BUSINESS
Nigeria Expands Economic Relations With Germany To Create Jobs, Investments
The Nigerian Federal Government is fortifying its relationship with Germany in an effort to encourage foreign direct investment and boost economic expansion. The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, disclosed this on Tuesday while welcoming a delegation from the IHK Giessen-Friedberg Chambers of Commerce and Industry of Germany. The delegation’s visit aims to enhance Nigeria’s economic relations with...
Naira Depreciates 1.4% Amid CBN’s FX Sales Deadline Extension
At the official market on Monday, the value of the naira dropped, trading at N1,495.60 to the US dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the naira lost N20.82. This represents a 1.4 percent loss when compared to the previous trading day on Friday, Jan. 31, when the local currency closed trading at N1,474.78 to...
FG Urged To Embrace Asset-Based Financing For Economic Growth
The Federal Government (FG) of Nigeria has been advised to switch from its current output-based financing model to an asset-based one in light of its goal to grow the nation's economy to a $1 trillion value by 2030. Renowned economist and Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, who gave the advice in a keynote address at the...
Dangote Refinery Reduces Petrol Price To N890 Per Litre, Offers Relief To Nigerians
In a move expected to ease the financial burden on Nigerians, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective Saturday, February 1, 2025. The refinery announced via its official X (formerly Twitter) handle on Saturday evening, attributing the price cut to...
Nigeria’s Electronic Transactions Surge To N1.08qd In 2024, Up 79%
Nigeria's electronic transaction value hit a record high of N1.08 quadrillion in 2024, up 79 percent from the previous year. This is according to the latest data from the Nigeria Inter-Bank Settlement System on NIBSS Instant Payments. NIBSS Instant Payments is an account-number-based, online, real-time interbank payment solution developed in 2011 by NIBSS. It guarantees instant value to the beneficiary. An analysis...
CBN Announces Fee Waiver For Bureau De Change License Renewal In 2025
The 2025 license renewal fee for all bureau de change (BDC) operators has been waived by the Central Bank of Nigeria (CBN). Jonah Onojah, the director of the financial policy and regulation department, recently announced the development, saying the waiver took immediate effect. The statement reads, “This is to inform all existing bureaux de change that, further to the Regulatory and Supervisory...
Africa’s Economic Policies Rely On Borrowed Concepts — Moghalu
Kingsley Moghalu, the president of the African School of Governance and a former deputy governor of the Central Bank of Nigeria, has criticized Africa's economic strategies for lacking originality and philosophical depth. Speaking on the theme “Leadership in Africa” during the Toyin Falola interviews on Monday, Moghalu condemned the reliance on ineffective, borrowed ideas from the West that fail to...
World Bank Sanctions Two Nigerian Firms, CEO Over Corruption
The World Bank Group has imposed a 30-month debarment on two Nigerian companies, Viva Atlantic Limited and Technology House Limited, as well as their Managing Director and CEO, Mr. Norman Didam, for engaging in fraudulent, collusive, and corrupt practices related to the National Social Safety Nets Project in Nigeria. In a statement issued on Monday, the World Bank disclosed that...
CBN Imposes N1.35bn Fine On 9 Banks Over ATM Cash Dispensing Failures
Nine banks were fined N1.35 billion by the Central Bank of Nigeria (CBN) yesterday for not allowing Naira notes to be used at automated teller machines (ATMs) during the Yuletide season. According to the apex bank, the fines were imposed on the banks to demonstrate zero tolerance for cash flow disruptions. Each bank was fined ¦150 million for non-compliance, in line...
Fubara Signs ₦1.1trn Rivers 2025 Budget Into Law, Says Only One House Of Assembly Exists
Rivers State Governor, Siminalayi Fubara, has signed the ₦1.1 trillion 2025 Budget into law. Fubara, in a speech after signing the bill into law on Thursday, January 2, 2025, thanked the Victor Oko-Jumbo-led State Assembly for doing a good job. The governor insisted that the only House of Assembly existing in the state was the one led by Oko-Jumbo. The governor made...
