Bank’s credit to private sector drops by N140bn

The National Bureau of Statistics, NBS, reports that banks’ credit to the private sector fell by N140billion in the first quarter of 2018, dropping to N15.6trillion in the period.

The Bureau, in its latest banking sector report titled “Sectorial Breakdown of Credit, e-payment Channe [...]

Fri, 18 May 2018

FG eyes more revenue from tax

The Federal Government has said it would mobilise more revenues to drive its growth plan for the economy, by increasing it tax payers’ base beyond the current 19million.

The Minister of Finance, Mrs. Kemi Adeosun, stated this at a meeting with a World Bank Mission of 10 executive director [...]

Fri, 18 May 2018

Insurance sector not under threat - NAICOM

The National Insurance Commission, NAICOM, has dismissed insinuations of a looming collapse of five insurance companies operating in the country, insisting the listed companies are financially strong and solvent

The commission’s rebuttal comes after a media report that solvency ratio of f [...]

Fri, 18 May 2018

Contributory pension suffer setback in 23 states

Since the establishment of the Contributory Pension Scheme, CPS, over a decade ago, only 11 states including federal capital territory are said to have fully complied with the scheme.

Though the scheme is at different stages of implementation in 23 other states, CPS seem to have been completely [...]

Fri, 18 May 2018

Nigeria, China seal $2.5bn currency swap deal

The Central Bank of Nigeria, CBN, has signed a $2.5billion bilateral currency swap agreement with the Peoples Bank of China.

According to the CBN, the deal seeks to reduce the difficulties encountered in the search for third currencies, by providing adequate local currency liquidity to industri [...]

Sun, 06 May 2018

Nigeria record increase in poverty rate in 2017-World Bank

Despite Nigeria’s celebrated exit from economic recession in 2017, the World Bank Group reveals that the country’s poverty and unemployment rates rose during the period.

The bank, in its ‘Nigeria Bi-annual Economic Update,’ reports that the rates of unemployment and unde [...]

Sun, 06 May 2018

Africa requires $170bn yearly for infrastructure- AfDB

An estimated $170billion is needed annually to meet Africa’s infrastructure requirement and to enable the continent exploit its development potentials in the global space, the African Development Bank, AfDB, has said.

The Secretary General of the bank, Prof. Vincent Nmehielle, who disclos [...]

Sun, 06 May 2018

CBN link 44million accounts in BVN project

Four years after the introduction of its Bank Verification Number project, the Central Bank of Nigeria said it has successfully captured over 31million account customers and linked close to 44million bank accounts in the BVN project.

The BVN was launched in February 2014 to revolutionise bankin [...]

Sun, 06 May 2018


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