Headline news

Sendbox raise $1.8m seed round for West African expansion

Sendbox, the Nigeria based e-commerce fulfillment platform for merchants in Africa, has completed a $1.8 million seed round from investors including 4DX Ventures, Enza Capital, FJLabs and Golden Palm Investments.

FG to retain workers, assets of defunct DPR, PPPRA, PEF

The Federal government has announced plans to retain the workers and assets of the defunct agencies scrapped Monday under the provision of the new Petroleum industrial Act (PIA).

Fidelity Bank to raise $500m from international debt capital market

Leading tier-2 lender, Fidelity Bank Plc plans investor meetings commenced on Monday, October 18 as the bank considers raising about $500 million from the international debt capital market.

Dollar sale ban to BDCs shows up in rising cost of cooking Jollof rice

The average cost of cooking a pot of Jollof rice for a family of five has increased to N8,000.50 from N7,618 within the last three months according to the latest SBM Intelligence Jollof Index report and government policy on foreign exchange is adding to the proble

Nigerians stock cooking gas as 12.5kg heads for N10,000

Some Nigerians are beginning to store large amount of Liquefied Petroleum Gas (LPG) – cooking gas – at home to hedge against prices set to top N10,000 per 12.5kg on the back of a volatile exchange rate and winter in western countrie

Excess crude account slumps to lowest despite oil rally

Nigeria’s Excess Crude Account (ECA) has decreased by 72 percent from $2.2 billion in 2015 to an all-time low of $60 million, according to the latest figures by Nigeria’s minister of state for budget and national planning, Clem Agb

Rising prices crush workers amid 4-year increase in Nigeria gov’t’s personnel costs

Rising prices are crushing workers of the Federal Government of Nigeria even as the personnel costs for federal civil servants have increased by 44.28 percent in the last four years.

GDP by Expenditure: Real GDP Improved to 5.01% in Q2 2021 – NBS

 The Gross Domestic Product (GDP) can be derived as the value of all goods and services available for final uses and export. GDP at market prices includes net taxes on products; taxes are subtracted to obtain basic price GDP. 

My Credit Investments Limited (FairMoney) Receives Investment Grade Ratings from GCR

FairMoney Nigeria, a digital bank, has obtained investment-grade ratings, BBB (NG) Long Term, and A3 (NG) Short Term with a stable outlook by Global Credit Rating (GCR). 

27th Nigerian Economic Summit to Debate Best Strategy for National Poverty Reduction

 The 27th Nigerian economic summit scheduled for October 25th and 26th, 2021, will feature a lively debate on the best strategy for ‘National Poverty Reduction’. Mrs. Aisha Waziri Ahmed, a member of the technical committee for the summit, disclosed this in a conversation on preparations for the event. 

FG Personnel Cost Rises by 79.48%, Gulps N13.2tn in Four Years

The amount budgeted for personnel costs has increased from N2.29tn spent in 2019 to N4.11tn in the proposed 2022 budget, according to data obtained from the budget implementation report of the Federal Government. 

2022 Budget: Senate Committees to Submit Reports by Nov 24

 The Senate has ordered its Standing Committees to submit budget reports to the Appropriations Committee by November 24, 2021. This is contained in the budget hearings guideline released by the chairman, Senate Committee on Appropriation, Senator Barau Jubril, after meeting with all Standing Committees chairmen. 

Zainab Ahmed: Finance Ministry Working with CBN to Close Exchange Rates Gap

 Zainab Ahmed, minister of finance, budget and national planning, says the fiscal authority ministry is working with the Central Bank of Nigeria (CBN) to close the gap between the official and unofficial exchange rates. 

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