President Bola Tinubu on Thursday restated his administration’s total commitment to eliminating all forms of abuses in the petroleum industry’s downstream sub-sector as a strategic step towards ensuring regular supply of products at competitive prices in the country. The President expressed this during his meeting on Wednesday with representatives of major oil marketers’ associations on […]
The Central Bank of Nigeria has issued Awacash, a fintech platform, a microfinance bank (MfB) licence following the company’s earlier acquisition of a money lending license. Commenting on the latest regulatory approval by the monetary authorities granted the fintech platform to operate as MfB, Co-Founder of Awacash, Dayo Okunfolami, said: “We understand the obstacles encountered […]
….86mn Nigerians lack access to power supply ….80% of world’s un-served live in Africa A recent report by major international agencies involved in global development has indicated that 86 million Nigerians lack access to electricity, thereby making the country with the largest number of people without electricity access globally. The report, which was compiled […]
President Bola Ahmed Tinubu has directed the National Economic Council (NEC) to begin the process of working on fiscal and other interventions to ameliorate the impact of the subsidy removal on Nigerians. This is even as some major oil marketers pledged to donate 100 buses to ease transportation cost problem being faced by average Nigerians […]
Nigeria’s currency, the Naira, depreciated in exchange rate against the US dollar at the black market on Wednesday by 0.40% to trade at an average rate of N753/$1 when compared to the N750/$1 it exchanged at during the previous day’s trading session. The local currency also marginally lost in exchange rate value against the British […]
The Executive Secretary, of the Financial Reporting Council (FRC) Nigeria, Amb. Shuaibu Adamu has disclosed that Nigeria is the first African country to be selected by the International Sustainability Standards Board (ISSB), to launch the International Financial Reporting Standards IFRS S1 and IFRS S2. Adamu made this disclosure at the 3-day virtual workshop on IFRS […]
The Nigerian Communications Commission (NCC) has reported that total active subscriptions for mobile services in Nigeria declined by 1% to 223.3 million in April 2023 from the 225.8 million recorded in the preceding month. The latest industry statistics released by the telecom sector regulatory commission reflected the second consecutive month the Mobile Network Operators (MNOs) […]
The World Bank has raised its 2023 global growth forecast to 2.1% as many economies, especially the U.S economy continue to exhibit stronger resilience, warning, however, that higher interest rates will cause a larger-than-expected slowdown of global economies next year. The bank, in its latest ‘Global Economic Prospects’ report released on Tuesday, projected that real […]
Economists at the Centre for the Study of Economies of Africa (CSEA), a leading think tank in economic research and consulting services with special focus on Africa, have canvassed the need for the Central Bank of Nigeria (CBN) to introduce monetary measures that could help to mitigate the negative impact of the rising inflation rate […]
The Nigerian Communications Commission (NCC) has issued licences to 25 new companies to provide mobile telecommunications services under the Mobile Virtual Network Operator (MVNO) framework. Based on the licensing by the telecom sector’s regulator, the companies will be providing the same services as the existing Mobile Network Operators (MNOs), using their infrastructure for service delivery […]