IMF Raises Nigeria’s 2021 GDP Growth Forecast to 2.5%
The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in 2021 from one per cent it had predicted in January to 2.5 per cent. IMF, in its latest World Economic Outlook titled: “Managing Divergent Recoveries,” that was released yesterday, however, expects a 2.3 per cent economic growth for the […]
Nigeria: Central Bank Chief, Comms Minister Settle Banks, MTN’s Dispute Over Commission
Four days after commercial banks disconnected customers of MTN Nigeria from the use of the Unstructured Supplementary Service Data (USSD) code for airtime vending, the banks on Sunday reconnected them following the intervention of the Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami and the Governor of Central Bank of Nigeria (CBN), Mr. […]
Nigeria Lifted $33bn Crude, Condensates in One Year, NNPC Says
A cumulative volume of 734 million barrels of crude oil and condensates were lifted by all parties, including oil multinationals and the Nigerian Petroleum Development Company (NPDC) between October 2019 and October 2020, the Nigerian National Petroleum Corporation (NNPC) has said. In terms of accrual values for the lifted barrels, the NNPC data showed that […]
Nigeria Activates $587m AfDB Facility For Technology, Creative Sectors
The Buhari administration has commenced the process that will pump the technology, entertainment and creative sectors with over N240 billion in financing and investment set to take off by the end of the year. A presidential source said at the weekend that the financing, which is a $500 million loan to be sourced from the […]
Nigeria’s Asset Management Company Starts New Airline to Recover Arik’s Debts
The Asset Management Corporation of Nigeria (AMCON) has said that in order to recover its huge debts from Arik Air, it injected over N375 billion in the airline and established another carrier, NG Eagle, which in the future would run along with Arik Air. AMCON stated that it sustained Arik Air operations since it took […]
With Ship Now Freed, Probe into Suez Canal Blockage Begins
Experts are boarding the massive container ship that had blocked Egypt’s vital Suez Canal and disrupted global trade for nearly a week, seeking answers to a single question: What went wrong? As convoys of ships again began traveling in this artery linking East and West, hundreds more idled waiting for their turn in a process […]
Nigeria’s Central Bank Works To Slash Wheat Importation By 60%
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Thursday restated the bank’s commitment to improve local production of wheat and reduce importation by 60 per cent over the next two years. He also urged Nigerians not to panic over the current prices of major food items as the prices will […]
SEC Hits The Rock When Court Nullifies The Removal of Oando Directors Security Commission
A Federal High court sitting in Kano on Thursday overruled the removal of directors of Oando Plc by the Securities and Exchange Commission (SEC). In the ruling, it stated that SEC acted arbitrarily in suspending the management of Oando and, therefore, declared the appointment of the interim management null and void. The court awarded a […]
Former Bank CEO Aig-Imoukhuede Says Nigeria’s Insurance, Asset Management Sectors Must Be Transformed
The immediate past Chief Executive Officer of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, has stressed the need for the transformation of the insurance and asset management sectors in order to deepen the country’s financial services sector. This, he said, would help position the sectors to the same level as the banking sector in order for […]
Zenith Emerges Best Bank in Nigeria Back-to-Back
Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global Finance Magazine’s Best Banks Awards 2021, retaining the award for a second consecutive year. The bank was among other banks from 35 countries in Africa recognised as the United States magazine announced its 28th Annual Best Bank Awards Winners in Africa. […]
