The Central Bank of Nigeria (CBN) says Nigerians need to consume what they produce and export the surplus after adding value to it. CBN Governor, Godwin Emefiele said this at the 32nd Seminar organised by the Central Bank of Nigeria, for Finance Correspondents and Business Editors, on Thursday in...
BUSINESS
In furtherance of its role in promoting the sustainability and viability of the Small and Medium-sized Enterprises (SMEs), Nigeria’s premier and leading financial inclusion services provider, FirstBank will by 11:00am on Thursday, 24 March 2022 convene its SMEConnect webinar themed Leveraging Alternative Payment Methods (APMs) to drive revenue for your...
The Federal Executive Council (FEC) has approved N92.1 billion for the construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja. The News Agency of Nigeria (NAN) reports that the Council’s approval came barely 24 hours after the inauguration of the new terminal building at the Murtala...
By JOY ADARA, Abuja – The revenue mobilization of Nigeria and Niger Republic can be improved if the revenue authorities of both countries work together to deepen their relationship, share tax information and engage in mutual administrative assistance. Executive Chairman of the Federal Inland Revenue Service (FIRS), , Muhammad...
By BENJAMIN ORISEMEKE, Abuja – The Federation Accounts Allocation Committee (FAAC), has shared a total sum of N695.033 billion to the three tiers of government for the month of February, 2022. At its virtual meeting held Tuesday, the federal government received N236.177 billion, the states got N190.007 billion, and...
By DAVID IORJA, Abuja – President Muhammadu Buhari on Tuesday directed the Minister of Finance, Budget and National Planning to look for special funding for the second runway of the Nnamdi Azikiwe International Airport, Abuja. Speaking at the inauguration of the new Terminal Building, Murtala Muhammed International Airport, Lagos,...
Senior Vice President of the Africa Finance Corporation (AFC), Mr Fola Fagbule, on Tuesday said that Nigeria ranked high as a destination for foreign direct investment. Fagbule who is the Head of Financial Advisory of AFC, spoke during a plenary session in the 2022 Law Week of Lagos Branch...
President Muhammadu Buhari says the 2.5 billion dollar Dangote Fertiliser Plant in Ibeju Lekki, Lagos, will boost Nigeria’s foreign exchange earnings and accelerate economic growth. The News Agency of Nigeria (NAN) reports that Buhari spoke on Tuesday while inaugurating the three million metric tonnes per annum urea production plant....
By BENJAMIN ORISEMEKE, Abuja – Chairman of the Fiscal Responsibility Commission, Victor Muruako, has said that the Commission helped to raise the Federal Government’s independent revenue to N1.250 trillion in 2021 from N532.903 billion in 2020. The figure for 2021 is the highest independent revenue generated in over eight...
First Bank of Nigeria Ltd. has rewarded 300 customers with the sum of N4 million at the bank’s ongoing Verve Card campaign. The bank said this in a statement issued in Abuja on Monday by its Group Executive, e-Business & Retail Products of FirstBank, Mr Chuma Ezirim. Ezirim said...
The Central Bank of Nigeria (CBN) says it has disbursed over N1.3 trillion to support the provision power supply to Nigerians in the last five years. The CBN Governor, Mr Godwin Emefiele, made the remark at a news conference following a meeting of the Bankers Committee in Abuja on...
The Central Bank of Nigeria (CBN) has projected that the Nigerian economy will grow by 3.24 per cent in 2022, in spite of rising inflationary challenges occasioned by global socio-economic events. Mr Godwin Emefiele, the CBN Governor, made this known on Monday while presenting a communique from the apex...
By BENJAMIN ORISEMEKE, Abuja – Nigeria spent a total of N1.29 trillion on wheat importation in 2021, 71.1 per cent higher than what was spent the previous year, the National Bureau of Statistics (NBS) said on Monday. Nigeria imported durum wheat worth N1.29 trillion in 2021, representing a 71.1...
Personal Finance Basics: Learn How to Start Managing Your MoneyIt is never too late to make a financial fresh start. If you feel that your spending is getting out of control, it is high time you reconsidered money management. Review your annual spending patterns to see where the cash...
By BENJAMIN ORISEMEKE, Abuja – The Central Bank of Nigeria (CBN) on Monday retained Monetary Policy Rates at 11.5 per cent. CBN Governor, Godwin Emefiele during the MPC meeting, also said the apex bank would retained the asymmetric corridor at +100/–700 basis points around the MPR; Cash Reserve Ratio...
By BENJAMIN ORISEMEKE, Abuja – Italian oil company, Eni has announced the resumption of crude and gas exports after it lifted the force majeure it placed on its operations last week. The explosion and a spill on March 14 cut exports of 25,000 barrels per day (bpd) of crude...
By TENEBE ANTHONIA, Lagos – The Chief Executive Officer, Nigerian Exchange Limied (NGX), Temi Popoola has expressed the organization’s interest in grooming the next generation of capital market players. . He disclosed this during a Digital Closing Gong Ceremony to commemorate the 26th Nigeria University Games Association (NUGA) Games...
By BENJAMIN ORISEMEKE, Abuja – To ease transportation stress across the ECOWAS sub region, the African Development Bank (AfDB), has secured $15.6bn for the construction of the Lagos-Abidjan highway corridor. AfDB President Dr Akinwumi Adesina, who made the announcement Thursday at the 2021 Africa Investment Forum virtual boardroom closing...
By BENJAMIN ORISEMEKE, Abuja – Nigeria’s trade balance grew to N1.9 trillion, the worst since NBS started tracking trade performance 12 years ago. In its Foreign trade in goods statistics report for February 2022, the National Bureau of Statistics (NBS) stated that imports stood at N20.8 trillion as at...