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Duty hike: Used vehicle imports drops 40%

    The Nigeria Customs Service’s Ports & Terminal Multipurpose Limited Command, has disclosed that the introduction of Vehicle Identification Numbers for processing imported automobiles resulted in a 40% decline in imported vehicles in 2022. According to The PUNCH, this was disclosed by the outgoing Controller of the command, acting Assistant Comptroller General, Suleiman Bomai, […]

Buhari unveils SDG financing framework
Agribusiness

Buhari hails AfDB, others for $538m agric fund

  The President, Major General Muhammadu Buhari (retd.), on Wednesday applauded the provision of $538.05m by the African Development Bank, the Islamic Development Bank, and the International Fund for Agricultural Development. According to The PUNCH, the funds were donated for the first phase of the Special Agro-Industrial Processing Zones for Nigeria programme. This came after […]

Ports and Airports

Ondo, Benin sea ports get steering committee

Juliet Buna     The Federal Ministry of Transportation has inaugurated a Project Steering Committee for the proposed Ondo Deep Sea and Benin River Ports.   The inauguration was performed by the Permanent Secretary of the Ministry of Transportation, Dr. Magdalene Ajani, in Abuja.   A statement signed by the Director of Press & PR, […]

News

DMO put bonds worth N360bn on auction

  Bisola David Four Federal Government of Nigeria bonds valued at N360 billion have been made available by the Debt Management Office for subscription via auction at N1,000 per unit. According to The Punch, a circular from the DMO states that the bonds being offered are a 10-year, N90 billion FGN bond with a new opening […]

News

Walmart increases minimum wage to $14 per hour

  By Christian George While firms globally are stylishly slashing down its workforce, Walmart has concluded plans to increase its hourly workers wage in the U.S to $14. This was made known today by the company in an email that the new wage will reflect in the paycheque on March 2, 2023. Report has it […]

News

Five facts about Imota rice mill

  The Imota rice mill was on Monday, commissioned by the President, Major General Muhammadu Buhari (retd.), in Lagos State. The much anticipated project has been adjudged to be a game changer in the agricultural sector because of the proposed impact of the project on the economy landscape of the state and nation at large. […]

News

Lekki sea port’ll reduce Nigeria’s trading cost – NPA MD

  Kazeem Owoseni   The Managing Director of Nigerian Port Authority, Mohammed Bello Koko has said that, with the newly commissioned Lekki Deep Sea Port in Lagos State, the traffic flow around Apapa will improve and the cost of trading in the country will be reduced drastically. Koko who disclosed this in his Statement on […]

News

What every Nigerian should know about the interest rate

Oluwanifemi Ojo   Interest rate is a measure of the amount paid on a borrowed money or the amount received for saving money. This means, if an amount of money is borrowed, the individual/entity is required to pay a percentage of the money within a specified period, based on the agreed term. Similarly, if an […]

Senate ask CBN to extend deadline of new naira note
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Senate ask CBN to extend deadline of new naira note

Juliet Buna   The Senate has once again asked the Central Bank of Nigeria to extend the deadline for the stoppage of the use of old naira notes from January 31 till July 31, 2023. According to Channels TV, The lawmakers also lamented the hardship the policy is causing Nigerians as they said there are […]

Monarchs begs CBN to extend old naira deadline
Economy

CBN raises interest rate to 17.5%

  The Central Bank of Nigeria has raised the Monetary Policy Rate, which measures the interest rate to 17.5 per cent. The CBN Governor, Godwin Emefiele, announced this after the apex bank’s Monetary Policy Committee meeting in Abuja on Tuesday. Channels reported that the MPC raised the monetary policy rate by 100 basis point to […]

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