Business

AfDB to drive more agricbusiness to Nigeria

The African Development Bank, AfDB, is taking steps to attract investment into Nigeria through partnerships in the development of Special Agro-Industrial Processing Zones, SAPZs, across Africa.

Already the continental bank has met a private sector consortium from China to develop agribusiness i [...]

Fri, 09 August 2019


More states to experience flooding in Sept – NHISA boss

The recent flooding being experienced in Abuja and some other parts of the country are early signs of the severe flood to be expected in the coming weeks, the Nigeria Hydrological Services Agency, NIHSA, has warned.

The agency warned that more states across Nigeria are likely to be hit by flood [...]

Fri, 09 August 2019


Federal allocation up by N83bn in June

Federal allocation to the three tiers of government for the month of June 2019 recorded a significant increase of N82.99billion over the N679.6billionn shared in the previous month

The Federation Accounts Allocation Committee, FAAC, distributed a total of N762.597 billion to the three tiers of [...]

Fri, 26 July 2019


NEMSA condemns influx of substandard transformers

Management of the Nigerian Electricity Management Services Agency, NEMSA, has decried the influx of substandard transformers into the country, stating that the trend has worsened the power crises in Nigeria.

According to the agency the importation of fake transformers by dealers has is creating [...]

Fri, 26 July 2019


NDIC warns against crypto-currencies

The Nigeria Deposit Insurance Corporation, NDIC, has asked Nigerians to exercise caution in the adoption of crypto-currencies as their preferred mode of financial transactions, owing to the risks involved in the mode of transaction.

 

The Managing Director and Chief Executive Office [...]

Fri, 26 July 2019


AfCFTA: CBN seeks stronger economic policies

The Monetary Policy Committee of the Central Bank has called for more effective measures that will drive economic growth and enable the country benefit from the African Continental Free Trade Agreement, AfCFTA, trade policy.

The committee urged the federal government to put in place processes t [...]

Fri, 26 July 2019


IMF reverses forecast on Nigeria’s economy upward

The International Monetary Fund has for a second time reassessed its growth forecast of Nigeria’s economy for the 2019 financial year by 0.3percent.

The latest review sees the global financial institution forecasting an upward review of 2.3percent economic growth as against the 2percent g [...]

Fri, 26 July 2019


49.4mn bank accounts are inactive - NISS

In spite efforts by the Central Bank of Nigeria to achieve 80 percent financial inclusion by 2020, over 49.4million accounts in banks across the country are said to still be inactive.

Data from the Nigerian Interbank Settlement Scheme, NISS, shows that as at June 2019, the total number of bank [...]

Fri, 26 July 2019


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