Local Nigerian Government Raises N5.85 Trillion via Bond Market in 2023 December 14, 2023 Ekemini The Nigerian government, through the Debt Management Office (DMO), has raised approximately N5.85 trillion ($14.1 billion) via the bond market in 2023, aiming to bridge budget deficits. Investors’ subscriptions to…
Local Central Bank of Nigeria Assures Adequate Currency Stock Amid Naira Scarcity December 14, 2023 Ekemini The Central Bank of Nigeria (CBN) has reassured the public of an adequate currency stock to meet their needs, addressing concerns about naira scarcity. The CBN stated that the currency…
Local Nigeria Labour Congress Opposes Federal Government’s Plan to Restructure Transmission Company December 14, 2023 Ekemini The Nigeria Labour Congress (NLC) has expressed opposition to the proposed plans by the Federal Government to restructure the Transmission Company of Nigeria (TCN). The NLC President, Joe Ajaero, stated…
Local World Bank Reports 24 Million More Nigerians in Poverty due to Economic Challenges December 14, 2023 Ekemini The World Bank has disclosed that sluggish economic growth and rising inflation in Nigeria have led to an additional 24 million people falling into poverty over the past five years.…
Local Naira Falls by 4.58% at Official Market Despite Increase in Dollar Liquidity December 14, 2023 Ekemini The Nigerian naira depreciated by 4.58% at the official foreign exchange (FX) market, trading at N904.65 per dollar, despite a 21.10% increase in dollar liquidity. The daily foreign exchange market…
Local Nigeria Inches Closer to 2024 Financial Inclusion Target, but Gaps Persist December 14, 2023 Ekemini Nigeria has made progress in achieving its 2024 financial inclusion target, with 74% of the population considered financially included in 2023, up from 68% in 2020. However, 26% of Nigerians…
Local NNPC CEO, Mele Kyari, Affirms Realistic Target of 1.785 Million BPD for Nigeria’s Oil Production in 2024 December 14, 2023 Ekemini Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, has stated that Nigeria’s target of producing 1.785 million barrels of oil per day (bpd)…
Africa Kenya Witnesses Surge in Dollar Deposits as Shilling Weakens December 13, 2023 Ekemini The value of dollar deposits in Kenyan commercial banks has surged by Sh528.56 billion in the first 10 months of the year, driven primarily by the continuous depreciation of the…
Local Kenya Records Surge in Foreign Exchange Turnover, Hits N55.77 Trillion in 2023 December 13, 2023 Ekemini Kenya has witnessed a significant surge in foreign exchange turnover, with a total of N55.77 trillion traded in the first ten months of 2023. This marks a notable increase of…
Local PenCom Urges Former Employees to Reclaim N12 Billion in Transition Contribution Funds December 13, 2023 Ekemini The National Pension Commission (PenCom) has called on former employees of defunct companies to reclaim N12 billion in Transition Contribution Funds (TCF). Out of this amount, only N58 million has…
Local Bureau of Public Enterprises Plans to Sell 40% Government Shares in Discos on Capital Market December 13, 2023 Ekemini The Bureau of Public Enterprises (BPE) has revealed its intention to sell the remaining 40% government shares in electricity distribution companies (Discos) on the capital market in 2024. Mr. Alex…
Local MTN Nigeria Denies Network Disruption from Tower Lease to American Tower Corporation December 13, 2023 Ekemini MTN Nigeria has refuted claims that the lease of its 2,500 towers to American Tower Corporation (ATC) would cause network disruption in the country. This comes in response to statements…
Local Nigeria Plans Tax Reforms, Small Businesses to Be Exempt from Withholding Taxes December 13, 2023 Ekemini The Presidential Fiscal Policy and Tax Reforms Committee in Nigeria is set to review national withholding tax laws, aiming to exempt small businesses from these taxes. Committee Chairman Taiwo Oyedele…
Local Nigeria and World Bank Forge Partnership to Boost Mining Sector Development December 13, 2023 Ekemini The Federal Government of Nigeria, through the Ministry of Solid Minerals Development, is set to collaborate with the World Bank to enhance financing and technical support for the development of…
Local Nigeria Set to List Key National Assets in Capital Market for 2024 Budget Funding December 13, 2023 Ekemini The Nigerian government has finalized plans to list prominent national assets, including Eleme Petrochemicals, Nigeria Reinsurance Corporation, NICON Insurance, and Nigerian Machine Tools, on the capital market. This move, scheduled…
Local Nigeria’s National Vehicle Registry Aims to Boost Revenue and Curb Vehicle-Related Crimes December 13, 2023 Ekemini The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the significance of the National Vehicle Registry (VREG) introduced in 2021, emphasizing its role in mobilizing revenues…
Local British International Investment to Inject $15M Equity into Valency International for Agricultural Infrastructure Expansion in Nigeria December 13, 2023 Ekemini The British International Investment (BII), the UK’s development finance institution, is set to invest $15 million in equity into Valency International, a Singapore-headquartered agricultural commodities trading house. The investment aims…
Local Large-Scale Theft of Power Infrastructure Worsens Nigeria’s Electricity Crisis December 12, 2023 Ekemini Millions of Nigerians are grappling with prolonged power outages due to the widespread theft of critical power infrastructure, including transformers, cables, and conductors. This theft has intensified the nation’s ongoing…
Local Nigeria’s Affluent Struggle Amidst Record Inflation: A Cry from the Rich to the Poor December 12, 2023 Ekemini Nigeria, experiencing its highest inflation rate in 18 years, is witnessing the affluent class grappling with economic challenges similar to those faced by the poorer segments. The rising cost of…
Local Political Turmoil in Rivers State: Wike’s Loyalists Defect to APC, Fueling Speculation of Minister’s Move December 12, 2023 Ekemini The political landscape in Rivers State is undergoing a significant shift as 27 lawmakers loyal to Nyesom Wike, the minister of the Federal Capital Territory (FCT), defected from the Peoples…
Local Nigerian Stock Market Seeks IPO Boost Amid Thirst for Listings December 12, 2023 Ekemini The Nigerian stock market has witnessed various forms of equity listings in 2023, including private placements, introductions, and other listings. However, the market remains eager for Initial Public Offerings (IPOs)…
Local Central Bank of Nigeria Suspends Cash Deposit Fees, Affecting Banks and Customers December 12, 2023 Ekemini The Central Bank of Nigeria (CBN) has announced the immediate suspension of processing fees, ranging from two to three percent, imposed on all cash deposits above specific thresholds. The suspension,…
Africa Niger, Mali, Burkina Faso Explore Political and Monetary Alliance, Signal Shift from West African Bloc December 12, 2023 Ekemini Niger, Mali, and Burkina Faso are considering a political and monetary alliance, as announced by Niger’s military leader, General Abdourahamane Tiani. The move, which lacks specific details and timelines, follows…
Local Nigerian Senate Urges Allocation of 10% Annual Budget Revenue to Agriculture for Food Security December 12, 2023 Ekemini The Nigerian Senate has called on the federal government to allocate a minimum of 10% of the total annual budget revenue to agricultural production. The move aims to address concerns…
Local Nigeria Loses N1.8 Trillion to Import Duty Exemption Certificate (IDEC) in 2023 December 12, 2023 Ekemini The Nigeria Customs Service (NCS) has reported that Nigeria lost a significant sum of N1.8 trillion to Import Duty Exemption Certificates (IDEC) in 2023. The revelation was made by the…
Local Nigeria’s Q3 2023 VAT Collections Surge by 51.6% Year-on-Year, Reaching N948.07 Billion December 12, 2023 Ekemini The National Bureau of Statistics (NBS) has reported a remarkable year-on-year increase of 51.6% in Value Added Tax (VAT) collections for Q3 2023, amounting to a total of N948.07 billion.…
Local Rising Divestment Threatens Nigeria’s Manufacturing Sector as Multinationals Shift to Imports December 12, 2023 Ekemini While President Bola Tinubu seeks new investors to boost Nigeria’s economy, recent reports reveal a troubling trend of multinational manufacturing companies exiting or transitioning to import-based operations. Notable companies, including…
Local Central Bank of Nigeria Suspends Cash Deposit Processing Fees Amid Lingering Cash Scarcity December 12, 2023 Ekemini The Central Bank of Nigeria (CBN) has announced the suspension of processing fees on cash deposits, a move aimed at addressing the prolonged cash scarcity in the country. The suspension…
Local Nigerian Manufacturing Sector Faces Severe Forex Losses, Impacting Profits December 11, 2023 Ekemini The manufacturing sector in Nigeria experienced a substantial 400% increase in net foreign exchange losses, reaching N466 billion in the nine months ending September. This surge is attributed to challenges…
Local Foreign Airlines Consider Exiting Nigeria Amid Currency Challenges December 11, 2023 Ekemini There are growing indications that foreign airlines might exit Nigeria’s airspace due to a deteriorating operating environment. This follows a series of exits by foreign businesses from the country, including…
