Bank Lending to Customers Reaches 29.13%.
As of the end of December 2022, the maximum lending rate in the banking sector was 29.13 percent, while savings…
Year: 2023
Stock Investors Lose N24 billion as Lending Rates Rise.
The Nigerian stock market reacted sharply to the interest rate hike, with market capitalisation rapidly falling in comparison to the…
Dangote Cement Appoints New CEO.
Arvind Pathak has been appointed as the new Chief Executive and Managing Director of Dangote Cement Plc. The new CEO’s…
Mafab has Launched its 5G Network.
Following Mafab Communications’ rollout of 5G services in Abuja, fifth-generation technology penetration is expected to rise in Nigeria. This follows…
3M to Lay off 2,500 Workers and Forecasts a Weak First Quarter as Demand Falls.
3M Co (MMM. N) said it would lay off 2,500 workers in manufacturing and forecast a bleak first quarter as…
CBN Promotes e-payments Ahead of Deadline for New Naira Notes.
As the Central Bank of Nigeria’s deadline for the old and new currency notes on January 31, 2023 approaches, the…
Bank of Ghana Plans to Raise Interest Rates by 175 Basis Points.
The Bank of Ghana, which is grappling with runaway inflation, is expected to deliver another significant interest rate hike at…
The Central Bank of Nigeria has increased interest rates to 17.5%.
The Monetary Policy Committee of the Central Bank of Nigeria has voted to increase the benchmark interest rate by 100…
Nigeria: Customers Flood Banks in Kebbi, Demanding New Naira Notes.
Customers in Birnin Kebbi flocked to banks to deposit or withdraw money, while several voiced concerns about the new naira…
China’s Loans to Developing Nations Reached a 13-year Low in 2021.
According to a Boston University Global Development Policy Center research, Beijing’s reduction in funding for large-scale oil projects caused loans…
Meta is Urged to Enhance Content Control for Africa as a Contractor Leaves.
Rights organizations are urging Meta Platforms to take advantage of the chance to enhance content moderation in Africa after the…
CBN Bans Abuja and Lagos PoS Operators for Cash Swap.
Mobile money/Point of Sales agents in Abuja and Lagos have been cut off from the Central Bank of Nigeria’s recently…
Nigerian Aviation Handling Company Strike Action.
The management of the Nigerian Aviation Handling Company has expressed gratitude to its clients for their patience throughout the company’s…
Nigeria Forecasts New Flooding in 2023.
The Federal Government predicted that this year will undoubtedly see more flooding in many areas of Nigeria but said that…
Nigeria: FG wants the London Court to Reverse $11 billion in Damages.
Nigeria was the target of “a campaign of bribery and fraud” regarding a failed gas processing project, its attorneys argued…
Nigeria Launches a $1 billion Deep Sea Port.
Nigeria recently opened a billion-dollar deep seaport in Lagos that was constructed by the Chinese. This port is designed to…
Nigeria FG has Approved a Pay Increase for NPA Employees.
Employees of the Nigerian Ports Authority have expressed delight that the Federal Government has approved a pay increase for them.…
The IMF Says Financial Institutions are Dealing with Climate-related Shocks.
According to a new International Monetary Fund report, the effects of extreme weather conditions are harmful to the health of…
Kenya Inflation to Fall Back Within Target in Q1.
Kenya’s central bank expects inflation to fall within its target range in the first quarter of 2023 and is satisfied…
Petrol could Hit N800 per Litre if Subsidies are Removed – Marketers.
As the scarcity of Premium Motor Spirit, also known as petrol, persisted, oil marketers predicted that the price of the…
Economists Disagree on NNPCL’s N2.52 trillion Road Investment.
Financial economists had mixed reactions to the Nigerian National Petroleum Company Limited’s approved plan to invest N2. 52 trillion in…
World Bank: 28.9 million Nigerians Rely on Food Aid.
According to the World Bank, 28 million 900,000 people in Nigeria and other West and Central African countries rely on…
Nigeria: Interest Rates are Likely to Rise as the MPC Meets.
Financial experts have expressed varying opinions on the possible outcomes of the rates ahead of the Central Bank of Nigeria’s…
Nigeria has Set A Date for its First Census in 17 Years.
As authorities in the most populous nation in Africa seek up-to-date information on the precise population and the size of…
Nigeria: Kwara State Receives Projects Funding Worth N887 million from the World Bank.
According to Dr. Nusirat Elelu, executive secretary of the Kwara Health Care Development Agency, the state has acquired financing from…
Nigeria NNPC Spent $10 billion on Fuel Subsidies in 2022.
According to the most recent data from the state-owned company, Nigeria’s NNPC spent $9.7 billion on a petrol subsidy last…
Adesina: Africa’s GDP will Grow by 4% in 2023 and 2024.
Africa’s GDP growth is anticipated to be higher than the projected global averages of 2.7% and 3.2% in 2023 and…
CBN To Penalize Banks N1m Per Day For Not Picking New Naira Notes.
The new naira notes must be picked up by commercial banks for distribution, according to the Central Bank of Nigeria…
Usain Bolt Lost $12 million in Savings as a Result of a Scam.
Usain Bolt, a Jamaican Olympic sprinter, was astonished to find $12 million gone from an account he had with Stocks…
Microsoft will Dismiss thousands of Jobs Across all Divisions.
According to reports, Microsoft Corp. (MSFT.O) intends to slash thousands of jobs, with some positions in the engineering and human resources…