Category: Business
The United Nation has warned that Nigeria and other African countries face severe debt crisis in the wake of the coronavirus crises. According to UN, the piling debts threaten to tip African countries into a rising wave of hunger, poverty, social unrest, conflict and economic stagnation. A statement issued by the UN Department of Global […]
Nigeria’s currency on Wednesday appreciated by 0.08 percent stronger than the dollar at the Investors and Exporters (I&E) forex window, despite low liquidity. This is the third consecutive day Naira has appreciated against the dollar, although very marginal. The naira/dollar exchange rate closed at N408.67k on Wednesday as against N409k it closed on Tuesday at the […]
The World Bank has upgraded its outlook on Sub-Saharan Africa GDP growth in 2021 from -5.1 per cent to 3.4 per cent growth after a two per cent contraction last year. Although, the outlook is still largely exposed to uncertainty and risks of a decline, and will be determine on the policies adopted by countries […]
Fidelity Bank Plc has posted strong full year results for the financial year ended December 31, 2020, in a clear demonstration of resilience and stability. In the results announced Wednesday March 31, 2021 on the Nigerian Stock Exchange (NSE), the Nigerian lender capped a remarkable year, showing strong growth in Core Operating Profits, Net Revenue […]
Starting from tomorrow, Thursday 1, April the old cheque book will no longer be accepted at the clearing house in line with the Central Bank Nigeria (CBN)’s circular, last year, to Deposit Money Banks(DMBs) in the country. CBN had in January extended the full implementation of the newly revised cheque book. Sam Okojere, Director, Banking […]
The FG has launched an initiative that will enable Nigerians to get passports in a maximum of 72 hours of a successful application. The Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available […]
The naira depreciated marginally at the parallel market, as it closed at N486/$1. Tuesday, 30th March 2021, the naira depreciated marginally at the parallel market, closing at N486/$1, this represents a N1 drop when compared to the N485/$1 that was recorded on the previous trading day. However, the exchange rate between the naira and the US […]
The cement company revenue increased by 19.33% year-on-year. BUA Cement Plc, one of the leading Cement manufacturers in Africa declared in its audited financial statement, an 18.5% year-on-year growth in profit to N71.52 billion for the financial year of 2020, compared to last year’s figure of N60.34 billion. The double-digit growth in profit was a […]
Transmission Company of Nigeria set to procure power transformers to boost power supply. The Ministry of Power has presented a memo from the Transmission Company of Nigeria (TCN) for the procurement of power transformers to the Federal Executive Council on Wednesday. This was disclosed by the Minister of Power, Salem Mamman via his Twitter handle […]
The Department of Petroleum Resources (DPR) said on Monday market forces would be allowed to determine the gas price in order to guarantee the supply and demand of the commodity. The DPR Chief Executive, Sarki Auwalu, disclosed this while presenting a keynote address at the pre-summit conference on “Decade of gas,” held in Abuja. Auwalu […]
The National Bureau of Statistics (NBS) said on Monday Nigeria’s total public debt portfolio stood at N32.92 trillion as of December 31, last year. NBS disclosed this in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020, published on its website. The agency added that the debt profile was for the states and Federal […]
Bitcoin value rose above $58,000 earlier today. This is the highest value of the cryptocurrency in one week, following profit-taking among investors in the crypto market last week. The rise in cryptocurrency had occurred same day payment giant, Visa, announced it would start accepting cryptocurrency as payment for transactions. The most popular crypto rose by 4.26 percent […]
The sector grew by 15.29% in 2020 in real terms despite the general decline seen in the economy in 2020. The Nigerian telecommunication system was fully deregulated in 2000 after the establishment of the Nigerian Communication Commission (NCC) in 1992. Since then, the industry has evolved from having players such as MTN, Visaphone, Multilinks, Globacom, […]
Fare paid by Nigerian commuters increased from an average of N208.89 recorded in February 2020 to N361.3 in February 2021. The average fare paid by commuters for a bus journey within the city increased by 78.1% year-on-year in February 2021 to stand at N361.3. This is according to the transport fare watch report, recently released by […]
The Federal Government has started the development of Mineral Resources in all 6 geopolitical regions. The Federal Government has started the development of mineral resources in all 6 geopolitical regions. This was disclosed by Dr Uchechukwu Ogah, Minister of State, Mines and Steel Development, on Monday at the 32nd Enugu International Trade Fair. The Minister revealed that […]
