Business

2018 budget: Defence suffers highest cut

In spite the alarming rate of insecurity in Nigeria and the calls to increase security budget to curb the trend, the National Assembly considerably slashed allocation to the defence sector in the 2018 appropriation.

At least 13 projects valued at N3.63billion [...]

Sat, 14 July 2018


CBN demands daily transaction data from banks

In a bid to ensure effective monitoring and evaluation of the banking industry, the Central Bank of Nigeria, CBN, has mandated all financial institutions to furnish it with their daily transaction data through the Nigeria Inter-Bank Settlement System, NIBSS.

[...]

Sat, 14 July 2018


DMO insists it has effective debt management strategy

The federal government has refuted a media reports that the country has no debt management strategy, insisting that Nigeria has a subsisting debt management strategy.

The Debt Management Office, DMO, said contrary to a report by a national daily, Nigeria has [...]

Sat, 14 July 2018


FG advocates for financial literacy to grow MSMEs sector

Worried by the poor level of financial literacy among Nigerians, the federal government has called for an urgent intervention, as its fears the current situation is impeding Micro, Small and Medium Enterprises, MSMEs, growth in the country.

The Minister of St [...]

Sat, 14 July 2018


NDIC shows support for Uganda deposit protection fund

The Nigeria Deposit Insurance Corporation, NDIC, has said it is assisting the Uganda Deposit Protection Fund, DPFU, to develop capacity to implement the Deposit Insurance System, DIS, in the East African country.

A statement from the Head, Communications and Public Affairs, of the corporation, [...]

Sat, 14 July 2018


Intervention funds: MSMEs asked to form cooperatives

Small businesses, especially those in rural areas, have been encouraged to register with recognised cooperatives to facilitate their access to financial interventions.

A staff of the Financial Inclusion Secretariat of the Central Bank of Ni [...]

Sat, 14 July 2018


Power ministry receives 33% capital budget in 2017

Over 33percent of total funds released for capital projects in the 2017 fiscal year was expended on projects under the Ministry of Power, Works and Housing, the federal government has disclosed.

According to the ministry of finance, the sector received the highest amount of N523.01billion from [...]

Sat, 23 June 2018


Nigeria to go back on Africa’s free trade pact

Nigeria may be reneging on its earlier decision to back out of the African Continental Free Trade Area, AfCFTA, agreement, as the federal government concludes consultations on the matter.

The country had declined assent to the arrangement at the last extraordinary meeting of the African Union h [...]

Sat, 23 June 2018


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