Ghana Saved $300million On Energy Programme.
In 2021, the government avoided giving utilities in the energy industry $300 million in credit. The credit arose from agreements made by the government to distribute tariff income to participants…
Oil Drops To $86 Per Barrel.
When compared to the number of operational rigs in July 2022, statistics from the September 2022 Oil Market Report of OPEC showed that an oil rig in Nigeria was idle…
Air Canada Purchases Aircraft From Heart Aerospace In An Effort To Combat Climate Change.
As more airlines adopt cutting-edge technologies to save pollution and fuel costs, Air Canada (AC. TO) announced it would purchase 30 battery-powered regional aircraft from Heart Aerospace, marking the company’s…
Interest Rates Will Rise, According To MPC Analysts
Since September 2020, the Monetary Policy Rate (MPR) has remained at 11.5 percent. In order to increase access to funds and limit the consequences on COVID-19, it was decreased by…
PenCom Approves Using The RSA Balance For A Mortgage.
The Nigerian Pension Commission (PenCom) has declared that pension contributors who are currently employed are now officially permitted to use 25% of the remaining funds in their Retirement Savings Account…
According To AfDB, Nigeria Needs Assistance To Reduce Its Debt Burden.
Economic and financial experts have expressed grave concerns about Nigeria’s soaring debt load; which has posed a severe threat to the country’s economy as a result of the country using…
Buhari Claims That The Nigerian Economy Is Ready For Further Investment.
Buhari praised the Nigerian military for making great strides in the battle against insecurity; and for generating momentum in reducing the difficulties to their bare minimum. He expressed his happiness…
World Bank Warns That Rate Increases Could Lead To A Recession.
Nigeria and other developing nations have been cautioned by the World Bank Group that raising interest rates simultaneously in response to rising inflationary pressure could result in a worldwide recession…
The US Fed Increases Interest Rates By 0.75%.
The baseline interest rate set by the US Federal Reserve has increased by 0.75 percentage points. New predictions indicate that the Fed’s target policy rate will increase to a range…
Nigeria Seeks OECD Membership To Increase Seed Exports.
Plans have been in place by Nigeria’s National Agricultural Seeds Council (NASCC); to admit Nigeria as a full member of the Organization for Economic Cooperation and Development (OECD). The OECD…
Toyota’s Upcoming Vehicle Release In October Will Be Hampered By Chip Shipping.
In October of last year, when the COVID-19 epidemic caused supply components in Southeast Asia to be in disruption; Toyota produced 627,452 automobiles globally. Due to a scarcity of semiconductors,…
Nigerian Banks Are Faced With Difficulties Due To Currency Crisis, Inflation and Rate Hikes – Fitch.
According to Fitch, Nigerian banks would undoubtedly be influence by the naira’s persistent depreciation. Widespread inflation, currency devaluations, and interest rate increases are the causes of this. It is likely…
CBN Approves Access Corporation’s Payment In Full.
A new payment subsidiary controlled entirely by Access Corporation, Hydrogen Payment Services Company Limited, has received final permission from the Central Bank of Nigeria. The new business, which the secretary…
Nigeria Surpasses Kenya To Retake The Top Spot In Africa For Cryptocurrency Adoption.
Nigeria has reclaimed the top spot in Africa for crypto adoption, now coming in at #11 globally with an adoption score of 0.521. With an adoption score of 0. 397,…
US Fed Sends The Cryptocurrency Market Into Turmoil.
Due to the increase in US interest rates, the value of the bitcoin market has dropped to $360 billion, and its market share of alternative currency has fallen to 39.4%.…
Jamie Dimon, CEO Of Morgan Chase, Refers To Cryptocurrencies As “Ponzi schemes.”
Stablecoins, which are digital assets linked to the value of the US dollar or other currencies, wouldn’t be a problem with the correct legislation, since JPMorgan is engaged in blockchain…
China Appeals To Europe To Take Action Against Climate Change.
Chinese negotiator Xie Zhenhua stated to Germany’s special environmental representative that; there were currently “many problems and concerns” with regard to global climate governance. China’s foreign ministry stated that its…
Businesses Spend N639bn On Energy And Self-Generate Over 14,000MW.
Due to inadequate supply from power distribution providers, factories self-generate more than 14,000 megawatts of electricity, which is disrupting productive activity in Africa’s most populous nation. To lower the high…
Microsoft Declares A 10% Dividend Increase.
Microsoft is a global technology corporation; Producing personal computers, software for computers, consumer electronics, and related services are all part of its scope. Along with Amazon, the Microsoft Corporation is…
The Financial Facility For London Transportation Is 500million STG.
The British capital’s transportation system will receive 500 million pounds ($567 million) from London municipal authorities; to fill in any gaps left by a government support package. TfL, which operates…
With 71 New Initiatives, Amazon Promotes Green Energy.
In an effort to utilize only renewable energy throughout its whole business by 2025, Amazon.com Inc (AMZN. O) announced that it would add 2.7 gigawatts of clean renewable energy capacity…
Top 10 Nigerian Banks By e-business Revenue In 2022.
Revenue from electronic channels, card products, and related services are all included in e-business income. Thus, the revenue is by activities such as mobile applications, USSD channels, automated teller machines…
Nigerian Bank Prohibits Use Of Dollar Debit Cards For Naira Transactions.
Due to the growing shortage of foreign currency in Nigeria, First Bank of Nigeria has banned international transactions; using the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa…
Flutterwave Makes It Possible For Nigerians To Collect eNaira Payments.
The eNaira is a digital currency produce by the Central Bank of Nigeria that offers a distinct kind of money that is pegged in naira. It provides better payment possibilities…
Oil Prices Increase As Additional Troops Are Mobilized By Putin.
Following Vladimir Putin’s announcement that there will be a partial military deployment across the nation, oil futures increased by 3%. West Texas Mid futures increased by 3. 13% to $86.57…
Pencom Disputes Claims regarding employee remuneration.
According to a press release issued by the management and signed the regulatory authority; the highest paid employee makes less than N1 million per month. This goes against a previous…
Ghanaian Cedi Declines By 64% This Year.
The Ghanaian cedi has fallen by a staggering 64.45% against the US dollar. The USD/GHS exchange rate was 9.9495. Despite Ghana’s central bank raising its interest rate to a record-high…
Lagos Is The Fourth-Richest City In Africa.
In 2021, Nigeria was regarded as the largest economy in Africa. However, due to the enormous population of over 200 million people, it was ranked 17th in terms of per…
The NCC Plans To Generate N500billion From 5G Spectrum Sales By 2023.
The auctioning of two 5G spectrums in 2023 is expected to bring in N500 billion for the federal govt, according to the Nigerian Communication Commission (NCC). According to the executive…
Nigerian Petrol Suppliers Are Closing Down For Green Energy.
Due to a demand for green energy, the majority of refineries supplying Premium Motor Spirit to Nigeria are ceasing operations. The majority of its refineries’ decision to halt production has…