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Dangote Refinery expansion to create 95,000 jobs

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Dangote Refinery expansion to create 95,000 jobs

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Nigeria’s manufactured exports drop despite global trade surge —

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Economy

Insecurity, naira devaluation drive wheat imports to N1.3tn

Importation of durum or pasta wheat into Nigeria has continued to skyrocket, rising from N730.9 billion in 2020 to N1.295 trillion in 2021. Calculations from the National Bureau of Statistics Foreign Trade Statistics showed that wheat importation into Africa’s most populous nation rose 77.23 per cent from 2020 to 2021. Wheat is an important commodity […]

Economy

Food prices surge by 42% in 12 months –NBS

Selected food prices recorded an increase of 42 per cent in one year, figures by the National Bureau of Statistics have shown. A new report titled “Selected Food Price Watch for the month of April 2022” showed that the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis […]

News

Dangote, Innoson, others emerge winners at Brand Africa award

Dangote, Innoson, MTN, and DSTV were among 100 companies that bagged outstanding awards at the 2022 edition of the Brand Africa Award ceremony on Wednesday. Brand Africa is a non-profit intergenerational organisation that inspires a brand-led African renaissance to transform the continent’s image, by driving Africa’s competitiveness, connecting Africa, and creating a positive image of […]

Banking

Banks borrow N338.4bn from CBN in one month

Cash-strapped banks borrowed N338.5bn from the Central Bank of Nigeria in January to bridge their funding gap, according to the banking data. Figures from the CBN’s monthly report for January on ‘Standing facilities window operation’ showed that the banks continued to utilise the Standing Lending Facility and Deposit Lending Facility in the sector. It stated […]

Telecommunications

APCON to prosecute Globacom over indecent advert

The Advertising Practitioners Council of Nigeria says it has flagged a Glo dial *109# “Link your NIN” commercial featuring a female model (Osas Ighodaro). A statement by the apex advertising regulatory agency, signed by its President, Olalekan Fadolapo, said the campaign, which was sponsored by Globacom Limited, was currently being aired on some TV stations […]

News

UK government authorises sale of Chelsea FC

The UK government announced Wednesday it had given the green light to Todd Boehly’s proposed takeover of Chelsea football club from the sanctioned Russian oligarch Roman Abramovich. Secretary of State for Digital, Culture, Media and Sport Nadine Dorries said she had issued a licence permitting the deal late on Tuesday, shortly after it won approval […]

100% cashless economy possible in Nigeria - Emefiele
Economy

CBN raises interest rate to 13%

The Central Bank of Nigeria on Tuesday announced that it has raised the interest rate to 13 per cent. CBN Governor, Godwin Emefiele, made this known while addressing the reporters after the Monetary Policy Committee meeting in Abuja. Justifying the move, Emefiele said the MPC is suspicious “there might be an aggressive accretion of inflation”. […]

Mobile phones

Nigerians who buy second-hand iPhones, Samsung rise by 10% – Report

The number of Nigerians that bought secondhand iPhones and Samsung rose by 10 per cent in 2021 according to a report by Counterpoint Technology Market Research. According to Counterpoint Research’s Global Refurbished Smartphone Tracker, the global secondary smartphone saw a surge in demand and supply in 2021, growing by 15 per cent in terms of […]

X to offer paid users xAI chatbot - Musk
Investment News

Elon Musk loses $11bn in one day

The wealth of the Chief Executive Officer of Telsa, Elon Musk, has plunged by 7% – a total of $11 billion in one day following bad stock sales pressures of his electric car company. According to Bloomberg Billionaires Index, the electric car company boss was worth about $193 billion after the Tuesday trading session. A […]

Africa's GDP grew  6.9% in 2021
Economy

Nigeria’s GDP rose by 3.11% in Q1 2022 – NBS

The National Bureau of Statistics on Monday revealed that Nigeria’s Gross Domestic Product rose by 3.11 per cent in the first quarter of 2022. In a tweet posted to its official Twitter page, @NBS_Nigeria, on Monday, the NBS wrote, “Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of […]

Trapped funds: CBN to give foreign airlines $150m
News

Nigerians spend $221m on overseas education in three months –CBN report

An analysis of data obtained from the Central Bank of Nigeria showed that Nigerians spent at least $220.86 million on foreign education between December 2021 and February 2022. This is according to the CBN data on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange for December 2021 […]

News

Lagos vows to prosecute developer of collapsed building

The Lagos State Government has vowed to prosecute the missing developer, identified as Fumble, who was said to be in charge of the three-storey building that collapsed and killed four labourers on Alayaki Lane, Freeman Street, Lagos Island, Lagos State. It was gathered that the developer went into hiding after the building caved in and […]

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