The House of Representatives Ad-hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilization of the funds from 2011 has summoned the Chief Executive Officers (CEOs) of the affected 54 insurance companies to make clarification over the alleged non-remittance of N267 billion into the funds, particularly for fiscal 2019 year, The Chairman of […]
The Nigerian equities market closed on bullish sentiment at the end of Tuesday’s trading session as the All-Share Index (ASI), the benchmark index, neared an all-time high, thereby translating to N185 billion gain for investors. According to data from NGX, the market’s supervisory group, the trading indices of Tuesday’s trading represent the single-day all-time-high for […]
The Lagos Chamber of Commerce and Industry (LCCI), one of the leading organized private sector (OPS) groups in Nigeria, has charged the President Bola Tinubu-led administration to adopt prudent fiscal measures to spur the nation’s economic growth in view of the slowdown recorded in the second quarter of this year. The Chamber’s Director-General, Dr. Chinyere […]
The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.51% year-on-year in real terms in the second quarter of 2023, representing 0.2% points higher than 2.31% recorded in Q1 2023 but 1.03% lower compared to 3.54% recorded in the corresponding period of 2022. The statistics agency’s ‘Gross […]
….as NBS adopts global methodology for survey The National Bureau of Statistics (NBS), the coordinating agency for Nigeria’s statistical system, reported on Thursday that the nation’s unemployment rate remarkably dropped from 33.1% reported in March 2021 to 4.1% for the first quarter of 2023. The statistics agency attributed the huge drop in the unemployment rate […]
Apparently miffed by the figures reeled out by JP Morgan, a U.S-based bank with global reputation, as representing Nigeria’s total foreign reserves, the Central Bank of Nigeria (CBN) has flawed the recent estimate of the US bank on Nigeria’s foreign exchange reserves, describing it as a misrepresentation of the actual value of the reserves. The […]
Despite efforts by the monetary authorities to ensure improved value for the Naira at the foreign exchange (FX) markets over the past weeks, the local currency fell as low as N925 against the dollar on Wednesday morning at the peer-to-peer (P2P) market, before moderating to the N905/$ levels at about the noon hours. The depreciation […]
The National Bureau of Statistics (NBS) reported on Monday that the price of Premium Motor Spirit (PMS) also known as petrol surged by 215.95% between July 2022 and July this year. The statistics agency, in its latest ‘Premium Motor Spirit Price Watch’ report for July this year indicated that while Nigerians paid N190.01 per litre […]
The Centre for the Promotion of Private Enterprise (CPPE), one of the leading organized private sector advocacy groups in Nigeria, has advocated some policy options the Federal Government should urgently explore to combat the growing constraints hampering business operations and improved performance of the nation’s economy. A statement issued by the Director/CEO of the group, […]
….as oil production declines 13.6% With fuel consumption rate by consumers continue to plummet by the day following adjustments of their travel schedules occasioned by the fuel subsidy regime, data on petroleum products importation indicated that Nigeria’s fuel imports fell to 106,000 barrels per day (bpd) in July 2023. The drop in volume as reflected […]