Category: Business
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has blamed rising energy prices for the hike in inflation rate experienced within the country in February 2022. In a communique released after the MPC meeting on Monday, the central bank body expressed concerns towards the rising inflation which has increased cost of […]
The Federal government has kicked off its plans to increase Nigeria’s debt stock to N46.63tn trillion by end of 2022. Over the weekend, the Debt Management Office (DMO) announced that Nigeria has incurred an additional N950 billion from the domestic debt market in the first three months of 2022. Patience Oniha, the Director-General of the […]
The federal government has urged Nigerians to defend their rights as consumers and stand against exploitation by firms and service providers. The Minister of Industry, Trade and Investment, Adeniyi Adebayo, said this Thursday at an event to mark World Consumer Rights Day in Abuja. Mr Adebayo said consumer protection policies, laws and regulations provide businesses a framework within which […]
President Muhammadu Buhari on Tuesday conducted the tape-cutting ceremony marking the commissioning of Dangote Fertiliser Plant with a nameplate capacity of 3 million metric tonnes per annum in Ibeju Lekki, Lagos. The president inaugurated the $2.5 billion project in the presence of dignitaries including Aliko Dangote, president of Dangote Industries Limited, Lagos State Governor Babajide […]
Airline operators have hinted that another spike may await domestic airfares in the face of current realities in the fuel supply chain. The carriers, under the aegis of Airline Operators of Nigeria (AON), said they might be constrained to sell at N120, 000 per one-way economy class with the aviation fuel selling at N500/litre and […]
The Federal Government is planning to tap €2bn ($2.2bn) by this month or next of the money it raised in a Eurobond sale last year and targets more local borrowing in 2022 to help fund subsidy on Premium Motor Spirit, popularly called petrol, the Minister of Finance, Budget and National Planning, Ahmed Zainab, has said. […]
Nigeria has raised $1.25 billion through the issuance of a seven-year Eurobonds. The director-general of the Debt Management Office (DMO), Patience Oniha, made this known in a statement on Thursday. Mrs Oniha said that with this feat, Nigeria has become the first African country to access the international capital market in 2022. According to her, the […]
In June 2020, the Committee on Development Effectiveness of the Board of Executive Directors the Bank Group asked the Independent Evaluation Group (IEG) to evaluate the DB indicators, including the Ease of Doing Business country rankings, to “assess the way that DB aligns with the Bank Group’s mandate and a viable development framework for client […]
The Nigerian Government has announced that it plans to attract 1.3 million Chinese tourists annually to Nigeria through the signing of two MoUs. This was disclosed in a statement by the Ministry of Information and Culture after the minister, Alhaji Lai Mohammed, received the Chinese Ambassador to Nigeria, Mr. Chui Jian Chun, who was on a courtesy […]
The increase in overall price levels of items, according to the Centre for Promotion of Private Enterprise (CPPE), is at odds with inflation figures issued by the National Bureau of Statistics (NBS). Dr Muda Yusuf, the founder of the Centre for Promotion of Private Enterprise (CPPE), said this on Wednesday in Lagos in response to […]
The Minister of Finance, Budget and National Planning Zainab Ahmed, said on Tuesday the Federal Government would use $2.2 billion out of the cash raised through Eurobond to fund the fuel subsidy. The federal government budgeted about N3 trillion for fuel subsidy payments this year. It raised $4 billion through the Eurobond in September last year to […]
Deposit money banks (DMBs) and processing companies in the financial industry have been given the go-ahead to establish deposit and withdrawal centres outside the banking hall across the country. The deposit and withdrawal centres will operate as a neutral firm irrespective of the bank that established them, which means they will cater to non-account holders […]
The Federal Competition and Consumer Protection Commission (FCCPC) has served wide ranging orders on Google LLC (Play Store) and Apple Inc. (App Store) to enforce withdrawal of certain money lending applications from their stores. This was disclosed by the agency in a statement issued by Babatunde Irukera, it’s Executive Vice Chairman/Chief Executive Officer and seen by Nairametrics. […]
The Federal Government has announced that the total number of Nigerians evacuated from Ukraine now stands at 1,531, as the FG ramps up efforts to evacuate more Nigerians. This was disclosed by the Nigerians in Diaspora Commission (NIDCOM) in a statement on Tuesday morning. The Diaspora Commission brought back students from Romania via a Turkish […]
Former Senate President, Bukola Saraki has challenged the Federal Government’s plans to spend on Petrol subsidy based on 70 million litres a day consumption, stating that Nigeria’s fuel consumption cannot be more than 35 million litres a day, and hinted that Nigeria could be subsidizing fuel for neighboring West African states. The former Senate President disclosed this […]
