Category: Business
Naira maintained stability against the U.S. dollar at the official market on Wednesday, a day after the local currency declined against the green back. Data published on FMDQ securities exchange windows where forex is officially traded showed that the naira closed at N415.10 to a dollar on Wednesday, the same rate it exchanged on Tuesday at the […]
Titan Trust Bank Limited, which barely three years ago won the central bank’s permit to run within Nigeria, is acquiring 89.4 per cent stake in Union Bank of Nigeria Plc. “Completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfilment of certain conditions precedent,” Union Bank told Nigerian Exchange Limited (NGX) in a […]
Following the Federal Government’s plans to introduce new taxes in 2022, an economist, Dr. Muda Yusuf and other members of the organised private sector have argued for the exemption of small businesses from taxation. He said it was necessary for the government to define a threshold below which micro enterprises and low-income earners should be […]
United Bank for Africa (UBA) Plc has rewarded 63 of its customers spread across its various saving products at its ‘super savers promo draw. The 63 lucky winners comprise 12 new millionaires, 20 kiddies and teens account holders who won N200,000 each as educational grant, 10 Next Gen customers who won N15,000 every month for […]
The domestic debt owed by state governments and the Federal Capital Territory Administration rose to N4.2tn at the end of the third quarter of 2021 from N4.12tn in Q2. Lagos, Rivers, and Akwa Ibom are the three most indebted, according to the latest data from the Debt Management Office. The N4.2tn debt represents 23.04 per cent […]
Manufactured goods valued at N13.7tn were imported into Nigeria from January to September this year, data from the National Bureau of Statistics show. The country exported N757bn worth of manufactured goods in the nine-month period, accounting for 0.06 per cent of the total trade of N14.3tn. The value of trade in the manufacturing sector stood at […]
Nigeria’s economy has lost N499.32bn to the shutdown of Twitter since it came into effect on June 4, 2021. On June 4, the Federal Government announced the suspension of Twitter after the social media platform deleted a tweet by the President, Major-General Muhammadu Buhari (retd.). Telecommunication companies had on June 5 blocked access to Twitter […]
Amid a surge in demand for more cash by bank customers as the Yuletide season approaches, some Deposit Money Banks have slashed the withdrawal limits of their customers. Findings across bank branches in some key cities in the country revealed that many customers could not withdraw the total amount they needed over the counter due […]
Investors now have a chance to partner with the Government towards the development of road infrastructure as the Offer Circular for a new Sovereign Sukuk of up to N250 billion. This Sovereign Sukuk, which will be the fourth to be issued by the Debt Management Office (DMO) since its first Sukuk issuance in September 2017, is for a Tenor of ten (10) years at a Rental Income of 12.80% per annum which will be paid half-yearly. The proceeds of the Sukuk will be used to finance critical road projects across Nigeria. […]
Group Managing Director, Numero Groups of companies, Omowunmi Olalere, has admonished Nigerians planning to venture into business to study the industry they want to venture into and embrace collaboration with others to succeed. She said this during the third anniversary of the company and the unveiling of the Omowunmi Olalere Foundation. The foundation was built […]
Nigeria’s non-oil exports rose from N458.6bn recorded between January and September 2017 to N1.4tn within the same period of 2021, according to an analysis of data from the National Bureau of Statistics. This means that within the five-year period, non-oil exports rose by N942bn or 205 per cent. A breakdown of non-oil exports within the […]
The Federal Government has outlined nine completed and ongoing hydropower projects being prepared to add 2,672 megawatts of electricity to the national grid. It outlined the projects in its latest document containing the status of the country’s hydropower sector, which was obtained from the Federal Ministry of Water Resources in Abuja by our correspondent on […]
Bank customers enjoyed a 43 per cent increase in consumer loans in two years, as banks and fintechs intensified competition for the lucrative retail lending space through digital lending services. Financial Vanguard findings from the Central Bank of Nigeria (CBN) data show that consumer loans rose to N1.84 trillion in the first half of 2021 […]
Nigeria imported raw materials worth N1.51 trillion in the first six months of 2021 (H1 2021), Vanguard findings have shown. A breakdown in the Foreign Trade Statistics of the National Bureau of Statistics (NBS) revealed that importation of raw materials into the country in the first quarter of the year (Q1 2021) gulped N669.2 billion […]
The Central Bank of Nigeria (CBN) has withdrawn over $485.4 million from Nigeria’s external reserves since the start of December. The money was withdrawn between December1st and December 17th according to CBN data obtained from its website. The withdrawals as Nigeria reserves dropped down to $40.66billion after hitting a height of almost N42 billion on October 29. […]
