Economy
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Sanwo-Olu advocates economic diversification, non-oil exports
Lagos State Governor, Mr. Babajide Sanwo-Olu, has reiterated the call for economic diversification in Nigeria, saying that the country should shift from overdependence on oil and gas, to agricultural produce, solid minerals, chemical products, furniture and clothing as well as tourism among others. He also stressed the need for Nigeria to discourage over-reliance on mono-economic revenue, which is oil and…
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We’ll deliver 5,000MW of electricity by July, NERC promises Nigerians
The Nigerian Electricity Regulatory Commission (NERC) has promised Nigerians improved power supply from July 1. According to NERC Chairman, Sanusi Garba, starting from next month, the nation would witness 5,000MW in transmission and distribution. Garba stated this at an interactive session with journalists after the second Nigerian Electricity Supply Industry (NESI) in Lagos on Wednesday. “Yes, we have had discussions…
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Inflation rate hits 11-month high at 17.71% in May
Inflation rose to its highest level in 11 months, rising from 16.82per cent recorded in April 2022 to 17.71per cent. This is according to the recently released Consumer Price Index report by the National Bureau of Statistics (NBS). The consumer price index, which measures the rate of inflation rose by 17.71 per cent year-on-year in May 2022, which is 0.89…
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Investors’ profit-taking in MTN Nigeria, 25 others down equities market by N182bn
Investors’ profit-taking activities on the Nigerian Exchange Limited (NGX) continued yesterday in the equities market, as MTN Nigeria Communications (MTNN) and 25 others weighed down the bourse. The All Share Index (ASI) decreased by 338.24 absolute points, representing a dip of 0.64 per cent to close at 52,775.40 points. Similarly, the market capitalisation lost N182 billion to close at N28.452…
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Honeywell Group partner Lagos innovate to upskill young entrepreneurs
Leading investment holding company, Honeywell Group (HGL), has partnered with the Lagos State Government and Lagos Innovates, the tech arm of Lagos State Employment Trust Fund (LSETF) to support the growth of one of Africa’s most exciting tech ecosystems. The partnership is executed via a talent development programme under ‘Lagos Innovates’ – a training project conceptualized to ease the process…
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Haidi Sirika woos investors into aviation sector, says 4 airports now free trade zones
Minister of Aviation, Hadi Sirika has called on investors to seize the opportunity presented by government and invest in the aviation sector. Sirika was speaking at the maiden edition of the national aviation conference organised by the Federal Airport Authority of Nigeria (FAAN) on Twitter. He said the country has made four airports free trade zones giving room for local…
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Equities market depreciates by N47bn to begin week on profit-taking
The equities market of the Nigerian Exchange Limited (NGX) resumed this week on a negative note with N47 billion loss as profit-taking dominated trading activities on Tuesday. The NGX All Share Index (ASI) decreased by 87.74 basis points or 0.16 per cent to close at 53,113.64 basis points. Similarly, the market capitalisation lost N47 billion to close at N28.634 trillion. The…
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Fidelity, 8 others report N226.12bn Insider Loans to directors, related entities
Fidelity Bank Plc and eight other deposit money banks in Nigeria granted N226.12billion loans and advances to entities controlled by key management personnel and related parties in 2021, analysis of the banks’ 2021 financial accounts has revealed. This is an increase of 11.5 per cent from the N202.73billion loans and advances granted by the nine banks to key management personnel…
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CBN to issue N1.2trn treasury bills in Q3 2022
The Central Bank of Nigeria (CBN) plans to issue a total of N1.2 trillion treasury bills (TBs) in the third quarterof 2022 as the same amount will be maturing between June and August this year. The CBN stated this in the Nigerian Treasury Bills issuance programme calendar released on its website. Treasury Bills (NTB) as defined by the CBN are…
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INTERVIEW: Greed, major reason Nigerians get duped by Ponzi schemes – Ajinibi
In this interview, ABIMBOLA AJINIBI draws lessons on how one can avoid being duped by investment scams and the government’s roles in ensuring the investment marker is safer What do you know about Ponzi schemes? Ponzi scheme is as old as, that was Ponzi himself in 1925 in Boston, as at then, over a hundred years ago, people lost over…
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