Local Nigeria borrowed N6.64tn, serviced debt with N2.93tn in 2021, says DMO March 18, 2022 akintunde The debt management office announced on Thursday that Nigeria’s total public debt stock will rise to N39.56 trillion in 2021 from N32.92 trillion in 2020. The Director-General, DMO, Patience Oniha,…
Local Nigeria Pays Price for First Eurobond Since Start of Ukraine War March 18, 2022 akintunde Nigeria raised $1.25 billion in foreign debt to become one of the first sovereigns to tap the Eurobond market since Russia’s invasion of Ukraine, but the funding came at a…
Local NUPENG cries out as cooking gas price rises again March 18, 2022 akintunde On Wednesday, the Nigeria Union of Petroleum and Natural Gas Workers’ Liquefied Petroleum Gas Retailers Branch expressed concern about the recent increase in the price of Liquefied Petroleum Gas, also…
Local Telcos mull tariff hike as diesel price skyrockets March 18, 2022 akintunde Telecommunica-tions services providers under the aegis of the Association of Licensed Telecoms Operators of Nigeria have said a tariff review for telco services may happen if the rise in the…
Local FG plans new trade policy, 24-hour port operations March 18, 2022 akintunde Three weeks after the war between Russia and Ukraine began, the Federal Government says it is working on a new trade policy with nations under the former Union of Soviet…
Local Federal Government to auction NIMEP to fund mineral exploration March 18, 2022 akintunde Following the sale of its National Integrated Mineral Exploration Project, the Federal Government has announced plans to conduct additional exploration activities in the nation’s mining sector (NIMEP). According to the…
Local FG Urged to Suspend Tax, Levies on Fuel Imports to Curb Inflation March 18, 2022 akintunde Dr Muda Yusuf, Chief Executive of the Centre for Promotion of Private Enterprise (CPPE) and former Director General of the Lagos Chamber of Commerce and Industry (LCCI), has called for…
Business Local AfDB secures $15.6bn for Lagos-Abidjan highway corridor March 18, 2022 akintunde Dr. Akinwumi Adesina, President of the African Development Bank, announces that the bank has secured $15.6 billion for the construction of the Lagos-Abidjan highway corridor, which will improve transportation across…
World Russia Exits Council Of Europe Over Ukraine Invasion March 17, 2022 akintunde Russia ceased to be a member of the Council of Europe on Wednesday, after more than a quarter-century membership in the pan-European rights body, the council said in a statement.…
World COVID-19: UK Removes All Travel Restrictions March 17, 2022 akintunde The United Kingdom has announced that the remaining COVID-19 international travel restrictions for all passengers will be lifted at 4 a.m. on Friday, March 18. The UK government, which made…
Local Deep Blue Project: House Queries NIMASA over Arms’ Procurement March 17, 2022 akintunde The House of Representatives Committee on Navy is currently investigating the legality of the federal government’s $195,300,000 Deep Blue contract with a foreign private company. HLS International Limited, for the…
World EU, IOM Facilitate Return of 500 Stranded Nigerians from Libya March 17, 2022 akintunde The European Union (EU) and the International Organization for Migration (IOM) have announced that they have assisted in the return of over 500 stranded Nigerian migrants to their home country…
Local Banks’ total assets rose by N8.25tn in 2021 – CBN report March 17, 2022 akintunde Total assets of Nigerian banks increased by N8.25 trillion to N59.24 trillion at the end of 2021. As of the end of 2020, the total assets of the country’s lenders…
Local FG halts N600bn electricity subsidy, confirms power tariff hike March 17, 2022 akintunde The Nigerian Electricity Regulatory Commission announced on Wednesday that the Federal Government had discontinued power subsidies totaling approximately N600 billion over a period of time. It also revealed that electricity…
Local Bread, rice record 42%, 48% price hikes in five years –NBS report March 15, 2022 akintunde The average prices of bread and rice in Nigeria have been recording significant increases in the past five years, according to data obtained from the National Bureau of Statistics. A…
Local Blackout as national grid collapses, minister summons emergency meeting March 15, 2022 akintunde Power generation on the national grid collapsed to zero megawatts around 10.40am on Monday, leading to widespread blackout across the country. Different power distri-bution companies alerted their customers about the…
Local TANZANIA: Kenyan textile firm opens Sh5.7bn plant in Zanzibar – (THE CITIZEN) March 15, 2022 akintunde Kenya’s firm Basra Textiles Ltd is setting up a Sh5.7 billion ($51.3 million) factory in Zanzibar as it targets to get a pie of the regions clothes market. It is…
Local FMDQ Exchange admits Coleman’s N6b commercial paper March 15, 2022 akintunde The Coleman Wires and Cables (Coleman Technical Industries Limited) N6.05 billion Series 3 and 4 Commercial Paper (CP) has been admitted for listing on the FMDQ Securities Exchange Limited (FMDQ…
Local NDPHC Seals Power Purchase Deal with APL Electric, Eko Disco March 15, 2022 akintunde The Niger Delta Power Holding Company (NDPHC) has signed a Power Purchase Agreement (PPA) with APL Electric Company Limited (APLE), the Abia State electricity distribution company with a franchise to…
Local Access Bank finalises transition to holdco March 15, 2022 akintunde Access Bank Plc is concluding arrangements for its transition from a commercial banking group to a holding company (holdco). In a regulatory filing at the weekend, Access Bank confirmed that…
Local Higher oil prices will increase subsidy cost, fitech tells Nigeria March 15, 2022 akintunde Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default rating at ‘B’ with a stable outlook. It disclosed this in its latest report released on Monday titled ‘Fitch affirms Nigeria…
Local Convention: Micro-zoning Tearing APC Apart Amid Leadership Crisis March 15, 2022 akintunde The crisis in the ruling All Progressives Congress (APC) over the zoning of national offices, ahead of the party’s national convention scheduled for March 26, has shifted to the zones.…
Africa UGANDA- Bank interest rates may have to raise to fight inflation, says experts March 14, 2022 akintunde The bank of Uganda may gradually embark on monetary policy tightening to tame swelling inflation pressures in the economy. Monetary policies are set by the BOU with a future projection…
Local Opinion Experts advocate databank of indigenous technologies for SDGs March 14, 2022 akintunde The National Centre for Technology Management has emphasised the need to develop a databank of indigenous technologies that address sustainable development. The Director-General Prof Okechukwu Ukwuoma said this would enable…
Local Opinion NAICOM targets N6trn GPI by 2030 March 14, 2022 akintunde Barring unforeseen circumstances of pandemic proportions, the National Insurance Commission (NAICOM) has projected the insurance industry Gross Premium Income (GPI) to grow from N630 billion in 2021 to N6 trillion…
Local Nearly 4.5 million Nigerians lack food security, says IMF March 14, 2022 akintunde The International Monetary Fund estimates that the number of Nigerians lacking food security increased from about 2.5 million as of December 2019 to about 4.5 million as of September 2021.…
Investing Local Investments in Economic Zones Hits $20bn in 30 Years, Says Minister March 14, 2022 akintunde The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, has said total cumulative investments in the country’s Free Economic Zones was about $20 billion over its 30 years of…
Africa The Foschini Group acquires Tapestry Home Brands from Actis and Westbrook Investments March 14, 2022 akintunde Actis, Westbrook Investments and other shareholders agreed to sell their entire interest in Tapestry Home Brands, a South Africa-based home furnishings company, to Johannesburg-listed The Foschini Group for US$150 million.…
Energy Local Technology Schneider Electric develops micro grid solutions to boost energy transition March 14, 2022 akintunde As part of efforts to support Nigeria’s commitment towardsnet-zero carbon emission, Schneider Electric has introduced a new range of micro-grid solutions. The micro-grid solutions were introduced to the Nigerian market…
Africa Agriculture Govt Mulls Reinstating Fertilizer Indicative Price March 14, 2022 akintunde TANZANIA Fertilizer Regulatory Authority (TFRA), has warned traders against hiking fertilizer prices for more than 50 per cent, noting that the government is considering reinstating indicative price for the product.…
