Nigeria’s inflation rises for eighth straight month, hits 20.77%
Nigeria’s inflation rate accelerated for the eighth straight month in September to 20.77 percent, the highest in almost 17 years, compared to 20.52 percent in the previous month, according to the National Bureau of Statistics (NBS). The NBS said on Monday that the food inflation rate in September was 23.34 percent…
Lagos State records N753b IGR in 2021
Lagos State collected the highest Internally-Generated Revenue (IGR) of N753.46 billion in 2021 followed by the FCT which collected N131.92 billion. The National Bureau of Statistics (NBS) stated on Sunday in Abuja that in 2020, Lagos State also led other states in IGR collection when it got N660 billion, followed…
Nigeria’s inflation report stokes equities selloff
Nigeria’s stock market witnessed remarkable selloff on Monday as investors, in already bearish mood, reacted further to inflation rate that surged for eight straight month. The market decreased by N655billion or 2.53percent, driven majorly by stocks like Airtel Africa Plc which dropped from a high of N1,800 to N1,620, losing N180 or 10 percent.
Nigeria not among 10 most innovative sub-Saharan African economies
Nigeria, Africa’s biggest economy, is not among the 10 most innovative economies in sub-Saharan Africa (SSA), securing the 13th position in the region in the latest 2022 Global Innovation Index (GII). According to the annual index done by the World Intellectual…
Food price index soars 215.6% under Buhari
Nigeria’s consumer price index (CPI) for food, which is used to measure the level of food inflation in the country, has risen by 215.6 percent under President Muhammadu Buhari’s administration, BusinessDay findings show.
Nigeria Must Focus on Attaining Competitiveness –NESG
– The Chief Executive Officer of the Nigerian Economic Summit, Mr Laoye Jaiyeola, says there is still much to be done for Nigeria to achieve regional and global competitiveness. Source Punch Read More
Again, FG Reiterates Plan to End Fuel Subsidy June 2023
– Amid acute fiscal crisis undermining governance nationwide, the federal government at the weekend reiterated its plan to discontinue fuel subsidy by mid-2023, lamenting that it spent N4 trillion on fund fuel subsidy in 2023 alone. Source ThisDay Read More
Uncertainty Builds as Oil Markets Digest Mixed Signals – OIR 141022
– It’s been a week of mixed signals for oil markets, with a huge crude inventory build being partially offset by a diesel draw, and supply tightness battling with worrying inflation data and projections of demand destruction. Source Oilprice Read More
ECOWAS Launches New Website
– The Commission of the Economic Community of West African States (ECOWAS Commission) has launched its new website on October 16, 2022. Source ECOWAS Read More
Geregu Power Plc Sets Post-Listing Compliance Standard; Posts N39bn Revenue, N13bn PBT in Q3 2022
– Geregu Power Plc (GPP), the first and only power generating company to list on the Nigerian Exchange Limited (NGX), has displayed high level of corporate governance and adherence to post-listing obligations as the company has filed its nine months results ended September 30, 2022. Source Geregu Power Plc Read More
How Countries Should Respond to the Strong Dollar
– The dollar is at its highest level since 2000, having appreciated 22 percent against the yen, 13 percent against the Euro and 6 percent against emerging market currencies since the start of this year. Source IMF Read More
NNPC, Senegal, Mauritania Sign Agreements On $25bn Gas Pipeline
– The NNPC, Petrosen of Senegal and the Mauritanian company of hydrocarbons signed four MoUs, in furtherance of the implementation of the NMGP project. Source TheCable Read More
Flour Mills of Nigeria commemorates International Day of Girl Child with impactful initiative within Host community
– Flour Mills of Nigeria Plc (FMN), a leading player in the food and agro-allied sector, a processor of superior quality products, and the owner of the iconic brand ‘Golden Penny’ drives gender equality and transformation through its Women Network and Girls in Action initiative. Source Flour Mills of Nigeria Read More
Emefiele, Alawuba, Others Lead Discourse as UBA America Hosts International Banking Conference October 17-21, 2022
– The Governor, Central Bank of Nigeria, Godwin Emefiele, the Group Managing Director/Chief Executive Officer, United Bank for Africa Plc, Oliver Alawuba and other experts from the global international markets will lead the discussions on global economic trends at the 2022 edition of the UBA Group International Banking Conference. Source UBA Read More
NGX, US Consulate to Partner on Driving Bilateral Investments, Trade
– The United States Consulate and Nigerian Exchange Limited (NGX or The Exchange) have announced a decision to collaborate on boosting investments and trade between Nigeria and the US. Source NGX Read More
eNaira: CBN Targets 7,740 Agents Nationwide
– The apex bank also continued its awareness campaign by visiting the Galadimawa area of Abuja, a major hub for commercial tricycle and motorcycle operators in the Federal Capital Territory (FCT). Source Sun Read More
Despite Challenges, PoS Terminals Rise by 568,488
– Despite several challenges confronting Point of Sales (PoS) businesses in Nigeria, transactions on the various terminals climbed to N735.6 billion in September 2022, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). Source Guardian Read More
ITU Mobilises $28bn To Improve Internet Usage Among African Women, Others
– Only 34 per cent of African women on average are using the internet compared to 45 per cent of men, even as the International Telecommunication Union (ITU) disclosed that it has mobilised over $28 billion to curb the gender divide. Source Leadership Read More
