Nigeria Considers Equity Fund To Boost Growth, Stem Poverty
ABUJA — Nigeria is considering the set up of a private equity fund as part of its effort to fight poverty in Africa’s most populous nation and has asked a…
Nigeria Faces Import Crisis As Reserves Hit 13-Month Low
Nigeria’s economy could be leaning against the wind as the country’s external reserves fell to a 13-month low last week, tumbling quickly to $30 billion, the level it was between…
Apple Warns Of The Perils Of Installing Rogue Apps Ahead Of Antitrust Debate In Congress
Apple argued Wednesday that allowing iPhone users to install software from outside its App Store — a practice called sideloading — would open up its customers to ransomware, pirated software…
Oil Loses Steam With Traders Eyeing OPEC+ Supply Hike
Oil declined as investors assessed reports that Russia and other OPEC+ nations are considering increasing production. Futures in New York fell as much as 1% on Tuesday and Brent crude…
Highlights From World Bank’s Development Update On Nigeria
According to the World Bank’s recently published development update on Nigeria titled “Resilience through Reforms“, a number of factors led to Nigeria reporting a smaller GDP contraction of -1.8% in…
Nigeria Earned $34 Billion From Gas, Oil In 2019 – NEITI
Nigeria realised $34.22 billion from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed in its latest audit report. The report showed the…
Nigerian President Tells MTN To Slash Data Tariffs, Improve Quality Of Service
Ghana’s biggest cocoa harvest in a decade is spurring record domestic borrowing by the industry regulator of the world’s no. 2 cocoa producer. Ghana Cocoa Board has sold 11.7 billion…
U.S. Dollar Faces Volatile Week As Fed Policy Makers Line Up To Speak
The dollar faces a week of volatile trade as a slew of Federal Reserve speakers and U.S. inflation data test investors trying to gauge the pace of monetary tightening. St.…
An Oil Market Guide To What’s Next In Iran’s Nuclear Talks
Iran is set to usher in a new government headed by Ebrahim Raisi, an ultraconservative cleric wary of engaging with the U.S. His overwhelming victory in Friday’s presidential election —…
Emirates Suspends Nigeria Passenger Flights Until Further Notice
Dubai’s flagship carrier Emirates has announced a suspension of flights to and from Nigeria from June 21, 2021. “In line with government directives, passenger flights to and from Nigeria (Lagos…
China’s PBOC Orders Alipay, Banks Not To Assist Crypto Business
China said Monday it had ordered domestic banks and Ant Group Co. payment platform Alipay not to provide services linked to trading of virtual currencies, tightening the reins on the…
Lubricants Import Hits $500m, Hikes Maintenance Cost By 300%
Lack of refining capacity in Nigeria for basic fuels and other petroleum products has left the nation dependent on the importation of lubricants, with yearly expenditure likely to exceed the…
Nigeria Loses $2.2b From Untapped Non-Oil Exports
The total untapped export potential for Nigeria’s non-oil exports stands at $2.2 billion, according to International Trade Centre (ITC) Export Potential Map. Information sourced by The Nation shows that Nigeria’s…
Nigeria May Earn N462bn From EMT Levy In 2021 – World Bank
The World Bank has said Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021. The multilateral institution said this in…
CBN Digital Currency’ll Deepen Financial Inclusion, Says FDC
Analysts at Financial Derivatives Company Limited, led by financial expert Bismarck Rewane, have said the planned introduction of a digital currency will deepen financial inclusion in the country. They said…
Average Airfare Increases By 18.90% In May – NBS
The National Bureau of Statistics (NBS) has said the average fare that air passengers paid for specified route single journey increased by 18.90 per cent year-on-year to N36,552.70 in May…
Remittances To The Rescue
A period of crisis like the COVID-19 pandemic is not the best time for countries to expect diaspora remittances. Although remittances were initially stalled by the pandemic, the World Bank…
Should Rising Oil Prices Be A Problem For Nigeria?
Energy Recently, the GMD, Nigerian National Petroleum Corporation, Mallam Mele Kyari, asked Nigeria not to rejoice at the rising prices of crude oil. As a person when the price of…
Bitcoin Tumbles 10% In Wake Of Deepening China Crackdown
Bitcoin tumbled almost 10% on Monday as recent volatility in the cryptocurrency market showed no signs of dampening down, with market players citing jitters over China’s expanding crackdown on bitcoin…
Naira Losing Strength As Ex-CBN Director Faults New FX Measures
The naira is losing its resistance against the dollar a few days after it gained some margin at the parallel market. At the weekend, the naira retreated to about N498/$…
Emerging-Market Bulls Pin Currency Hopes On Hawks Outpacing Fed
Emerging-market currencies hit by a hawkish Federal Reserve could soon regain their record run against the dollar on expectations that developing central banks may outpace their U.S. counterpart in policy…
West African Regional Bloc Adopts New Plan To Launch Single Currency In 2027
A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.…
Bank Of Canada To Break Sequence Of Lower Terminal Rates As Governments Splurge
With fiscal spending booming and households flush with cash, investors are betting that the Bank of Canada’s next tightening cycle, expected to begin in 2022, will result in interest rates…
Nigeria’s Oil Industry Is Struggling To Win Back Investors
Long overdue government legislation must come into place in Nigeria if the country hopes to reform its oil industry to make it more accessible for international players and win back…
Covid-19: Dubai Flight Restrictions Relaxed For Nigerians
Restrictions on direct flights between Nigeria and the United Arab Emirates caused by the use of rapid COVID-19 tests has been lifted. This was announced by UAE authorities on Saturday…
Proposed Introduction Of Digital Currency Excites Nigerians
The undoubted groundswell of support for the introduction of digital currency by the Central Bank of Nigeria (CBN) after many years of dithering has been greeted with loud applause by…
Coinbase-backed Crypto Trading Firm Hits $1 Billion Valuation After Fresh Funding
Amber Group, a cryptocurrency financial services firm, has raised $100 million as investors rush to back companies in the industry. The fresh funding round values the Hong Kong-based start-up at…
Ex-Facebook VR Exec Says He’ll Turn U.S. Troops Into ‘Invincible Technomancers,’ Just Raised $450 Million
Anduril founder Palmer Luckey announced Thursday that his start-up has raised an additional $450 million in funding, which will be used to “turn allied warfighters into invincible technomancers.” The company…
Govt Removes Evans PLC, 3 Others From Stock Listing
The board of the Nigerian Stock Exchange, NGX, on Monday, announced the removal of Evans Medical Plc, Nigerian-German Chemicals Plc, Roads Nigeria Plc and Unic Diversified Holdings Plc from the…
Agricultural Imports Hit N3.1trn In 2 Years As Food Prices Surge
The rise in agricultural imports has continued unabated despite hundreds of billions of naira in funding backed by the Central Bank of Nigeria’s initiatives, rising by 140 per cent year-on-year…