Economy
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,…
Read More »Nigeria: FG confirms plans to increase tax on tobacco products to 50%
The Federal Government of Nigeria has confirmed plans to increase excise tax on tobacco products from 30 per cent ad-valorem to 50 per cent as part of measures to control tobacco smoking in the country. Dr Mangai Malau, Head, Tobacco Control Unit, Noncommunicable Disease Division, Federal Ministry of Health disclosed…
Read More »Nigeria: Inflation rises by 13bps to 22.04% in March 2023
Report from the National Bureau of Statistics (NBS) says inflation rose for the third consecutive month as it increased by 13bps to 22.04% y/y from the February reading of 21.91% y/y. The core inflation was the primary driver of the surge in headline numbers, even as food inflation recorded a…
Read More »As Nigeria awaits blue economy take off, NIMASA disburses $720m CVFF, others
Omolola Ajobiewe The Nigerian Maritime Administration and Safety Agency (NIMASA) has noted that while the country awaits a blue economy, a cohesive national policy to fully kick into gear, the country must for a starter become blue ambassadors, advocate for it. Speaking at the Centre for Financial Journalism, the Bullion…
Read More »Rising Debt Levels Limiting Countries Ability to Respond to New Economic Challenge – IMF
The International Monetary Fund (IMF) said on Tuesday that the rising debt levels among countries are currently limiting their ability to respond to new economic challenges. This is just as the Fund sketched a bleak picture of what is in store for the global economy, estimating that growth will slow…
Read More »IMF Backs CBN’s Monetary Tightening Policy
The International Monetary Fund on Tuesday backed the recent monetary tightening policy of the Central Bank of Nigeria (CBN), urging further tightening by Central Banks to check the global rising inflationary pressures. The Fund made the recommendation in its Global Financial Stability Report which was released on Tuesday at the…
Read More »Nigeria: NIMASA, NCC close ranks on Submarine Cable Regulation
The Management of the Nigerian Maritime Administration and Safety Agency (NIMASA),and the Nigerian Communications Commission (NCC), have agreed to work closely with relevant stakeholders as NIMASA inches closer to developing a regulatory framework to provide operational guidelines for Submarine Cable and Pipeline Operators in Nigeria. Officials of both organs of…
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