BREAKING: World Bank approves $1.57 billion for Nigeria for three projects
The World Bank has approved $1.57 billion to help Nigeria with important projects. This money will be used to fix…
Month: September 2024
Nigeria’s Used Car Imports Drop by 83% Due to New Tax
Nigeria’s spending on used vehiclears, fell significantly by 83% in the first half of 2024 compared to the same period…
Cardoso, World Bank, IMF Brainstorm to Craft New Strategies for Inclusion Growth in Africa
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, participated in the prestigious Bretton Woods at 80…
Nigeria’s Bank reserves with CBN surge to N26.8 trillion amid aggressive CRR policy
Nigeria’s banking reserves grew significantly to N26.8 trillion in August 2024, up from N19.4 trillion the previous year. This increase…
Bank, Fintech Must Partner To Activate Nigeria’s $1trn Economic Target’
To help Nigeria reach a $1 trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC) and…
FG plans tax incentives for MSMEs
The Federal Government of Nigeria has reiterated its commitment to helping micro, small, and medium enterprises (MSMEs) grow by offering…
Sugar Masterplan Attracted $1 Billion Investments, 15,000 Jobs, Says NSDC Boss
The National Sugar Development Council in Nigeria has announced exciting news about the country’s sugar industry. They shared that a…
Intel, US to finalise $8.5 bln in chips funding by year-end, FT reports
Intel is close to securing $8.5 billion in direct funding from the U.S. government, with finalization expected by the end…
China launches late stimulus push to meet 2024 growth target
China’s central bank lowered interest rates and injected liquidity into the banking system on Friday as part of a major…
NMRC secures $200m funding from U.S for mortgage
The Nigeria Mortgage Refinance Company (NMRC) has received $200 million from a U.S. organization to help more people in Nigeria…
NDIC pays 94% insured depositors of Heritage Bank
The Nigeria Deposit Insurance Corporation (NDIC) has paid 94% of the people who had money in the closed Heritage Bank.…
Reduce interest rates on industrial loans, MAN urges govt
The Manufacturers Association of Nigeria (MAN) is asking the government and the Central Bank to review how raising interest rates…
FG gets $600,000 relief fund from Gates Foundation
The Nigerian government has received $600,000 from the Bill and Melinda Gates Foundation to help people affected by floods and…
ExxonMobil Unveils $10bn Deepwater Investment Plan in Nigeria, Shettima Ecstatic
The Nigerian government is working hard to bring more businesses and money into the country. Recently, ExxonMobil, a big oil…
Cash transfer: FG releases N24bn to 991,261 households
The Nigerian government has given out N24.78 billion to help 991,261 poor families across the country. This is part of…
SEC, NGX give Flour Mills approval for minority shareholders buyout
Flour Mills of Nigeria (FMN), a big food company in Nigeria, has received approval from the Securities and Exchange Commission…
Petrol landing cost drops to N981/litre
The landing cost of Premium Motor Spirit (PMS), also known as petrol, has dropped to N981 per litre, as of…
Oil companies owe govt over $6bn – NEITI
In Nigeria, oil companies owe a lot of money to the government—about $6.175 billion! This money is for things like…
Nigeria’s exports to six countries hit N8.88tn in Q2 – Report
In the second quarter of 2024, Nigeria sold a lot of goods to six major countries: Spain, the USA, France,…
Equity market halts gaining streak with N267bn loss
On Thursday, the Nigerian Exchange faced a setback, losing N267 billion and ending its three-day rally. This drop was mainly…
Retirees park N798bn in pension for life
Many people who have retired in Nigeria are saving their money in something called “life annuity.” This means they give…
Breaking: FG increases NYSC monthly allowance to N77,000 effective July 2024
The Nigerian government has decided to give more money to young people who are part of the National Youth Service…
Nigeria to widen tax net over revenue shortfall
The Nigerian government wants to get more people and businesses to pay taxes. This will help the country get more…
PENGASSAN to Fed Govt: increase stake in Dangote Refinery to 45%
PENGASSAN, a group for oil and gas workers in Nigeria, wants the government to own more of the Dangote Refinery.…
Fed Govt okays N158b for Lekki Port service lanes
The Nigerian government has approved a big project costing N158 billion. This project will build new service lanes, or extra…
CBN boosts FX market with $20,000 to BDCs
The Central Bank of Nigeria (CBN) has decided to help people and businesses get U.S. dollars more easily. They will…
ExxonMobil mulls $10b investment in Nigeria’s deep-water
Nigeria’s economy is getting stronger because two big companies are planning to invest a lot of money in the country.…
CBN sells dollars to BDCs at N1,590/$
The Central Bank of Nigeria (CBN) has decided to help people and businesses get more foreign money by allowing bureau…
Tinubu vows to restore federal authority amid economic challenges
President Bola Tinubu’s government is working hard to strengthen Nigeria’s economy and improve security. To help with this, his administration…
Oyetola promises zero piracy incidence in Nigerian waterways
The Nigerian government is working hard to make sure its maritime agencies follow global standards, especially when it comes to…