Economy
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Nigeria’s credit outlook remains stable at ‘B-/B’, says S&P Global
S&P, a global credit ratings agency, at the weekend, affirmed that Nigeria’s credit outlook will remain stable in 2024, with short-term foreign and local currency sovereign credit worthiness at ‘B-/B’, while long and short-term national scale ratings was pegged at ‘ngBBB+/ngA-2’. The ratings agency stated that this position is on the back of ongoing monetary, economic and fiscal reforms, including…
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Against Nigeria’s law, Wigwe University to charge students in dollars
Wigwe University, a private University owned by Group Managing Director, Access Holdings Plc, Mr. Herbert Wigwe is committing an offence against Nigerian law with the practice of demanding tuition fees in dollars instead of the local currency. It is illegal in Nigeria for any goods and service providers, including school proprietors to demand fees in dollars. The Central Bank of…
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FG partners AfDB on $617 creative and digital economy fund
The Federal Government says it has partnered with the African Development Bank (AfDB) to launch the $617 million Investment in Digital and Creative Enterprises (IDICE) fund. The Minister of Art, Culture, and CreativeEconomy, Hannatu Musawa, disclosed this in a press release on Friday in Abuja. According to the minister, the fund is poised to unleash unparalleled growth, with the potential…
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Mining development: Nigeria, US explore areas of strategic partnership
Minister of Solid Minerals Development, Dr. Dele Alake has described the United States (US) as Nigeria’s longstanding ally and strategic partner for the nation’s mining sector development. Speaking while receiving Charge d’Affairs, US Embassy, David Greene in his office on Thursday, Alake lauded the United States’ commitment to fostering cooperation with Nigeria in diverse sectors of the economy, stating that…
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Plan to remit crude oil sales to CBN illegal – Atiku
Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has questioned President Bola Tinubu’s order granting the Central Bank of Nigeria authority over the earnings from the sale of crude oil by the Nigerian National Petroleum Corporation Limited. He pointed out that the CBN is not the only entity that must enforce the policy. Tinubu had, on Monday, directed…
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BREAKING: FBN Holdings declares N309.89bn profit in 2023
FBN Holdings Plc on Thursday announced N309.89billion profit after tax in its unaudited full year ended December 31, 2023. This is an increase of 127.58per cent from N136.17billion declared in full year ended December 31, 2022. The unaudited result and accounts released on the Nigerian Exchange Limited (NGX) revealed N362.24billion profit before tax in 2023, representing an increase of 129.66…
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Ogun constitutes ambassadors to intensify efforts on investment drive
By Kolawole Olayinka, Abeokuta The governor of Ogun State, Prince Dapo Abiodun has inaugurated a 12-man committee of Ogun Invest Ambassador Network to create a robust and seamless working relationship between government and investors, for businesses to thrive. Abiodun, during the inauguration and orientation course for the ambassadors, at Ogun Invest Office, Isheri, in Ifo Local Government Area of the…
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BRICS: UAE pays China with new digital Dirham
BRICS members UAE and China settled a cross-border transaction on Monday using the new Digital Dirham sidelining the US dollar. This is the first-ever transaction made directly to China from the UAE using the new mode of payment with the Digital Dirham. The direct trade settlement was initiated by the UAE through the ‘M Bridge’ platform making ways for BRICS…
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Femi Otedola succeeds Ahmad Abdullahi as chairman of FBN Holdings
The management of FBN Holdings Plc on Wednesday announced the appointment of Mr. Femi Otedola as new Chairman of the oldest financial institution in Nigeria. The billionaire investor and philanthropist succeeds the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. The Holdings in a notification to the Nigerian Exchange Limited (NGX) and the investing public stated that the board and…
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Nigerian travel agents give foreign airlines ultimatum to cut fares
Following the release of all outstanding backlogs of $64.44 million in blocked airline funds by the Central Bank of Nigeria (CBN), the National Association of Nigerian Travel Agents (NANTA) has said that foreign airlines have no further reason and justification to restrict inventory in the Nigerian market. The national president of NANTA, Mrs Susan Akporiaye in a statement on Wednesday…
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