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Internet price hike threatens Nigeria’s broadband penetration

Nigerians grappling with rising prices of goods and services have one more headache to contend with: the hike in internet prices. Two telecommunications companies, MTN Nigeria Communications and Airtel Africa Plc, have increased prices for their data bundles by 10 percent.

NNPC’s woes deepens as it can no  longer pay for petrol it imports

Nigeria’s dwindling crude output has forced its state-owned energy company, NNPC to defer payments to some local gasoline suppliers by at least three months, according toa report by Bloomberg. Nigerian National Petroleum Co. imports all the nation’s gasoline…

Buhari’s record $47bn budget stretches belief with bogus targets

Nigeria unveiled a record spending plan that hinges on a massive increase in oil output and the fastest growth Africa’s largest economy has seen in almost a decade, targets that analysts said are too upbeat. According to Bloomberg, the plan unveiled by President…

Highlights: Federal Government of Nigeria Budget Proposal for 2023 Fiscal Year

 His Excellency, President Muhammadu Buhari, GCFR, has presented the 2023 Federal Government Budget Proposals at the joint session of the National Assembly in Abuja. Source KPMG Read More

NLNG’s $10bn Train-7 Project Threatened Over Daewoo Shutdown

– The scheduled completion of the Nigerian Liquefied Natural Gas Train-7 Project may be stalled, following the lingering labour dispute between members of the National Association of Plant Operators and the management of Daewoo E &C Nigeria Limited. Source Punch Read More

Nigeria’s Non-Oil Export Hits $2.6bn In Six Months – NEPC

 The Chief Executive Officer, Nigerian Export Promotion Council, Dr. Ezra Yakusak, has said Nigeria’s non-oil export sector performance in the first six months of 2022 was $2.6bn. Source Punch Read More

Further Delaying Climate Policies Will Hurt Economic Growth

 The world must cut greenhouse gas emissions by at least a quarter before the end of this decade to achieve carbon neutrality by 2050. Progress needed toward such a major shift will inevitably impose short-term economic costs. Source IMF Read More

It’s Not Time to Make a Change: Sovereign Fragility and the Corporate Credit Risk

 This paper analyses whether investors gain additional information about conditions in the corporate sector at times of changes in sovereign ratings, as delivered by credit rating agencies. In principle, one could assume that there is indeed valuable information in rating changes. Source European Central Bank Read More

CBN Issues Circular to All Authorized Dealers on Access to the Discount Window

– The Central Bank of Nigeria (CBN) has observed the non-adherence to the provisions of the aforementioned circulars. Source CBN Read More

WIP Launches Nigeria Chapter, To Support Work-Life Integration for Female Lawyers

 Women In The Profession (WIP) was officially launched at a ceremonial event attended by female lawyers as part of efforts to promote the advancement of women in the legal profession, emphasizing both individual and leadership capacity within and across the legal profession. Source WebTV Read More

OPEC Cut Spurs U.S. Hedging – But Against Lower Oil Prices

– The decision by the Organization of the Petroleum Exporting Countries and allies last week to cut oil production has spurred a flurry of activity in the options market – but with more U.S. bettors opting for a bearish stance, data from CME Group showed. Source Reuters Read More

Liquid Cloud, Microsoft  Collaborate to Deploy Hybrid Cloud Infrastructure in Africa

 Through its Africa Transformation Office (ATO), Microsoft is working with Liquid Cloud to enable businesses with cloud services across Africa. Liquid Cloud will work together with Microsoft to deliver resilient cloud solutions using its colocation and connectivity capabilities alongside Microsoft Azure Stack HCI (hyperconverged infrastructure) and Azure Arc technology. Source ThisDay Read More

Islamic Finance Market Weekly Review October 4th-8th, 2022

 The strong growth of the Islamic finance sector is proving increasingly attractive to private equity (PE) and venture capital (VC) investors, according to research captured by Islamic Markets. Source WebTV Read More

Babalola: Education Remains Most Potent Weapon to Change the World

 The Pro-chancellor and Chairman of the Governing Council of Kola Daisi University, Ibadan Oyo State, Mr Remi Babalola, has described education as the most powerful weapon that can be deployed to change the world. Source THISDAYLIVE Read More

All universities to resume next week, ASUU calls off strike

The Academic Staff Union of Universities (ASUU) has announced the calling off of its lingering strike following an order by industrial court and court of appeal on October 7, 2022 sequel to a memorandum signed by the federal government. According to a statement signed by Emmanuel Osodeke, president of ASUU on…

Presidency moves to resolve Dangote Cement, Kogi government crisis

The Presidency has intervened to restore order over the struggle for ownership of the Dangote Cement factory in Obajana, Kogi State, between the state government and Africa’s richest man, Aliko Dangote. The standoff had resulted in the closure of the factory, by a vigilante group acting on the order of the Kogi…

Flood, insecurity threaten Nigeria’s maize production

The Maize Association of Nigeria (MAAN) has identified drought, flood and insecurity as major threat to the country’s 2022 maize production. Bello Abubakar, national president of the association, made this disclosure during a meeting with maize farmers and stakeholders on the Central Bank of Nigeria’s…

Looming global recession tops discussions as IMF/World Bank begin annual meetings

Talks around how to navigate a looming global recession next year is already highlighting conversations at the 2022 annual meetings of the International Monetary Fund (IMF) and World Bank which began on Monday in Washington DC. The meeting which is expected to host hundreds of delegates is the first in…

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