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 […]
Planning & Economic Development
NPA Secures $700Mn Loan For Apapa, Tin Can Ports’ Rehabilitation
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 […]
CBN Revises Banks’ Loan-to-Deposit Ratio To 50%
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 Customs Surpasses Revenue Target By 139% In Q1 2024
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 E-Payment Transactions Surge By 89% In Q1 2024
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 […]
NESG Holds 2024 AGM, Reappoints Board Of Directors
The Nigerian Economic Summit Group (NESG) held its Annual General Meeting (AGM) on Tuesday in Lagos to review the year ended December 31st 2023. Speaking at the meeting which featured the presentation of the group’s year-end financial statement and re-appointment and ratification of its board directors, Chairman of the Board of Directors of the NESG, […]
Alleged Unremitted Funds: Reps Give SEC, FRC 21-Day Ultimatum To Reconcile Accounts
The House of Representatives Public Accounts Committee has advised the Securities and Exchange Commission (SEC) and Fiscal Responsibility Commission (FRC) to amicably resolve the differences on the alleged non-remittance of over N45 billion to the Consolidated Revenue Fund. Following defences put up by the SEC and FRC during the public hearing on leakages of government […]
Tinubu Inaugurates National Single Window Steering Committee
In furtherance of its current fiscal reforms drive to optimize revenue generation and enhance ease of doing business in the country, President Bola Tinubu, on Tuesday, inaugurated a steering committee to drive an initiative called the National Single Window Project (NSWP). Speaking while inaugurating the committee at the Presidential Villa, Tinubu said the initiative was […]
IMF Forecasts 26% Average Inflation Rate For Nigeria In 2024
The International Monetary Fund (IMF) on Tuesday predicted that Nigeria’s inflationary pressure will ease to 26% this year. The Bretton Woods institution made the prediction during its presentation of global projections from its World Economic Outlook at a news conference in Washington DC. Speaking during a press conference, Division Chief of the Research Department at […]
CSO Lauds NCC CEO’s Reform Strides In Telecoms Sector
The Citizens Watch Africa (CWA) has commended the Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Dr Aminu Maida, on his efforts towards improving the nation’s telecommunications sector since his assumption of office. The convener of the group, Dave Ogbole, during a media briefing on Tuesday, said Maida had introduced commendable reforms that have not […]