Despite sundry reform initiatives of the President Bola Tinubu-led administration to revitalize the nation’s economy, latest forecast from the International Monetary Fund (IMF) indicated that Nigeria’s economy continued its unimpressive performance, dropping into the fourth position in Africa economies’ ranking chart. This is coming barely two years after it was ranked as Africa’s largest economy […]
Cocoa prices have doubled as extreme weather has negatively affected supply, thereby hitting a new high of over $10,770 a ton on Thursday. Industry analysts attribute supply stress to the price gains, with more to come as Nigeria prepares for flooding. Experts have predicted production to fall short of demand by 374,000 metric tons this […]
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total sum of N7,314,129,314,386.08 accrued into the Federation Account in fiscal year 2023. The figures were contained in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) titled “CBN Federation Account Component Statement”. In a […]
The latest report by the National Bureau of Statistics (NBS) and the International Labour Organisation (ILO) released on Thursday indicated that over 24 million Nigerian children between the ages of 5 to 17 were engaged in child labour. According to the report titled ‘Nigeria Forced Labour Survey 2022’ a total of 24,673,485, representing 39.2% of […]
…As Comprehensive Income Surges By 1,122% In FY 2023 The Nigeria Sovereign Investment Authority (NSIA) on Thursday restated its continued commitment to strong corporate governance, accountability, transparency and inclusion of critical stakeholders in its continued strive to improve the nation’s infrastructure for improved performance of the economy and value-addition to socioeconomic well-being of the […]
The Federal Government has assured that Nigerians and the global community that it will continue to highlight the progress made so far in its current drive to grow the Nigerian economy in order to attract more foreign investment into the country for socioeconomic well being of the citizenry. The Minister of Finance and Coordinating Minister […]
The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko, on Wednesday signed the Mandate Letter to secure a $700m Citibank loan to be funded by the UK Export Finance, UKEF. The loan, if eventually formalized, will be used to fully rehabilitate the Apapa and TinCan Island Ports to enable them accommodate modern cargo handling equipment […]
The Central Bank of Nigeria (CBN) has issued a new directive to all Deposit Money Banks (DMBs) in the country on the reduction of their loan-to-deposit ratio (LDR) to 50% as part of its ongoing regulatory measures introduced in response to evolving economic conditions in the country. The latest adjustment of the LDR by the […]
Tin Can Island Command of the Nigeria Customs Service (NCS) has reported revenue collections in the first quarter of this year totalling N303.9 billion, representing about N177.1 billion above the N126.9 billion it raked in the corresponding quarter of 2023. Available statistics on the Command’s revenue profile for the quarter under review based on a […]
Nigeria’s electronic payment transactions value rose to N234.4 trillion in the first quarter this year, indicating that more Nigerians and businesses are exploring the opportunities availed by technologies to conduct their operations. The latest data from the Nigeria Inter-Bank Settlement System (NIBSS) on e-transaction trends in the economy reflected that the Instant Payment (NIP) value represented […]