Nigeria News
Food prices rise in November, says NBS
The Nigerian Bureau of Statistics (NBS) has said the prices of foods rose in November, 2020. It made this known in the Executive Summary of its “Selected Food Prices Watch – November 2020”. The report said the average price of 1kg of yam tuber increased year-on-year by 16.26 per cent and decreased month on month by […]
226 tertiary institutions to access N500b from TETfund
Federal Inland Revenue Service (FIRS) yesterday put its overall 2020 performance from January to October at N4.122 trillion. It said this is in spite of Covid-19 challenges, financial Act 2019 incentives and palliatives concessions. FIRS added that its non-oil revenue collection performance in the same period stood at N2.8 trillion and oil revenue collection performance […]
Economy: LCCI advises authorities on path to recovery
The President, Lagos Chamber of Commerce and Industry (LCCI), Mrs Toki Mabogunje, has projected that the Nigerian economy would end the year in a negative growth territory within the region of minus two per cent.Mabogunje said this at the LCCI’s 132nd Annual General Meeting (AGM) on Thursday in Lagos. She said that inflation rate […]
FG declares 2021 to 2030 Decade of Gas Development for Nigeria
The Federal Government has declared Jan. 1, 2021 to Dec. 31, 2030 as “The Decade of Gas Development for Nigeria”. Chief Timipre Sylva, Minister of State for Petroleum Resources, made the declaration on Thursday at the Seventh (Virtual) Joint International Energy Forum and International Gas Union (IEF-IGU) Ministerial Gas Forum in Malaysia. Sylva said Nigeria […]
WHY FG IS PURSUING INNOVATIVE INVESTMENT IN INFRASTRUCTURE
Buhari administration strengthening Public Private Partnership framework, VP adds Adopting new models of investments for infrastructural development in the country is now an imperative as reliance on public expenditure alone is no longer sufficient or capable of meeting the $3 Trillion needed to bridge the infrastructural deficit over the next 30 years. Vice President Yemi […]
Real GDP growth rate in first half of 2020 is -2.18 per cent
The National Bureau of Statistics (NBS ) on Tuesday said the real Gross Domestic Product (GDP) growth rate for the first half of 2020 was -2.18 percent year on year. According to the bureau, in the first quarter 2020, Nigeria’s real GDP at basic prices grew by 1.87 per cent but declined in the second quarter by […]
GOWON SEEKS INNOVATIVE WAYS TO REPOSITION TRANSPORTATION
… Condemns Destruction of Public Assets … As CIoTA Moves to Professionalise Transportation Former Head of State, General Yakubu Gowon (Rtd), has called for partnership between the public and private sectors in order to come up with innovative ways of resolving the transportation challenge in the country. Gowon spoke on Tuesday in Abuja at the opening […]
Experts push for adoption of IITA toolkit and improved varieties for cassava transformation
Agricultural stakeholders and policymakers in Nigeria are calling for the adoption of the six-steps to ‘Cassava Weed Management and Best Planting Practices’ toolkit that was developed by the International Institute of Tropical Agriculture (IITA) and the use of improved cassava varieties to increase cassava productivity in the country. The stakeholders reached the agreement at a […]
REA works modalities for funding states for solar
The Rural Electrification Agency (REA), Managing Director, Dr. Ahmad Salihijo Ahmad yesterday said the agency is working out modalities for state government to access funding for the Solar Power Naija. According to him, is in the bid for the agency to encourage stakeholders including state government participation in the Programme. Speaking in press conference in […]
Fed Govt to harmonise professional bodies
Federal Government has set processes in motion that are targeted at streamlining functions of professional bodies in the country, especially in those groups where there are similar or overlapping roles. Charles Obaseki, Chairman, Governing Council of The Nigerian Institute of Science Laboratory Technology (NISLT) who disclosed this at a two-day A 2-day stakeholders and Extra […]
Business News
CBN revokes operating licences of 42 MfBs, NDIC begins wind down process
Central Bank of Nigeria has withdrawn the operating licenses of 42 Microfinance Banks (MfBs), and the affected Microfinance banks have been shut down. As a result Nigeria Deposit Insurance Corporation (NDIC), a financial undertaker has stepped in to wind down the banks. In a statement, the NDIC said it will promptly commence the verification of […]
Tax Appeal Tribunal North West Zone resolves disputes in excess of Twelve Billion Naira
The North West Zone of the Tax Appeal Tribunal has since the inception of the current panel resolved tax disputes in excess of twelve billion naira, with pending appeals in excess of three billion naira. Tax payers within the Zone, comprising the states of Kaduna, Kebbi, Kano, Katsina, Jigawa, Sokoto and Kano have been availing […]
SEC disclaims Famzhi Interbiz Limited’s operations
…Says it is not registered to operate in the Capital Market The Securities and Exchange Commission, SEC has disclaimed the activities of Famzhi Interbiz Limited as neither the entity nor the illegal products they offer are registered or regulated by the Commission. In a statement yesterday in Abuja, the SEC stated that, “The attention of […]
Afreximbank Signs Framework Agreement with African Energy Investment Corporation
(From left to right) Afreximbank President Prof. Benedict Oramah joined by H.E Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources; Dr. Omar Farouk, Secretary General of the APPO and Mr. Zakaria Dosso, Managing Director of AEICorp. A Framework Agreement was signed on December 1st in Cairo between the African Export-Import Bank (Afreximbank), […]
CBN eyes $2b monthly from diaspora remittances
Following the introduction of the new diaspora forex remittances policy, the Central Bank of Nigeria (CBN) is targeting about $2billion monthly from diaspora remittances. CBN governor Godwin Emefiele made this known at a press briefing on the new policy in Abuja on Thursday. Using Pakistan as an example, Emefiele said, “if Nigeria is able to […]
Dollar savers offload deposits to parallel market as naira recovers
Naira has recorded massive gains against the dollar. Yesterday’s appreciation of the local currency against the greenback came a day after a new Central Bank of Nigeria (CBN) policy permitted payment of dollar to money transfer beneficiaries. The local currency gained N10 against the dollar at the parallel market to close at N490/$ compared with […]
Association to audit MFBs
The National Association of Microfinance Banks (NAMB) is set to conduct a nationwide audit of all licensed Microfinance Banks in the country. The reason for the audit is to identify their operational challenges and provide necessary support to the ailing ones. The audit will also enable the association renew efforts to sanitize the sector and […]
UBA Foundation’s National Essay Competition 2020 brings out the finest young creative writers in a challenging year
Ten out of the twelve winners are girls Lagos, November 25, 2020; The UBA Foundation, the CSR arm of the United Bank for Africa, today, held its tenth annual National Essay Competition(NEC) in a virtual ceremony that was attended by high school students from across the nation. The UBA Foundation’s Education initiative has been changing […]
FG Not in a Hurry to Resume Train Operations, Says Amaechi
The federal government has said there is no plan to commence immediate train services until the battle against the disease is won. The Minister of Transportation, Mr. Rotimi Amaechi stated this yesterday on his verified Twitter handle, @ChibuikeAmaechi. According to Amaechi, resumption of train services would comply with safety protocols, adding that until all passengers […]
COVID-19 has stagnated global economy, says NCRIB
Nigerian Council of Registered Insurance Brokers (NCRIB) on Thursday said COVID-19 pandemic has stagnated global economy and grinded to a halt all forms of social relationship which Nigerians are particularly known for. The development NCRIB said has changed the earning capability of many workers in the public or private sector. President/ Chairman of the Governing […]