Category: Business

Bua Foods posted a profit jump of 6.68 per cent for the nine months to September, according to its unaudited financials, an improvement hinged on earnings growth. Turnover stood at N79.7 billion, 6.8 per cent higher than the figure for the corresponding period of 2020. The food processing company runs five units – sugar, edible […]

• Money supply growth ahead of GDP by 10.8 percentage points Currency outside banks (COB) reached an all-time high ((ATH) of N2.95 trillion in December, money and credit data released by the Central Bank of Nigeria (CBN) has revealed. Last year, the size of COB rose by 18 per cent, from N2.5 trillion recorded in December […]

The Federal Government yesterday, in Abuja, said about N174 billion was raised from the 2020 Marginal Field Bid Round (MFBR) as about 33 awardees are set to lose out after failing to make payment. Speaking at an engagement meeting with the 2020 MFBR awardees, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), […]

The Nigerian National Petroleum Corporation Group has urged Nigerians to disregard rumours of petrol shortages and not engage in panic buying, stating that it has enough in stock. This was disclosed in an online statement by the NNPC on Wednesday evening. This also comes as the Federal Government has agreed to an extension of the […]

The Federal Government’s decision to extend the implementation of the fuel subsidy removal policy has affected the cost of ensuring Nigeria’s dollar bonds, as Nigeria’s Credit Default swaps rose to their highest since October 2020. This was disclosed in a report by Bloomberg on Wednesday evening, as Nigeria’s Five Year Credit default swaps have risen 100 basis […]

The National Assembly has said that the judiciary will now present its budget directly to NASS under a new bill to enforce the separation of powers among the three arms of government. This was made known by the Chairman, House of Representatives Committee on Judiciary, Hon Luke Onofiok who represented the Speaker of the House, […]

Rising governance cost, economic recessions necessitating higher government spending may have combined with other factors to raise Federal Government spending by 183 per cent in seven years, it has been learnt. The Federal Government increased projected expenditure in its annual budget by about 185 per cent between 2016 and 2022, according to reports analysed by […]

The Central Bank of Nigeria has stated that transportation cost is the major cause of the surge in food inflation in Nigeria. This was disclosed by the Governor of the CBN, Godwin Emefiele, while speaking at the first monetary policy committee meeting of the year. The apex bank’s chief identified a wide disparity between the […]

The Federal Government has revealed that working with cooperatives enables the FG to implement its social investment and intervention programmes and ensure that a large number of people have access to the programmes. This was disclosed by the Vice President, Yemi Osinbajo in a statement released by the Statehouse on Tuesday after a meeting with the President […]

President of Dangote Group, Aliko Dangote, has charged African leaders and citizens to be united in the promotion of the continent’s intrinsic greatness through improved trade relations amongst African countries. Speaking at the formal launch of the Pan-African Payment & Settlement System (PAPSS), which is a centralised payment and settlement infrastructure platform for intra-African trade […]

The Board of Directors of the African Development Bank has approved a loan of $170 million to finance a digital and creative enterprises program in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is a Federal Government of Nigeria initiative promoting investment in digital and creative industries. It is part of Nigeria’s efforts […]

It is a real pleasure to join you today to celebrate five (5) years of PEBEC, an initiative which the President established in 2016, to solve a malignant problem – the problem of a business and trading environment that many agreed was hostile and difficult both for local and foreign investors alike. So, the long […]

The World Bank and the African Development Bank approved a total sum of $2.83bn to Nigeria in 2021, It has been learnt. However, the financing is not limited to the Nigerian government, as it also covers Nigerian agencies and firms. This was according to statements by the international banks announcing the financing approvals. The statements […]

The Nigeria Sovereign Investment Authority (NSIA) has said that it is collaborating with the Rural Electrification Agency (REA) to invest an initial sum of N10 billion to provide over 200,000 solar power for homes under the ‘Solar Power Naija’ programme. The Solar Power Naija programme, which is part of the current administration’s Economic Sustainability Plan […]

The Federal Government says it has introduced digital tokens to replace the National Identity Number (NIN) slip. The Minister of Communications and Digital Economy, Isa Pantami, said this at a workshop on the NIN Tokenization Solution organised by the National Identity Management Commission (NIMC) in Abuja. He said the government adopted the solution to ensure the privacy […]