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Tinubu blames privatization for current power sector crisis

Electricity featured

Nigeria isn’t poor, huge money moves below radar –

Finance

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Banking

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Economy

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NGF blames naira redesign, flood for agric sector's underperformance
Agribusiness featured

NGF blames naira redesign, flood for agric sector’s underperformance

The Nigeria Governors’ Forum stated that the country’s farmers experienced a major meltdown during the 2022 farming season as a result of the difficulties in the agriculture industry. It continued by saying that this year’s difficulties for farmers were made worse by the Central Bank of Nigeria’s policy to redesign the naira, excess of rain, […]

How immigration made N438b from 2017 - Report
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How immigration made N438b from 2017 – Report

The Nigeria Immigration Service has generated N438.78 billion in income from 2017 to date, according to data from The PUNCH. This occurred at a time when the agency’s total Internally Generated Revenue nearly doubled from N38.53bn in 2017 to N74.69 (budgeted IGR) in 2022. The NIS made N38.5 billion, N39 billion, and N61 billion in […]

Economy

New naira: ATMs still dispensing old notes, report reveals

  Thirteen days after the issue of the freshly redesigned N200, N500, and N1,000 notes, and with 34 days till the old notes are no longer legal cash in the country, Automated Teller Machines in Lagos are yet to begin dispensing the new notes. According to Leadership, majority of Lagos’s ATMs are still distributing old […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
Economy

Global economy vulnerable to recession in 2023 – World Bank

The World Bank has warned that “even a moderate hit” could tip the global economy into recession in 2023.   The global financial institution made this known it’s recently published 2022 review, saying that the global economy is in its steepest slowdown since 1970 and that “consumer confidence (is) already suffering a much sharper decline […]

Delta airline halts Lagos to New York flights
Aviation featured

Domestic flight prices rise by 97% – NBS

Current data from the National Bureau of Statistics has shown that the average price of a plane ticket in Nigeria increased from N37,022.97 in November 2021 to N73,267.57 in November 2022./lime6 This implies an increase of 97.09 percent,’ according to the Transport Fare Watch report for November 2022 from the NBS. The survey also revealed […]

Oil Theft: Nigeria loses $150m every two days
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Economic expert implores federal, state govt. to fight off insecurity, oil theft

Development and economics specialist, Dr. Chiwuike Uba, has encouraged the federal and state governments to work together to take decisive action against pervasive insecurity and oil theft. The Amaka Chiwuike-Uba Foundation Board Chairman, Uba stated in a statement on Tuesday that the two key issues had completely disrupted the nation’s financial flow and earnings for […]

News

6,047 BVN on watchlist over fraudulent activities – CBN

  Findings have revealed that the Central Bank of Nigeria has placed at least 6,047 Bank Verification Numbers of bank customers under its watchlist. According to The PUNCH, this was contained in the CBN Financial Stability June 2022 report published in December 2022. 11,871 BVNs have been added to the watch list this year as […]

Business

Prioritize access to sanitary products, P&G, NCWD tell FG

Proctor and Gamble, or P&G, has asked the federal government, civil society, and the private sector to give priority to efforts to combat the stigmatization of period health, access to menstrual health products, and hygiene education. The National Centre for Women Development, NCWD, and P&G recently worked together to increase the skills of Nigerian women […]

News

Nigerian investors gain N213bn in December

  Nigerian stocks maintained their upward trend throughout the week to post net capital gains of N213 billion during the festive period. According to the Nation, the average return on the Nigerian stock market was 0.79 percent, which corresponds to a net capital gain of N213 billion. This caused the average year-to-date return on the […]

Funke Bucknor to host 2023 TEXA business conference
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Funke Bucknor to host 2023 TEXA business conference

The Event Xperience Africa Conference’s organizers have announced that their third edition, with the theme “The Reset,” will take place in January, and promises to be an impactful, immersive, and educational experience for professionals and business owners in the event industry throughout Africa. In a statement, Funke Bucknor-Obruthe, conference organizer and managing director/CEO of Zapphaire […]

E-commerce

Naira notes production, destruction costs N800bn – CBN

The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has revealed that the CBN spent N800bn between 2017 and 2021 on the production, storage, transportation and destruction of the currency. According to The PUNCH, Ahmad, revealed this on Friday during her appearance before the House of Representatives. Findings by Sunday PUNCH reveal […]

News

Nigeria needs N3.7 yearly to tackle poverty – World Bank

The World Bank has revealed that Nigeria would need to spend N3.7 trillion to end the country’s rising rate of poverty. This was noted by the financial institution in its synthesis report for the Nigeria Country Economic Memorandum: Charting a New Course, which was released earlier this month. The World Bank also pointed out that […]

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