The Alternative Bank, a new entrant to the non-interest banking industry, has announced its plans to empower its customers and foster financial growth through interest free credit. The bank also is offering a revolutionary Free Credit Line programme, which will enable its customers to access up to 10% of their monthly turnover at zero interest […]
The Nigerian Electricity Regulatory Commission (NERC) reported on Tuesday that electricity distribution companies (DisCos) recorded 95.21% market remittance in the second quarter of 2023, representing the highest remittance by them so far. The Commission, in its just published ‘Electricity on Demand; report, indicated that the combined upstream bill that DisCos were expected to pay totalled […]
The International Monetary Fund (IMF) has predicted that South Africa’s Gross Domestic Product (GDP) will briefly surpass Nigeria’s in 2024, thereby pushing Nigeria down from its current position as Africa’s largest economy. The Bretton Woods institution, in its World Economic Outlook, projected that South Africa’s GDP would reach $401 billion by 2024 at current prices […]
BudgIT, a civic-tech organization at the forefront of advocacy for fiscal transparency and accountability in Nigeria, has launched the 2023 edition of its annual States of States report with the theme ‘Subnational Healthcare Delivery for Improved Economic Development’. One of the key findings of the report showed that both the national and subnational governments continued […]
Heads of multilateral development banks (MDBs) at the just concluded IMF/World Bank Annual Meetings in Morocco pledged to strengthen their individual and collaborative actions to accelerate inclusive socioeconomic development. Specifically, to achieve a greater impact, the DMBs agreed to explore innovations to scale up financing capacity, boost climate action, strengthen co-financing and catalyse private sector […]
As public concerns about the President Bola Tinubu-led administration’s likely default in complying with the provisions of the Fiscal Responsibility Act on the mandatory time of presenting yearly budgets to National Assembly started mounting at the weekend, the government on Monday allayed fears by proposing a N26 trillion budget for the 2024 fiscal year. The […]
Apparently concerned about the seeming unwillingness of deposit money banks (DMBs) to settle the accumulated N130 billion USSD debt owed its members, the Association of Licensed Telecoms Operators of Nigeria (ALTON), have threatened to take legal action in order to recover the unpaid Unstructured Supplementary Service Data (USSD), now estimated at N130 billion as of […]
Researchers and investment analysts at Bancorp Securities Limited, one of Nigeria’s leading investment and consulting services providers, have projected that this week the nation’s bourse is expected to experience directional stimulus due to emerging developments in the investment space. Specifically, the analysts in firm’s ‘Weekly Stock Recommendation for Oct 16th-20th 2023’ circulated to our correspondent […]
The chair of the United States’ Securities and Exchange Commission (SEC), Gary Gensler, on Monday urged financial regulators toquickly find a way to manage potential risks posed by the concentration of power in artificial intelligence (AI) platforms to global financial system stability. Gensler warned that without swift intervention, it would become “nearly unavoidable” that AI […]
….As Food Prices Sustain Surging Trend The National Bureau of Statistics (NBS) on Monday reported that in September 2023, the headline inflation rate rose to 26.72% compared to the August 2023 headline inflation rate which stood 25.80%. The Bureau, in its ‘CPI and Inflation Report September 2023’ report published on its website, indicated that […]