IMF- Nigeria’s Economy, Recovering From COVID-19 Impact
International Monetary Fund (IMF) has announced that Nigeria’s economy is gradually recovering from the negative impact of COVID-19. This is as it advised the federal government to keep reliance on CBN overdrafts for deficit financing within legal limits. The Fund also advised the government to continue to make efforts to strengthen budget planning and public […]
CEO Of Lagos Based Forex Firm Defrauds Over 52 Investors Of N122m
Victims of an alleged scam perpetrated by a Lagos-based forex training and capital investment company, MBA Capital and Trading Limited, are worried over their unpaid dividend and capital, and the disappearance of the Chief Executive Officer, Maxwell Odum. The victims, numbering 52, said the total amount they were defrauded of was N122,510,000, adding that the […]
Nigeria’s Oil Production Hits Record Low In May: OPEC
Nigeria’s crude oil production output hit record low levels in May, the June Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), has shown. The monthly report indicated that in the first quarter of 2021, Nigeria’s average production was 1.410 million barrels per day. April production stood at 1.460mbpd and it […]
Impoverished Community To Gain Grid Access As World Bank Offers $465m
Electricity starved communities in Nigeria would soon be connected to the grid following the intervention of the World Bank. The World Bank Group said it is extending $465 million to support the Economic Community of West African States (ECOWAS) expand access to grid electricity to over 1 million people. The fund will help the subregion […]
Nigerian govt. Dumps China Pursues $14.4 billion Rail Loan From Standard Chartered
The Nigerian government is dependent on Standard Chartered Plc for funding as it moves on with the purpose of developing two key rail lines in the country’s south, a divergence from its original resolve to source the loan from a syndicate of lenders based in China. It is now in the midst of negotiation with […]
Nigeria’s Total Debt Increases By N191bn In The First Quarter Hit N33.tn
Nigeria’s total debt stock rose by N191bn in the first quarter of this year, according to the figures released by the Debt Management Office on Wednesday. The DMIO said the debt stock rose to N33.107tn as of the end of March 2021 from N32.916tn in December 2020. It said the country’s external debt however reduced […]
Increase In Import Duty From N381 To N404/$ – CBN
The Central Bank of Nigeria (CBN) has increased import duty on cargoes imported into the country by N23 after the apex bank hiked the exchange rate from N381 to N404.97 per dollar. Experts believe such an increase will lead to a hike in the prices of goods imported into the country. The CBN, yesterday, officially […]
Trump Calls Bitcoin ‘a Scam Against the Dollar’
Former US President Donald Trump has told Fox Business that he sees Bitcoin as a “scam” affecting the value of the US dollar. “Bitcoin, it just seems like a scam,” Mr Trump said. “I don’t like it because it’s another currency competing against the dollar.” He added that he wanted the dollar to be “the […]
Nigeria, Others Lost $1tn Oil Revenue In Two Years – OPEC
Nigeria and other members of the Organization of the Petroleum Exporting Countries lost about $1tn in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this at the 2021 Nigeria International Petroleum Summit in Abuja on Monday, said oil sector investments during the period crashed by […]
Bread Price Could Be Increased By 30%- AMBCN Abuja
The association of master bakers and caterers of Nigeria (AMBCN), Abuja chapter yesterday complained of the high cost of raw materials for bread production. Thereafter, the association said there may be a 30 percent increase in the price of bread to avoid the shutdown of bakeries. Mr. Ishaq Abdulkareem, chairman AMBCN, noted that the looming […]
