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The International Monetary Fund (IMF) is set to boost Nigeria’s foreign exchange reserves with $3.35bn following the rollout of its special drawing right (SDR). Under the special drawing right, the IMF is setting aside $650 billion to provide liquidity to countries to help plug external reserves holes and curtail reliance on domestic and external facilities.…
August 24, 2021
Following ongoing moves to implement the Petroleum Industry Act (PIA) expected to fully deregulate the downstream oil sector, the Petroleum Products Pricing Regulatory Agency, (PPPRA) has said petrol price would be adjusted in a way that it would not cause hardship on consumers. The Executive Secretary, PPPRA, Mr Abdulkadir Saidu, who said this in a…
August 23, 2021
The international oil benchmark, Brent crude, dipped to its lowest since May on Thursday. The prices went on a free fall because of demand fears and the decision of the United States Federal Reserve to suspend its bond-buying programme. The decline is coming with the recent spread of the delta variant of the COVID-19 and…
August 20, 2021
Dr Aniefiok Umoren, Zonal Coordinator, South-South and South-East, Development Finance Activities, Central Bank of Nigeria (CBN), says Small and Medium Scale Enterprises (SMEs) have the potential to reduce unemployment in the country. Umoren who disclosed this in a meeting organised in collaboration with the Cross River Government and the Chamber of Commerce in Calabar on…
August 19, 2021
The Central Bank of Nigeria (CBN) has gotten permission from the Federal High Court in Abuja to freeze 86 accounts of some companies and individuals over their alleged involvement in fraudulent foreign exchange (FOREX) activities. CBN says these activities are negatively affecting the value of the Naira. The request was filed by former Attorney-General of…
August 18, 2021
The Minister of Finance, Mrs Zainab Ahmed, has appeared before the House of Representatives Committee on Finance to give an overview of 2021 fiscal outcome. She also gave an update on the 2021 budget implementation. The minister gave the update during the 2022 the 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper(MTEF/FSP) Committee interactive session on Monday…
August 17, 2021
Mr Emmanuel Akinwunmi, the Principal Private Sector Specialist, African Development Bank (AfDB) says industrialisation process in Africa is hampered by lack of infrastructure and competitiveness. Akinwunmi made this observation at inauguration of the Local <span;>Organising Committee (LOC) on the Nigeria Industrialisation Summit, on Friday, in Abuja. The summit is being organised by Madewell Garment Ltd.,…
August 14, 2021
The Lagos House of Assembly says it only approved Gov. Babajide Sanwo-Olu’s request to convert the $53.9 million Lagos Concession Company (LCC) private loan to a public sector loan. The Chairman House Committee on Finance, Mr Rotimi Olowo (Shomolu Constituency 1), made the clarification in Lagos on Thursday. The News Agency of Nigeria (NAN) reports…
August 12, 2021
The Federal Government of Nigeria has announced that the ban on operations on micro blogging platform, Twitter, will be lifted “in a matter of days”. This was made known by the Minister of Information and Culture, Alhaji Lai Mohammed after the week’s virtual Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo…
August 11, 2021
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The International Monetary Fund (IMF) is set to boost Nigeria’s foreign exchange reserves with $3.35bn following the rollout of its special drawing right (SDR). Under the special drawing right, the IMF is setting aside $650 billion to provide liquidity to countries to help plug external reserves holes and curtail reliance on domestic and external facilities.…
August 24, 2021
Following ongoing moves to implement the Petroleum Industry Act (PIA) expected to fully deregulate the downstream oil sector, the Petroleum Products Pricing Regulatory Agency, (PPPRA) has said petrol price would be adjusted in a way that it would not cause hardship on consumers. The Executive Secretary, PPPRA, Mr Abdulkadir Saidu, who said this in a…
August 23, 2021
The international oil benchmark, Brent crude, dipped to its lowest since May on Thursday. The prices went on a free fall because of demand fears and the decision of the United States Federal Reserve to suspend its bond-buying programme. The decline is coming with the recent spread of the delta variant of the COVID-19 and…
August 20, 2021
Dr Aniefiok Umoren, Zonal Coordinator, South-South and South-East, Development Finance Activities, Central Bank of Nigeria (CBN), says Small and Medium Scale Enterprises (SMEs) have the potential to reduce unemployment in the country. Umoren who disclosed this in a meeting organised in collaboration with the Cross River Government and the Chamber of Commerce in Calabar on…
August 19, 2021
The Central Bank of Nigeria (CBN) has gotten permission from the Federal High Court in Abuja to freeze 86 accounts of some companies and individuals over their alleged involvement in fraudulent foreign exchange (FOREX) activities. CBN says these activities are negatively affecting the value of the Naira. The request was filed by former Attorney-General of…
August 18, 2021
The Minister of Finance, Mrs Zainab Ahmed, has appeared before the House of Representatives Committee on Finance to give an overview of 2021 fiscal outcome. She also gave an update on the 2021 budget implementation. The minister gave the update during the 2022 the 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper(MTEF/FSP) Committee interactive session on Monday…
August 17, 2021
Mr Emmanuel Akinwunmi, the Principal Private Sector Specialist, African Development Bank (AfDB) says industrialisation process in Africa is hampered by lack of infrastructure and competitiveness. Akinwunmi made this observation at inauguration of the Local <span;>Organising Committee (LOC) on the Nigeria Industrialisation Summit, on Friday, in Abuja. The summit is being organised by Madewell Garment Ltd.,…
August 14, 2021
The Lagos House of Assembly says it only approved Gov. Babajide Sanwo-Olu’s request to convert the $53.9 million Lagos Concession Company (LCC) private loan to a public sector loan. The Chairman House Committee on Finance, Mr Rotimi Olowo (Shomolu Constituency 1), made the clarification in Lagos on Thursday. The News Agency of Nigeria (NAN) reports…
August 12, 2021
The Federal Government of Nigeria has announced that the ban on operations on micro blogging platform, Twitter, will be lifted “in a matter of days”. This was made known by the Minister of Information and Culture, Alhaji Lai Mohammed after the week’s virtual Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo…
August 11, 2021
