Economy
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Tinubu assures investors funds will come in, go out without hindrance
President Bola Tinubu on Saturday in Riyadh, Saudi Arabia, began his deliberation with the Captains of Saudi Arabian Industry at the Nigeria-Saudi Investment Roundtable by making clear that with his team in place, every negative perception or notion about what Nigeria has represented in the past with respect to the ease of doing business, monetary policy, and trade cooperation is…
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MTN Nigeria says airtime debt clearance was a system glitch, not a gift
A technical error caused some MTN subscribers who had borrowed airtime from the company to see their debts wiped out. This was reported earlier, and some customers thought that MTN had forgiven their debts on purpose. They shared their happiness on social media. However, MTN Nigeria explained that it was not a planned action, but a system malfunction that affected…
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Shettima commends Access Bank’s N30bn discounted loans for 700,000 MSMEs
Vice President Kashim Shettima has commended Access Bank for offering N30 billion discounted loans to 700,000 Micro Small and Medium Enterprises (MSMEs), in support of the Tinubu administration’s agenda for job creation and the growth of the MSME space. Shettima who disclosed this Friday at a meeting with MSME stakeholders comprising key actors from the public and private sectors, at…
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Afreximbank, Anambra seal $200m deal
Bolaji Adebiyi in Cairo, Egypt Afreximbank and Anambra Investment Promotion and Protection Agency have signed financial advisory agreements aimed at helping Anambra State to raise capital for the development of strategic infrastructure projects. The capital raise financial advisory, worth $200 million, was sealed on Friday on the side lines of the bank’s Intra-African Trade Fair 2023 holding in Cairo, Egypt.…
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Edun invites Arab investors to tap into Nigeria’s resources
Minister of Finance Coordinating Minister for the Economy, Wale Edun, has urged the Arab investors to consider Nigeria as a potential destination for their funds, citing the country’s abundant resources. Edun made this appeal on Friday at the Saudi Arab-African economic summit in Riyadh, where he highlighted Nigeria’s natural resources and infrastructure as attractive sectors for investment. According to a…
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Soyinka cautions against technology-induced illiteracy in Nigeria at IATF 2023
Nobel laureate Professor Wole Soyinka has warned that technology is producing new illiterate generations in Nigerian society. Soyinka was speaking at the 3rd Intra-African Trade Fair, IATF 2023, in Cairo on Friday. The fair was organized by the African Export-Import Bank (Afreximbank), in partnership with the African Union and AfCFTA. Soyinka said, “This is a huge topic, and we can…
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Nigeria’s banks see 20% surge in foreign currency deposits amid naira devaluation
The amount of foreign currency in the domiciliary accounts of Nigeria’s commercial and merchant banks increased by over 20 percent in June, a data from the Central Bank of Nigeria (CBN) revealed. Most of these deposits are in dollars and they rose from N10.72 trillion in May to N17.65 trillion in June, the CBN data revealed. In dollar terms, they…
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Nigeria may lose 0.5% growth rate in one year over China’s sluggish economy, IMF warns
The International Monetary Fund (IMF) has warned that China’s slow economic recovery will negatively affect Sub-Saharan African economies like Nigeria where a one percentage-point decline in growth could lead to a loss of 0.5percentage-point on average. The international lender disclosed this in a statement warning Sub-Saharan African economies of the negative impact of China’s slowing economic growth. As the SSA…
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PHOTO NEWS: Keyamo holds retreat for aviation ministry top management staff
Minister of Aviation and Aerospace Development, Festus Keyamo led top management staff of the ministry for a retreat in Warri, Delta State Keyamo said the retreat was to ensure that the Ministry’s agenda is cascaded to plans and projects. He said, “Following a successful Ministerial Retreat last week with Mr. President, yesterday, in Warri, Delta State, I began a retreat…
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Afreximbank plans US$1bn fund for creative industry
Bolaji Adebiyi in Cairo Egypt Pan African bank, Afreximbank, plans to boost the creative industry in Africa with US$1bn by next year. The fund, according to Kanayo Awani, the bank’s vice president, Intra-African Trade, is targeted at film production to acelerate the growth of the continent’s creative sector. Although, UNESCO says the film, and audiovisual industries in Africa employ five…
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