Category: Business
The naira on Monday exchanged at 473/$ at the parallel market, after trading at 477 the previous week. At the Investors & Exporters forex window, the naira hit a high of 422/$ before closing at 390/$. The Central Bank of Nigeria however maintained the official rate at 379/$ on its website. At the recent Monetary […]
The Senate Committee on Ethics, Privileges and Public Petitions has faulted the alleged payment of N1.8bn by the Department of Petroleum Resources, to a private firm, Riverman Technologies Limited, for jobs not satisfactory executed. The private firm was expected to link all the offices of the DPR to the oil firms for the purposes of […]
On the back of rising electronic transactions, bank customers recorded a loss of N5.20 billion between January and September 2020 in 41,979 fraud-related incidences representing 91 percent success out of the total 46,126 fraud attempts. This is according to data at the Nigeria Inter-Bank Settlement System (NIBSS) shown in its latest report titled Fraud in […]
The AfDB has decried Africa’s lack of access to electricity and says it will keep increasing due to the COVID-19. The African Development Bank (AfDB) has revealed that Africa only accounts for just 6% of global energy demand. The Bank also stated that Africans without access to electricity will increase by 30 million in 2020 […]
The Federal Government has said the #EndSARS protest that took place in October 2020 is the major reason the Third Mainland Bridge will not be opened on Monday as initially scheduled. The Federal Controller of Works in Lagos, Mr Olukayode Popoola, while speaking to our correspondent in a phone interview, noted that the curfew imposed by the […]
Emirates Airlines has extended the ban on passenger services from Nigeria (Lagos and Abuja) to Dubai until March 10 2021. It said travellers from both Abuja and Lagos would not be accepted for travel prior to the date, according to a statement issued by the airline on Sunday. Also, the carrier warned that passengers who […]
The Nigerian stock market rebounded from three consecutive days’ losses as investors gained N170 billion at Thursday’s trading. At end of the day’s trading, equity capitalisation increased to N21.45 trillion from N21.28 trillion recorded 24 hours earlier. The All Share Index (ASI) also appreciated following a gain of 318.29 basis points to end the trading […]
The Ministry disclosed that the FG approved the policy which covers older adults in urban and rural environments and also IDPs. The Nigerian government approved the National Policy on Ageing for Older Persons in Nigeria through the Ministry of Humanitarian Affairs, Disaster Management, and Social Development. This was disclosed by Mrs. Nneka Anibeze, Special Assistant on Media […]
Nigeria is set to rebase its GDP in the later part of 2021, the Statistician-General of the Federation has revealed. Dr. Yemi Kale, Statistician-General of the Federation/CEO Nigerian National Bureau of Statistics has disclosed that Nigeria would rebase its GDP later this year. Dr. Kale stated this at the media conference on the significance of the […]
Nigeria’s recovery from the impact of the COVID-19 is expected to be weak and gradual under current policies, the International Monetary Fund said on Monday. The IMF also stated that the country’s real Gross Domestic Product is expected to recover to its pre-pandemic level only in 2022. It stated in its report titled ‘IMF executive […]
Cosgrove Investment Limited has started the construction of the National Digital Innovation and Entrepreneurship Centre for the National Information Technology Development Agency. Speaking at the groundbreaking for the centre, Cosgrove’s Chairman/Chief Executive Officer, Umar Abdullahi, gave the assurance that the company would strictly adhere to the contractual timeline for project delivery and deploy competence in […]
The international oil benchmark, Brent crude, rose further on Tuesday, trading above $61 per barrel. Brent had hit the $60 per barrel mark on Monday for the first in more than a year. The further rise in oil prices comes amid optimism for a vaccine-led economic recovery and a commitment by the Organisation of the […]
The International Monetary Fund (IMF) has projected that for every N100 earned in 2021, Nigeria will be spending N60 servicing its fast-growing debts. This was revealed in its latest report on Nigeria released on Monday. According to the report between 2017 and 2020, the federal government in the last four years has spent an average […]
The International Monetary Fund (IMF) on Monday urged the Central Bank of Nigeria (CBN) to stop financing the Federal Government’s budget deficits in order to stop soaring inflation. The IMF Executive Board made the call in its Article IV consultation with Nigeria released on Monday. The Bretton Woods institution, however, recommended a gradual and multi-step approach to […]
The high price of cement and sugar in the country has been attributed to the higher demand over supply of the product. One of the major cement production firms, BUA Cement Plc has explained that the price of cement is high in Nigeria today simply because Nigeria doesn’t have enough supply. According to BUA: “In […]
