Business

NIRSAL supports forex ban on food importation

Despite the uproar that followed the Presidential advice to the Central Bank of Nigeria to ban access to foreign exchange for food importation, the Nigerian Incentive Based Risk Sharing System for Agricultural Lending, NIRSAL, insists the move will improve crops productivity and help empower local far [...]

FG injects additional N600bn into power sector

The federal government has approved an additional N600billion intervention fund to be injected into the power sector in Nigeria.

The Market Operator, Transmission Company of Nigeria, Edmond Eje, disclosed that President Muhammad Buhari has already signed for the release of the funds.

Eje [...]

Huawei train 935 civil servants on ICT

About of 935 civil servants received training on core ICT capacity aimed at improving digitization and supporting the automation of government processes in Nigeria.

The public servants were part of the 3000 Nigerians trained under the ICT for Change program agreement reached by the Federal Gove [...]

Non-performing loans drop 116bn in 4months

The volume of non-performing loans in the banking sector dropped from N1.792trillion at the end of 2018, to about N1.676trillion as March 2019.

According to the National Bureau of Statistics, the ratio of the non-performing loans to total loans was 10.83 percent, while non-performing loans to t [...]

Ministerial inauguration and economic agenda for Nigeria By Sarah NEGEDU

President Muhammadu Buhari, last week, inaugurated his cabinet, ending months of speculation and anxiety over the appointment and eventual placement of those selected.

After the politicking and debates as to the suitability or otherwise of the ministers’ placement, most Nigerians are hope [...]

CBN cautions MFBs against sales of naira notes

All micro finance banks, MFBs, operating in the country have been warned against selling and hoarding of lower denomination currencies.

The warning is part of the latest intervention of the Central Bank of Nigeria of monitoring the industry and ensures sustained circulation of lower denominatio [...]

FG to review revenue sharing formula

The federal government is considering plans to review the current revenue sharing formula among the three tiers of government.

The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, will this week constitute a standing committee for this purpose.

Under the present sharing arra [...]

Nigeria gets bulk of W’bank portfolio in Africa

Nigeria is said to have so far obtained a net commitment of about $11billion from the World Bank Group, making it one of the largest beneficiaries in Africa.

According to the Country Director of the bank, Mr. Rachid Benmessaoud, the bank’s portfolio in Nigeria was among the largest in the [...]