Fuel queues resurface in Lagos as marketers blame NNPC for supply gap
There is anxiety and confusion in Nigeria’s commercial capital as queues resurfaced in filling stations across the metropolis on Tuesday morning. The long queues were also noticed along the Lagos-Ibadan expressway, Ikorodu road, and Lagos Island. Findings by BusinessDay showed motorists queued for hours at…
eNaira records 700,000 transactions worth N8bn after 1year – Emefiele
The eNaira, has recorded over 700,000 transactions worth N8 billion after one year of its launch, Godwin Emefiele, governor of the CBN has said. Emefiele made the revelation at the first anniversary of the eNaira launch in Lagos, Tuesday. eNaira was formally launched by President Muhammadu Buhari at the State
Container haulage by barge has grown to N10bn per annum business – NPA
The business of using barges to move containers from the port to off-dock locations is now worth N10 billion in annual transactions as more shippers adopt alternative means of moving their containers from the mother port to off-dock location, the Nigerian Ports Authority (NPA), has said. Speaking in Abuja on…
Cashless project to go nationwide from Wednesday says Emefiele
The cashless economy agenda of the Central Bank of Nigeria (CBN) will go nationwide from tomorrow Wednesday, Godwin Emefiele, governor of the CBN said on Tuesday in Lagos Emefiele disclosed this at 1st anniversary of the eNaira launch in Lagos. He said the CBN has provided all the necessary infrastructure.
Stock market sustains gain by 0.73%
Nigeria’s equities market on Tuesday furthered its movement northwards by 0.73percent as investors continued to leverage bargain opportunities in value stocks trading at new lows. The NGX All-Share Index (ASI) and its Market Capitalisation increased from preceding day’s 44,461.63 points and N24.217…
Rice seen hitting N50,000/bag as floods ravage farms
Nigerians may have to brace themselves for a surge in the price of a 50kg bag of locally parboiled rice to as high as N50,000 before December on the back of the floods in many states, traders and distributors of the commodity have said.
Weak naira, inflation and the Nigerian consumers
Nigerian consumers face multiple challenges from weak naira to inflation. The combination of both factors has impaired the purchasing power of Nigerian consumers. Nigeria’s national currency, the naira, has depreciated in the last decade against other major…
Lawmakers lack oversight powers over private companies, downstream operators say
Lawmakers are acting illegally when they summon executives of private companies in so-called oversight functions that disrupt their business operations, waste their time and clog up their schedules, some operators of the oil downstream sector have said at a conference in Lagos.
Nigeria will break if APC comes into power – Obaseki
Governor Godwin Obaseki of Edo State on Monday said that Nigeria would break if the All Progressives Congress (APC) is voted into power in 2023. He also said that the “Obidient” movement, a catchphrase used by Nigerians rallying behind Peter Obi’s presidential bid, will soon lose its energy.
Betting rises as poverty, joblessness hit Nigerians
After losing his job as a factory engineer in 2019, John Uwa, a 47-year-old father, was frustrated after searching in vain for another source of livelihood to enable him to provide for his family. A friend who won big on a betting platform introduced him to betting.
FGN Targets More Power Sector Assets, Others for Privatisation
– According to a Punch News report, the Nigerian government has commenced the compilation of the list of assets to be either sold or monetized via a concession to part finance the budgeted N10.78trn deficit for the 2023 fiscal year. Source CSL Research Read More
Nigeria Loses Three Million Oil Barrels Monthly – FG
– The Federal Government on Monday revealed that its latest findings showed that about 1.2 million barrels of crude oil was consistently shut in by producers across various oil wells in the Niger Delta due to the incessant oil theft in the industry. Source Punch Read More
PIA: Midstream, Downstream Operators Get Fresh Regulations
– In accelerating the full implementation of key provisions of the 2021 Petroleum Industry Act, the Federal Government has developed 12 new regulations for the midstream and downstream operators. Source Punch Read More
UBA Plc Declares N116.04bn PAT in Q3 2022 Results, (SP:N7.00k)
– UBA Plc, a financial institution in financial services sector announced 23.5% revenue growth in Q3 2022 Results. Source NGX Read More
US Embassy Abuja Issues Security Alert, Notifies of an Elevated Risk of Terror Attacks in Nigeria
– The Embassy further stated that targets may include, but are not limited to, government buildings, places of worship, schools, markets, shopping malls, hotels, bars, restaurants, athletic gatherings, transport terminals, law enforcement facilities, and international organizations. Source US Embassy, Abuja FCT Read More
Emerging Markets Navigate Through Increasing Uncertainty
– Due to materialization of some of the downside risks that S&P Global Ratings previously outlined, we lowered our 2023 growth projections for key emerging market (EM) economies, according to a report published titled “Emerging Markets Monthly Highlights: Navigating Through Increasing Uncertainty”. Source S&P Ratings Read More
BUA Chairman, Abdul Samad Rabiu Bags Double Honours
– Industrialist, Philanthropist and founder of BUA Group, Abdul Samad Rabiu, has been conferred with the prestigious Nigerian National Honour of Commander of the Federal Republic as well as the Nigeria Excellence Award in Public Service (NEAPS) by TBS. Source BUA Read More
CBN Okays Dollar Sales by Payment Service Banks
– The Central of Nigeria (CBN) has released supervisory framework for Payment Service Banks. The framework among other things empowered the PSB operators to sell foreign currencies, especially dollars, to authorised foreign exchange dealers. Source Opera News Read More
NUPRC Targets Unlocking 1.2mbpd Shut-in Capacity to Surpass OPEC Quota
– The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed optimism that Nigeria will soon surpass its OPEC production quota of 1.8 million barrels per day (mbps) as it makes concerted efforts to unlock the 1.2mbpd shut-in capacity as a result of crude oil theft. Source Leadership Read More
Nigeria Fintech Week 2022 kicks off October 25 to 28, Unveils Speakers, Unique Benefits and Side Attractions
– The Nigeria Fintech Week kicks off this week from October 25 to October 28. It will be held at Landmark Centre in Victoria Island, Lagos, and is set to be attended by over 5,000 people from different parts of the world. Source FintechNGR Read More
Danbatta: Adoption of Digital Technologies Has Enabled Diversity In Revenue Generation
– Umar Danbatta, executive vice chairman, Nigerian Communications Commission (NCC), says the country’s adoption of digital technologies has enabled diversity in its economy and revenue generation. Source TheCable Read More
CBN, NIBSS Unveil National Domestic Card Scheme
– The initiative is geared towards promoting stability, inclusion and growth in the financial and payment system and will be delivered through the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, which is the country’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders. Source Daily Trust Read More
FG Made N408.7bn From Spectrum Sales, ICT taxes –Pantami
– The Federal Government made N408.7 billion through the sale of spectrum and taxes in the Information, Communication, and Technology (ICT) sector, according to data released on Monday by the Minister of Communications and the Digital Economy, Isa Pantami. Source The Sun Read More
Olam Agri’s Educational Grant: Seeding into the Future of the Nigerian Youth – OpEd by Ade Adefeko
– As the maxim goes, the best way to predict the future is to invest in it now. Bar all odds, a future premised on a solid foundation through quality investments from inception is most likely to actualise its manifest destiny faster and quicker than the one deprived of nurture from the beginning. Source Ade Adefeko Read More
Islamic Finance Market Weekly Review October 17-21, 2022
– Sukuk financing in Nigeria saw a 305.51% increase in the second quarter of 2022, rising from N8.17bn ($18.71m) in the first quarter of 2022, ended March to N33.13bn ($75.87m). Source WebTV Read More
AfDB to Reward Africa’s Top Agriprenuers with $140,000 Seed Funding
– As part of its efforts to encourage African young entrepreneurs in the agricultural sector, the African Development Bank (AfDB), is set to reward top agri-prenuers with seed funding prizes of $140,000 in its AgriPitch 2022 competition that kicked off last week. Source ThisDay Read More
