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Speculative FX demands cause of weak naira - CBN

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100% cashless economy possible in Nigeria - Emefiele
Economy

External reserves fall by $196m in eight days

Nigeria’s external reserves fell slightly by $196m in eight days to $39.62bn as of April 28, according to figures obtained from the Central Bank of Nigeria. The CBN revealed that the reserves, which had earlier gained $243.83m in 19 days from $39.54bn as of April 1, 2022 and rose to $39.78bn as of April 19, […]

Transportation

700 companies jostle for N12bn railway projects – NRC

THE Nigerian Railway Corporation has said that about 700 companies applied for its N12bn capital projects procurement. Speaking during the exercise in Lagos, the Director of procurement, NRC, Mr Benjamin Iloanusi, said that the bidding process was purely for capital projects. “We have over 700 companies that submitted their documents. That is the number of […]

News

Overdue debt repayment weak in most states, DMO warns

The Director-General, Debt Management Office, Ms Patience Oniha, has said that many state governments still struggle to pay arrears, a development that threatens the level of debt sustainability in states. She said this in a presentation document titled ‘Paths to sustainable debt management: the SFTAS approach’, which was obtained by our correspondent on Monday. It […]

UK, South Korea warn against cyberattacks from North Korea
E-commerce

44% of Nigerian firms paid hackers ransom in 2021 –Report

SEVENTY-one per cent of Nigerian organisations were hit by ransomware in 2021 while 44 per cent of the affected firms were forced to pay ransoms to get their data back, according to a new report by Sophos, a United Kingdom-based cybersecurity solutions firm. The report titled, ‘The State of Ransomware 2022,’ said the number of […]

Economy

Subsidy deductions hit states hard, govs owe salaries

State workers and pensioners on Sunday lamented they were carrying the burden of a cash crunch in the country with many state governments failing to ensure regular payment of salaries, gratuities and other entitlements. Labour leaders, who spoke separately with our correspondents in Ekiti, Benue, Ogun, Ondo, Rivers, Abia, Ondo, Edo and Kano states, noted […]

Trapped funds: CBN to give foreign airlines $150m
Policy and Regulations

Over 50 companies shut down over forex, power crises

More than 50 Nigerian manufacturing companies have shut down in the last five years, according to investigations. Some of the manufacturing companies that have exited the industry in the last five years include: Surest Foam Limited, Mufex, Framan Industries, MZM Continental, Nipol Industries, Moak Industries, and Stone Industries. Others are: Solo Industries, Quick Born Industries, […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Blackout hits CBN, army headquarters, others

The headquarters of the Central Bank of Nigeria, the Nigerian Army as well as the Federal Ministry of Finance, among others, suffered blackouts on Sunday due to the vandalism of the power network in the Central Business District of the Federal Capital Territory. In a notice to power users in Nigeria’s capital city, the Abuja […]

Why Nigeria must save oil revenues - IMF
Economy

Nigeria’s inflation may worsen to 16.1% in 2022 – IMF

The International Monetary Fund has projected that Nigeria’s Consumer Price Index will hit 16.1 per cent in 2022. This projection was presented in a tabular illustration in the IMF’s Regional Economic Outlook for Sub-Saharan Africa released last week, which was published on its website. The projected 16.1 per cent will be the highest in the […]

Flights to South-South most expensive - NBS
Aviation

Why aviation industry remains in recession – Union

The National Union of Air Transport Employees on Sunday said the recent hike in airfares coupled with the impact of the Russia/Ukraine war and the COVID-19 outbreak had delayed the exit of Nigeria’s aviation sector from recession. NUATE President, Ben Nnabue, who disclosed this in his 2022 May Day speech to workers in the sector, […]

Agribusiness

FG to establish 119 ranches in Benue, Taraba others

A total of 119 ranches are to be created under the National Livestock Transformation Plan in various states across the country between 2019 and 2028, the Federal Government has said. In the NLTP 2019-2028 document approved by the National Economic Council and obtained in Abuja on Friday, the Federal Government stated that about 300,000 jobs […]

FBN Insurance targets 1m customers in one year
Banking

Poverty can’t be eradicated without financial inclusion – First Bank

Without adequate financial inclusion, poverty cannot be effectively eradicated in Nigeria and other nations of Africa, First Bank Nigeria Plc stated on Friday. Financial inclusion refers to efforts aimed at making financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size. Delivering the keynote […]

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