The World Bank Group on Thursday reported that although Nigeria is the largest mobile market in Sub Saharan Africa (SSA) with a strong mobile broadband infrastructure and a vibrant digital entrepreneurial ecosystem, the lack of infrastructure and connectivity in the country’s rural areas is a key challenge. The Breton Woods institution disclosed this during the […]
Tag: banking
Senate Tasks FG On Oil Sector Operations’ Computerization
The Senate has advised the President Muhammadu Buhari-led government to initiate the process of computerising the nation’s oil sector in line with industry’s best practices globally. The upper chamber of the Legislature pointed out that computerization of the hydrocarbon resources industry would curb the multifaceted challenges associated with the oil and gas production, transportation and […]
OAuGF, Finance Ministry Seal LoU On SFTAS Programme
The Office of the Auditor-General for the Federation (OAuGF) and the Federal Ministry of Finance Budget and National Planning have signed a Letter of Understanding (LoU) singalling the formal launching of the State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme. The SFTAS is a $750m programme of the Federal Government to reward states for meeting […]
Nigeria Accounts For Over 60% Of Yam Production Globally – FAO
The Food and Agricultural Organization (FAO), has ranked Nigeria as one of the world’s largest producers of yam, accounting for about 64% of the food crop produced globally. The Permanent Secretary, Federal Ministry of Agriculture and Rural Development (FMARD), Dr. Mohammed Bello, disclosed this in Abuja at the National Awareness Workshop on Yam, organized by […]
FG Tasks States On Alternative Revenue Generation Options
The Minister of State Budget and National Planning, Prince Clement Agba, has charged state commissioners of budget and economic planning to devise alternative ways of revenue generation to ensure sustainable development of the nation’s economy. The Minister gave this charge at the Forum of Commissioners of Budget and Economic Planning, Community of Practice (CoP) meeting […]
Senate Seeks Improved Funding For Border Communities’ Devt Agency
The Senate has urged the Federal Government to improve funding for the Border Community Development Agency (BCDA) to mitigate the communities’ under-development and improve the welfare of people living in border communities. The call for funding of BCDA was sequel to a motion sponsored by Sen. Sadiq Suleiman and co- sponsored by 21 other senators […]
CBN Retains MPR, Other Rates To Sustain Economy’s Growth Trajectory
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday retained the Monetary Policy Rate (MPR) at 13.5 percent, leaving other monetary rate parameters, including the asymmetric corridor at +200/-500 basis points around the MPR; the Cash Reserve Ratio (CRR) at 22.5 per cent, and Liquidity Ratio at 30 percent. The […]
EITI Commends NNPC On Timely Publication Of Financial, Other Reports
The Extractive Industries Transparency Initiative (EITI), an organization championing the cause of transparency and accountability in the global extractive industry, on Monday lauded the Nigerian state-owned oil company, the Nigerian National Petroleum Corporation (NNPC) on timely publication of its financial and other operations’ reports. It therefore urged other public companies in the country to emulate […]
NSE Index Up 0.16% As Bulls Sustain Hold On Market
The Nigerian capital market investors started trading bullishly on Monday with the Nigerian Stock Exchange’s All Share Index (ASI) rising by 0.16 percent or 16 bases points over the last trading’s ASI to close at 27,035.78 points. Largely, the positive trend in the index was buoyed by gains recorded by some blue chip stocks, including […]
Nigeria’s Imported Capital Value Dips -7.78% In Q3
The National Bureau of Statistics (NBS) on Monday reported that the total value of capital importation into Nigeria in the third quarter of this year (July-Sept 2019) stood at $5,367.56 million, representing a – 7.78% drop from the value of capital imported in the preceding quarter. However, when compared with the value of capital imported […]