Nigeria’s Inflation Rises To 15.75%, Highest Since 2017
The inflation rate in Nigeria jumped in December to its highest level in more than three years, data released on Friday by the National Bureau of Statistics showed. Inflation stood at 15.75 per cent in January, compared with 14.89 per cent in December, marking the 16th straight month of increases. The consumer inflation rate in December was the highest since November...
Nigeria Has Lost N700 Billion In 12 Days Of #ENDSARS Protest – LCCI
The Lagos Chamber of Commerce and Industry (LCCI) says the Nigerian economy has lost N700 billion in 12 days due to the ongoing #EndSARS protests. There have been protests nationwide against the brutality of the special anti-robbery squad(SARS) of the police force. In a statement on Monday, Toki Mabogunje (pictured), LCCI president, said the protests have crippled economic activities in the...
Reps Moves Legalise Use Of Indian Hemp, Cites Economic Benefits
The House Of Representatives is set to legalise the use of Indian Hemp in the country for economic benefit. Spokesperson of the House of Representatives, Hon. Benjamin Kalu said this during a press conference on the benefits and opportunities of Cannabis in Akure, Ondo state capital Kalu said that the House of Representatives has concluded an arrangement to organize a two-day...
Gov. Ikpeazu Launches ‘Easy-Credit’ To Grant Abia Traders, Artisans Access To Funding
As part of efforts to boost small and medium sized businesses in Abia as well as stimulating economic growth, the State governor, Okezie Ikpeazu has unveiled Easy-Credit, a product of the Abia SME Microfinance Bank Limited. The product seeks to provide access to funding to Mico SMEs, particularly Traders, Artisan, and Enterprenus at single digit interest rates . At the product...
Nigeria To Pay More For Petrol Subsidy As Oil Prices Hit Two Month High
Oil prices continued their surge yesterday, hitting a two-month high amid projections that lack of production capacity and limited investment in the sector could lift crude between $90 and $100 a barrel this year. Specifically, tight supply and easing concerns about the potential hit to demand from the Omicron combined to jack up prices as Brent sold for $85.04 a...
Buhari Jets Out To Portugal, To Take Part In UN Ocean Conference
President Muhammadu Buhari will on Tuesday, June 28, depart Abuja on a State Visit to Portugal at the invitation of President Marcelo Rebelo de Sousa. The President, who will hold official talks with his Portuguese counterpart will be conferred with ...
Refineries Can’t Start Working Now — Kyari
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the country’s moribund refineries cannot be quickly restored. Speaking in Abuja on Tuesday when he appeared before the House of Representatives ...
Saraki warns NBC over court order on AIT, Ray Power FM
Senate President, Dr. Abubakar Bukola Saraki, has called on the National Broadcasting Corporation (NBC), to immediately obey the court order granted by the Federal High Court in Abuja, which called for the maintenance of status quo as of May 31, 2019, pending the determination of a motion filed by DAAR Communications PLC, owners of Raypower Radio and African Independent...
More borrowing, a sign of liquidity problems in smaller banks – Experts
The Chief Economist/Head, Investment Research of PanAfrican Capital Holdings, Mr Moses Ojo, attributed the increase in the SLF to the low liquidity of some of the commercial banks. He noted that most tier-three commercial banks had borrowed heavily from the apex bank to square up their daily business activities. He said, “The factors that accounted for this is mainly the low...
FG earned N5.04tn from oil sale in 11 months – CBN
Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period. A breakdown of the N5.04tn oil...
