Economy
-
CBN raises interest rate on naira savings deposits to 30%
The Central Bank of Nigeria (CBN) has announced an upward adjustment of the negotiable minimum interest rate payable on local currency savings deposits to 30 per cent of the Monetary Policy Rate (MPR). In September 2020, the apex bank, as part of efforts to mitigate the impact of the COVID-19 pandemic, had slashed the minimum interest rate payable on Naira…
Read More » -
Osinbajo tasks state govts on ensuring enabling environments for businesses
State Governments and their agencies have a significant role to play in ensuring an enabling environment for businesses to thrive.Vice President Yemi Osinbajo, SAN, made this assertion at a virtual meeting of the Presidential Enabling Business Environment Council (PEBEC) where a presentation of the State Action on Business Enabling Reforms (SABER) Program coordinated by the secretariat and the World Bank…
Read More » -
Bond issuance on NGX hits N2.5trn in H1 2022
The Federal Government and corporate Issuers’ confidence in the capital market have continued to firm up as bond issuances in the first half (H1) of 2022 on Nigerian Exchange Limited (NGX) grew to over N2.5 trillion. This is despite uncertainty surrounding access to fresh capital for expansion as well as infrastructural projects. Also, the Eurobonds Listings on NGX grew to…
Read More » -
Inflation rate rises 17-year high to 19.64% in July
Nigeria’s inflation rate in the month of July rose to a 17-year high of 19.64 per cent. This compares to 18.6per cent recorded in the previous month of June. The latest inflation data is according to the recently released Consumer Price Index (CPI) report for the month of July, by the National Bureau of Statistics (NBS). The last time Nigeria’s…
Read More » -
Aero contractors returns to business with 5 new aircrafts
Aero Contractors says it has taken delivery of the first set of two Dash-8 (Q-400) Aircraft belonging to Umza Express on Thursday at the Nnamdi Azikwe International Airport, Abuja. Abdullahi Mahmood, the managing director of Aero Contractors, disclosed in a statement in Lagos. Mr Mahmood said that the Nigerian registered aircraft, owned by UMZA Xpress, will be operated by Aero…
Read More » -
Growth of private conglomerates like BUA evidence of correctness of our policies – Buhari
President Muhammadu Buhari Friday in Abuja said entrepreneurs and the business community, whose investments align with the priorities of the government in value and job creation, will continue receiving the full support of his administration, noting that the huge growth experienced by conglomerates like BUA Group is evidence of the correctness of government policies. The President, who received the management…
Read More » -
Broadband penetration hits 44.5% as NCC reviews short code services
Nigeria’s broadband usage has continued on the rise, moving up from 40.9% in February 2022 to 44.5% in July 2022, a figure considered hopeful for achieving the national broadband target of 70% in 2025. Executive Vice Chairman of the Commission, Prof. Umar Danbatta, who disclosed this yesterday at the beginning of a three-day public inquiry on five telecom regulations and…
Read More » -
NCC-CSIRT flags ‘HiddenAds’ malware that jeopardises users’ privacy
The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has flagged a new malware, HiddenAds, which has infiltrated Google Play Store that can impact device performance and jeopardize users’ privacy. In its advisory of August 8, 2022, NCC-CSIRT classified the virus, first identified by the McAfee Mobile Research Team, as high in probability and damage potential. The malware infiltrated…
Read More » -
Buhari consents to Seplat Energy’s acquisition of Exxon Mobil shares
President Muhammadu Buhari has consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited. This was contained in a statement by Special Adviser to the President on Media and Publicity, Femi Adesina. According to the statement, Buhari consented to the acquisition “in his capacity as Minister of Petroleum Resources, and in…
Read More » -
Amukpe-Escravos pipeline becomes secure route for crude oil transport
Following the launch of the new Amukpe-Escravos Pipeline in Nigeria, oil companies operating in the oil-rich West African country now have a more secure route for transporting crude oil. The new crude oil transportation option will significantly minimise incidents of oil theft which has drastically affected the revenues of many oil companies. Business Insider Africa gathered that the new pipeline…
Read More »
