PoS Operators Reject Raising the Service Fee.
In response to the Central Bank of Nigeria’s decision to review the cash withdrawal limits for automated teller machines and over-the-counter withdrawals, the Association of Mobile Money and Bank Agents…
National Assembly Resumes, with a Priority on Restructuring the N23.7tn Loan.
The National Assembly will reconvene after its holiday recess to address outstanding matters of national importance, including the president’s request, Major General Muhammadu Buhari (retd.), Buhari had asked the Senate…
Officially, the NLNG Bonny Plant is Still Functioning.
According to the Nigeria LNG Limited, despite a force majeure declaration made in October 2022 and issues with feed gas supply, the Bonny Island plant is still operating. According to…
The Licensing for Oil Blocks will End in April – Nigeria FG.
The Federal Government declared that the seven deep offshore open oil blocs licensing round, which started on January 3, 2023, would last for four months. It invited investors with knowledge…
Inflation Rate in Nigeria Drops for the First Time in 11 Months.
The inflation rate in Nigeria decreased to 21.34 percent for the first time in 11 months. Up until November 2022, when it hit 21.47 percent, the nation’s inflation rate had…
Market Value Decreases by N89.14 billion.
The market capitalization of the Nigerian Exchange Limited’s stock market decreased by N89.14 billion, signalling the start of a down week. The NGX All-Share Index dropped from 52,512.48 basis points…
The World Bank Chooses BoI to Allocate Funds for MSME
According to the Bank of Industry, the World Bank has approved its nomination as the national provider of the NG-CARES (RA3) MSME Component. The development was supported by the bank’s…
Shipowner Dispute Over $350 million Maritime Fund Distribution.
The Maritime Administration and Safety Agency wanted to merge with the Nigerian Indigenous Shipowners Association before distributing the $350 million and N16 billion Cabotage Vessels Financing Fund, but the Shipowners…
CBN Initiates $15.3 billion to Help Bolster Naira.
To maintain the value of naira from January to October 2022, the Central Bank of Nigeria injected $15.3 billion into the economy. This information was found in the monthly and…
Keyamo: Under Buhari’s Administration, Inflation Rate is not the Highest.
The spokesperson for the All Progressives Congress presidential candidate Asiwaju Bola Tinubu, Festus Keyamo, has claimed that the country’s inflation rate under President Major General Muhammadu Buhari (retd.) is not…
Indian Businesses Invests $19 billion in Nigeria.
Over 135 Indian companies have made a total of $19 billion in investments in Nigeria over the course of the last 40 years of diplomatic relations between the two nations,…
World Bank Attributes The Decline in Oil Production to Technical Issues.
According to the World Bank, the 40% decrease in Nigeria’s oil production last year was caused by technical issues, insecurity, rising production costs, theft, a lack of payment discipline in…
Exxon is Getting Ready to Begin a $2 billion Texas Oil Refinery Expansion.
Exxon Mobil Corp (XOM.N) set to significantly increase the production of gasoline and diesel at its Beaumont, Texas, refinery, completing a $2 billion expansion that was first considered nine years…
Millions of Unclaimed PVCs Compel INEC to Change the Deadline.
The National Commissioner dismissed the fear of card shortage, saying the commission “printed 13,868,441 PVCs for all new valid registrants as well as applicants for transfer or replacement.” In Plateau,…
Nigeria and Spain are Increasing their Gas Investment.
The Federal Government has begun discussions with the Spanish government to encourage investment in the petroleum sector, leveraging possibilities made possible by the Petroleum Industry Act, with gas serving as…
In Ten Years, 271 Structures have Collapsed in Lagos.
According to records obtained from the Building Collapse Prevention Guild, Lagos State has the highest number of fatalities with over 271 buildings collapsing over the past ten years. The records…
N446 billion was gained by stock investors.
Due to ongoing buying interest in the local bourse ahead of the 2022 fourth quarter financial year earnings result, stock investors on the Nigerian Exchange ended the week with a…
Bank Borrowing from the CBN Increases by 260% to N21.87 trillion.
According to CBN financial data, Deposit Money Banks borrowed N21.87 trillion from the Central Bank of Nigeria in 2020 through the Standing Lending Facility window and Repurchase Lending platform. According…
FG and Airlines Meet in Court Regarding Nigeria Air.
At the Federal High Court in Lagos, attorneys for the Federal Government and the domestic airlines are anticipated to meet as the legal case involving the contentious national carrier, Nigeria…
Price of Kerosene Increases by 146%
The average retail price of kerosene per litre increased by about 146% from N441 in November 2021 to N1,083/litre in the same period last year, according to the most recent…
Banks Holding New Notes will be Sanctioned, Says the CBN.
Any commercial bank hoarding the new naira notes from the general public will face sanctions from the Central Bank of Nigeria (CBN). The apex bank announced that it would start…
Chevron Suing Rita Lori and Others for N300m in Legal Costs.
Rita Lori Ogbebor and other individuals have been brought before the Delta State High Court in Warri by multinational oil company Chevron Nigeria Limited in order to obtain a perpetual…
The World Bank Lowers its Forecast for Nigeria’s Economic growth.
The World Bank Group has once more revised downward its estimate of Nigeria’s economic growth, primarily due to a weakened oil sector. The projection indicates that Nigeria’s economy will continue…
Wells Fargo Predicts that Inflation will Decline to 2.2% by Year’s End.
According to a note from Wells Fargo, inflation is anticipated to continue to ease and could drop by an astounding 76% in this cycle and to 2.2% by year’s end,…
Bitcoin Adoption Rates Decline as Price Drops by 65%.
The most popular cryptocurrency, Bitcoin, saw a global price decline of 65.29 percent in 2022. In a year that was shaken by cryptocurrency scandals, with the fall of FTX dominating…
Foreign Vessels Transport 98% of Nigerian Crude.
Anthony Onoharigho, a chartered marine surveyor and ship captain, revealed that 98% of the crude oil lifted in Nigeria is done by foreign vessels. In a recent conversation in Lagos,…
Nigeria will Gain from Germany’s €2.85 million Agricultural Fund.
The Standards and Trade Development Facility will receive 2. 85 million euros from Germany’s Federal Ministry for Economic Cooperation and Development over the course of four years (2022-2025). In order…
Ghana’s Inflation Rises to a Record 54.1% as Food Costs Rise.
In December 2022, Ghana’s inflation rate reached a record 54.1% due to rising costs for food, housing, and transportation. Government statistician Samuel Kobina Annim told reporters in Accra, the nation’s…
Oil Drops to $79.32 Due to US Rate Increases.
According to Reuters, oil prices started to decline as investors anticipated that further interest rate increases in the United States, the world’s largest oil consumer, would stifle economic growth and…
Book “Spare” by Harry Sells a Record-Breaking 1.4 Million Copies On Day One.
According to the publisher, Prince Harry’s book “Spare” broke Penguin Random House’s sales record by selling 1.4 million English-language copies on its first day in the UK, US, and Canada.…