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Nigeria spends 86% of revenue on debt servicing, South Africa pays 20%

Nigeria spent 86 per cent of its revenue on servicing debt in 2021, but South Africa spent only 20 per cent of its receipts on the same purpose, according to findings. According to thebuhari’s 2021 Article IV estimates, Africa’s most populous nation spent 85.5 per cent of its revenue on servicing the debt in 2021. […]

agencyreport
16th May 2022
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338 Views

FG to end fuel subsidy in 2023 - Minister

Insurance

FG backs insurers on compulsory policies

The Federal Government has assured insurers that it will ensure compliance with compulsory policies in the country. The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, said this during the 50th anniversary and commissioning of the new Insurers House of the Nigerian Insurers Association in Lagos on Thursday. The event was attended by […]

agencyreport
16th May 2022
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396 Views

Ports and Airports

Foreigners control 90% of local freight forwarding business – ANLCA

The acting National President of the Association of Nigerian Licensed Customs Agents, Kayode Farinto, has lamented that foreigners have taken over 90 per cent of freight forwarding jobs in Nigeria. He also said that the association had drafted a bill through its legal adviser on the need to indigenise Nigeria Customs Service brokerage. Farinto, who […]

agencyreport
15th May 2022
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340 Views

New naira'll make ransom payment difficult - CBN

Banking

Banking sector remains resilient, says CBN

The Nigerian banking sector remained resilient in February, according to a report released by the Central Bank of Nigeria. The CBN disclosed that a member of the Monetary Policy Committee, Festus Adenikinju, said this at the last meeting of the MPC. He said, “The report on banking system stability showed that the banking system remains […]

agencyreport
15th May 2022
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443 Views

World Bank punishes Nigerian firms, individuals for corruption

Economy

Commodity prices’ll remain high in Nigeria, others – World Bank

The World Bank has said that the war in Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024. The World Bank said this in its latest Commodity Markets Outlook report. According to […]

agencyreport
15th May 2022
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281 Views

News

FG ‘reaches’ agreement with ASUU, says strike ends soon

The Federal Government has expressed optimism that the decisions reached in its three-part meeting with university-based unions would yield fruits next week. The Head, Press and Public Relations in the Ministry of Labour and Employment, Mr Olajide Oshundun, in a statement on Friday, said some agreements had been reached between the government and the unions. […]

agencyreport
14th May 2022
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304 Views

Oil and Gas

Nigeria’s oil production falls over poor maintenance -World Bank

The World Bank has said that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. It added that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report […]

agencyreport
14th May 2022
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322 Views

Economy

Workers in formal sector earn N159tn in four years – NBS

Employees in Nigeria’s formal sector earned N159.01tn from 2018 to 2021, according to data from the National Bureau of Statistics. The statistics body revealed this in its ‘Nigerian Gross Domestic Product Report’ released on Thursday. According to the NBS, the total compensation of employees in the nation, based on the GDP and expenditure at current […]

agencyreport
14th May 2022
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528 Views

Naira falls N777 against dollar after CBN announcement

News

BDC operators demand new forex window

The Association of Bureaux De Change Operators of Nigeria has called on the Central Bank of Nigeria to establish BDCs’ Autonomous Foreign Exchange Trading window with a determined maximum daily limit. This, according to the association, will enable eligible BDCs to access dollars from banks, autonomous market, and Diaspora forex widow at the prevailing market […]

agencyreport
14th May 2022
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411 Views

Aviation

Emirates Airlines to accept Bitcoin payments on website

Emirates Airlines is set to begin acceptance of Bitcoin payments and enable the trading of nonfungible tokens (NFTs) on its websites. This was made known by the company’s chief operating officer of Emirates, Adel Ahmed Al-Redha during a media gathering held at the Arabian Travel Market, according to reports. Al-Redha reportedly stated that the Dubai-based […]

enitan
13th May 2022
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392 Views

X to offer paid users xAI chatbot - Musk

News

Twitter deal on hold, says Elon Musk

Elon Musk said on Friday he was putting a temporary halt on his much-anticipated deal to buy Twitter, sending shares in the social media giant plunging. “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” he wrote on Twitter. Musk, the world’s richest man […]

agencyreport
13th May 2022
0 Comments
499 Views

Agribusiness

Agric imports reach N2.7tn despite N129bn intervention loans

Despite spending no less than N129.084bn on agriculture loans to farmers, Nigeria’s agricultural imports continued to take an upward trajectory, hitting N2.7tn in 2021 alone. According to findings by our correspondent, the Central Bank of Nigeria and the Federal Government, through the Agricultural Credit Guarantee Scheme Fund, has guaranteed a total of N129.084bn in agriculture […]

agencyreport
13th May 2022
0 Comments
267 Views

Petrol stations risk licence revocation over under-dispensing –

FG to install 300 containers of equipment to

Black employees allege racism at Tesla factory

Afreximbank, ATDC sign $500m facility to boost African

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Some Populer Post

Petrol stations risk licence revocation over under-dispensing – NMDPRA

FG to install 300 containers of equipment to upgrade

Malami denies corrupt deal allegations over Mambilla Project

Amazon blocks Meta’s Muse from making purchases on platform

Nigeria spends 86% of revenue on debt servicing, South Africa pays 20%

FG backs insurers on compulsory policies

Foreigners control 90% of local freight forwarding business – ANLCA

Banking sector remains resilient, says CBN

Commodity prices’ll remain high in Nigeria, others – World Bank

FG ‘reaches’ agreement with ASUU, says strike ends soon

Nigeria’s oil production falls over poor maintenance -World Bank

Workers in formal sector earn N159tn in four years – NBS

BDC operators demand new forex window

Emirates Airlines to accept Bitcoin payments on website

Twitter deal on hold, says Elon Musk

Agric imports reach N2.7tn despite N129bn intervention loans

Petrol stations risk licence revocation over under-dispensing –.

FG to install 300 containers of equipment to.

Malami denies corrupt deal allegations over Mambilla Project

Amazon blocks Meta’s Muse from making purchases on.

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