Nigeria’s pension fund assets grew to N14.99 trillion as of December 2022, representing a 11.7% growth or N1.5 trillion compared to N13.42 trillion recorded in 2021. The latest Pension Industry report published by the National Pension Commission (PenCom) indicated that 11.7% growth recorded in year 2022 was 40.2% higher than the N1.12 trillion increase recorded in […]
The Securities and Exchange Commission (SEC) Nigeria has stressed the need for more investments, especially from the organized private sector (OPS), to boost trading in the nation’s commodities ecosystem. The SEC Director-General, Mr. Lamido Yuguda, made this remark during a media chat shortly after the commissioning of the 32 metric tonnes per hour Lagos Rice […]
TradeMark East Africa, one of the world’s leading aid for trade organisations, has today rebranded to TradeMark Africa (TMA) and simultaneously officially launched its West Africa operations. Founded in 2010 in Kenya, today marks TradeMark Africa expansion from its previous core operational area of East Africa and the Horn, to also support countries in West […]
Moody’s Investors Service (‘Moody’s’) has downgraded Federal Government of Nigeria’s long-term foreign-currency and local-currency issuer ratings and its foreign currency senior unsecured debt ratings to Caa1, from B3 and changed the outlook to stable. Last October, the world’s leading ratings firm downgraded Nigeria’s local and foreign currency long-term issuer ratings as well as its foreign […]
…..flaws CBN’s 10-day extension of deadline The Centre for the Promotion of Private Enterprise (CPPE), a leading private sector advocacy group in Nigeria, has expressed serious concern that the failure by the Central Bank of Nigeria (CBN) to extend the deadline for the ongoing currency swap could put N100 trillion component of the […]
The National Bureau of Statistics (NBS), Nigeria’s national statistical system coordinating agency, has reported that consumers paid more for select food items in December 2022, despite the slowdown in the Consumer Price Index (CPI) during the month. The Bureau, in its ‘Selected Food Price Watch for December 2022’ reported that in the month under review, […]
After weeks of mounting tension in the public following the Central Bank of Nigeria’s (CBN’s) insistence that its January 31 deadline set for the full withdrawal of old N200, N500 and N1,000 from circulation remains sacrosanct, the apex bank on Sunday disclosed that President Muhammadu Buhari had approved the extension of the deadline to 10 […]
The United States Consul-General in Nigeria, Mr. Will Stevens, on Thursday restated the commitment of the U.S. government to supporting programmes that will drive Nigeria’s digital transformation. Stevens, who made this remark in his keynote remarks at the official opening of Digital Expert Academy on the theme ‘Technology as an Enabler and Tool for Empowerment’ […]
The Nigerian Exchange (NGX) closed positive on Thursday as bulls took control of the trading session, thereby marginally driving the local bourse’s performance upswing. At the end of the stock buying and selling session, the All-share Index (ASI) appreciated by 0.29% to close at 52,752.96 points just as the market capitalization grew by N84 billion […]
Shell Plc is reportedly considering selling its UK energy supply business after injecting £1.2 billion into the loss-making division to help it cope with rocketing gas and electricity prices. News report on Thursday from The Telegraph, UK-based newspaper, quoted the company as saying that it has launched a strategic review of the business, which supplies […]