Economy
CBN Acting Governor meets Tinubu, promises measures to save forex market
The Central Bank of Nigeria (CBN) has promised to soon come up with stringent measures to stabilise multiple exchange rate in the country. The CBN Acting Governor, Mr Folashodun Shonubi who disclosed this to State House Correspondents after a meeting with President Bola Tinubu on Monday in Abuja said that…
Read More »Tinubu expresses desire for swift economic recovery for good of Nigerians
President Bola Tinubu has reassured that no stone would be left unturned in his administration’s efforts to stimulate the economy and make it work for the good of all Nigerians. The President who stated this on Friday at a meeting with the Board of Trustees of the All Progressives’ Congress…
Read More »FIRS surpasses mid-year 2023 revenue target of N5.3trn by N0.2trn
The Federal Inland Revenue Service (FIRS) has announced a tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. A statement issued in Abuja by Mr Johannes Wojuola, Special Assistant on Media and Communication to the Executive Chairman of FIRS, Mr Muhammad Nami said the…
Read More »Nigeria’s headline inflation rises by 38bps to 22.79% in June
Nigeria’s headline inflation increased for the sixth consecutive month by 38bps to 22.79% y/y in June (May: 22.41% y/y). A report by the National Bureau of Statistics showed that on month-on-month basis, headline inflation rose by 19bps to 2.13% (May: 1.94% m/m). Food inflation advanced by 43bps to 25.25% y/y…
Read More »Nigeria: Senate approves $800m World Bank loan for FG
The Senate has approved $800 million World Bank loan request by President Bola Tinubu. This followed the consideration of the loan by the Committee of the Whole during Thursday’s plenary. Former President Muhammadu Buhari had, towards the tail end of his administration, forwarded same request to the 9th Senate in…
Read More »Telecoms Investment in Nigeria now $75.6bn, Danbatta declares
The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has officially announced that the investment profile in the nation’s telecommunications sector, comprising foreign direct investment (FDI) and local investment, has reached $75.6 billion as of 2021. Danbatta disclosed this at an interactive session with…
Read More »Nigeria: NBS reports further food prices increase in May
The National Bureau of Statistics (NBS) says prices of food items such as tomatoes, rice, and yams witnessed increases in May. It made the declaration in its Selected Food Prices Watch Report for May issued in Abuja on Tuesday. The report stated that the average price of 1kg of tomato…
Read More »CBN, Bill Gates To Collaborate On Financial Inclusion
The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have held strategic discussions in Abuja on how to deepen collaboration on financial inclusion in Nigeria. Speaking during the meeting on June 22, 2023, the Bank’s Acting Governor, Mr. Folashodun Shonubi, reiterated the commitment of the…
Read More »Folashodun Shonubi steps in as Acting CBN Governor
Following the suspension of the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele from office on Friday by President Bola Tinubu, the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi has been directed to be the acting governor. About Shonubi Mr. Folashodun Adebisi was born on the 7th of…
Read More »NITDA, SMEDAN to Institutionalise SMEs in Nigeria
The National Information Technology Development Agency NITDA and the Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN) have agreed to institutionalise the activities of the Small and Medium Enterprises, (SMEs) in the country. The proposed agreement was revealed in Abuja, at a meeting between the NITDA’s Director General,…
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