okojere, Director of the Banking Services Department, revealed the accredited … Continue reading CBN approves four local firms as cheque printers in Nigeria, excludes major players
A group of twenty Nigerian farmers hailing from different states of the country is currently participating in a comprehensive three-week training program at Thailand’s Maejo University. The farmers, who arrived in Thailand last week to commence their training, will be … Continue reading Nigerian farmers gain agricultural expertise in Thailand to foster self sufficiency and empowerment
The Federal Government has expressed dissatisfaction with the underperformance of the solid minerals sector in contributing to Nigeria’s Gross Domestic Product (GDP) and revenue generation. ‘ According to data from the Nigeria Extractive Industries Transparency Initiative (NEITI), the sector’s revenue … Continue reading Federal government calls for enhanced contribution of solid minerals sector to Nigeria’s economy
According to Mr. Ikechi Uko, the coordinator of the Aviacargo Roadmap Committee, Nigeria, despite being one of the largest producers of agricultural products, loses approximately $1 billion each year due to the non-certification of agricultural produce for export. Speaking at … Continue reading Nigeria suffers $1bn annual loss due to non certification of agricultural exports – Experts
The Federation Account Allocation Committee (FAAC) has announced the sharing of N655.93 billion among the federal, state, and local governments for the month of April 2023. This figure represents a decrease of N58.69 billion compared to the previous month’s allocation … Continue reading Federation account allocation committee (FAAC) distributes N655.93 billion among government tiers in April 2023
According to a macroeconomic snapshot released by KPMG, urgent actions need to be explored to significantly raise revenue in Nigeria to prevent the risk of sliding into critical debt servicing problems. The professional services firm expressed concerns regarding the recent … Continue reading Nigeria’s urgent need for revenue boost to avert debt servicing crisis, warns KPMG
A sharp decline in foreign appetite for the Nigerian capital market has been attributed to various factors such as market uncertainty, political risk, and foreign exchange illiquidity. Over the past eight years, total foreign transactions executed on the equities market … Continue reading Nigerian capital market faces unprecedented decline in foreign investor appetite amidst market uncertainty and forex challenges
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