Economy
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Nigeria-Morocco Gas Pipeline Project advances as multiple countries sign MoUs
In a significant development for the Nigeria-Morocco Gas Pipeline Project, four Memoranda of Understanding (MoUs) were signed at the headquarters of the Economic Community of West African States (ECOWAS). The signing ceremony marks a crucial milestone for the project, which aims to enhance gas monetization and establish an alternative export route to Europe. The tripartite MoUs were signed between the…
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JP Morgan predicts N600/$1 in coming months
An American financial firm, JP Morgan has predicted that the Naira will settle in the “high 600s” in the coming months. The financial institution made the prediction via a statement in the wake of the unification of all segments of the forex exchange (FX) market by the Central Bank of Nigeria. “While it will take a few days for USD/NGN…
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Danbatta woos investors at GITEX Africa on Nigeria’s broadband future
The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has invited international telecom companies and potential investors to take advantage of the opportunities presented by Nigeria’s population of over 200 million people to invest in its telecom sector, especially in infrastructure provisioning for broadband. Danbatta, who spoke at the inaugural edition of the Gulf Information…
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NCC tasks telcos on network security, consumer safety
The Nigerian Communications Commission (NCC) has directed Mobile Network Operators (MNOs) and Internet Service Providers (ISP) in the country to comply with regulatory frameworks emplaced by the Commission towards ensuring security and safety of their networks for telecom consumers. The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Commission, Prof. Umar Danbatta, gave the charge at the 2023…
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SEC assures of commitment to market digitalization
The Securities and Exchange Commission (SEC) has stated that it will continue to collaborate with various market stakeholders to support impactful digitalisation of the capital market. The assurance was given by Director General of the SEC, Mr. Lamido Yuguda during an interaction in Lagos. Yuguda said the demographics of the capital market currently is greying adding that it is one…
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Naira floats at I&E rate to N755/$
Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy. The Investors & Exporters (I & E FX) window is now quoting at a range between N750 -N755 against the dollar. According to a report by BusinessDay on Wednesday, the market rate based on a willing…
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Nigeria’s telecom access gaps drop by 53%
The number of identified areas of clusters across Nigeria without access to the telecommunications services has been reduced by 53.1 per cent as at the end of 2022. The Executive Vice Chairman and Chief Executive Officer of the Commission, Prof. Umar Garba Danbatta, disclosed this at a recent telecoms industry stakeholders forum in Yenagoa, Bayelsa State. Danbatta, who was represented…
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REPORT: Tinubu’s 15 days in office leave investors excited about Nigeria
Nigeria’s President Bola Tinubu has pulled the right levers for markets: ridding the country of a costly fuel subsidy, removing a controversial central bank governor, and promising to unify a web of varying exchange rates. Foreign investors have embraced those decisions, sending Nigeria’s dollar debt surging on Monday. Tinubu set the tone in his inauguration speech on May 29, when…
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Danbatta receives APPON award, assures of broadband support for e-procurement
The Association of Public Procurement Practitioners of Nigeria (APPON) has conferred the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, with the “Excellent Service Delivery and Accountability Award”. The award was in recognition of Danbatta’s outstanding performance and contribution to the canons of the public procurement profession in Nigeria by ensuring that the…
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Emefiele’s DSS arrest reset policy, positive market response, says report
Markets are likely to respond positively to the weekend ouster of Nigeria’s central bank governor, Mr. Godwin Emefiele which will allow President Bola Tinubu to better pursue his promise of resetting monetary policy that’s been blamed for crippling Africa’s biggest economy. Emefiele was suspended by Tinubu after financial markets closed on Friday, and detained by Nigeria’s state security service a…
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