Economy
-
N22.7trn printed by CBN during Buhari’s tenure landed Nigeria into hyperinflation- Edun
The Minister of Finance and Coordinating Minister of Economy, Wale Edun, has said that the N22.7tn printed by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government of Nigeria from 2015 to 2023, under former President Muhammadu Buhari landed Nigeria into hyperinflation bedeviling it now. Edun disclosed this on Wednesday during an interactive session with…
Read More » -
Okonjo-Iweala tasks Nigeria, other African nations to improve on Shea Butter global standards
The World Trade Organisation (WTO) has urged Nigeria and other African countries to improve the quality of their shea exports because many of them do not meet the sanitary and phytosanitary requirements required for export. The international agency also made clear that a large portion of the potential of the Shea butter commodity remained unrealized, even with the obvious advantages…
Read More » -
I’m concerned about Nigeria deteriorating electricity supply, says Adelabu
Kunle Sanni The Minister of Power, Bayo Adelabu has expressed deep concern about the deteriorating electricity supply across the country. In a post via his X account, Adelabu stated that summoned the Chief Executives of Abuja Electricity Distribution Company (AEDC) and Ibadan Electricity Distribution Company (IBEDC), as well as the Managing Director of the Transmission Company of Nigeria (TCN), to…
Read More » -
SEC to issue guidelines on anti-money laundering regulations for digital assets operators
The Securities and Exchange Commission (SEC) stated that it has developed new guidelines for licensing, registration and screening of digital and virtual assets service providers (VASPs). According to the Central Bank of Nigeria (CBN), VASPs are entities that conduct exchanges between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets. SEC in a notice said the new measures…
Read More » -
767 manufacturing companies shut down in Nigeria, MAN reveals
The Manufacturing Association of Nigeria (MAN) has reported a concerning trend within the industry, revealing that about 767 manufacturing companies shut down operations while 335 experienced distress in 2023. This development is attributed to various economic difficulties, including exchange rate volatility, rising inflation, and a general worsening of the investment climate. These adversities have taken a toll on the manufacturing…
Read More » -
Former CBN Deputy Governor Moghalu picks holes in implementation of Tinubu’s economic reforms
By Ibidapo Balogun in Abuja Former deputy governor of the Central Bank of Nigeria, Dr. Kingsley Moghalu, has criticised the Federal Government’s handling of the economic reforms, even as he described the reforms as correct and necessary. Moghalu spoke on Tuesday in a keynote address at the 2023 Leadership Annual Conference and Awards held at the Transcorp Hilton Hotels, Abuja.…
Read More » -
LCCI expresses concern over FG’s expatriate levy
The Lagos Chamber of Commerce and Industry (LCCI) expressed that the expatriate employment levy (EEL) launched by the federal government is harmful to the country’s drive for foreign direct investments (FDIs). The chamber’s director-general, Chinyere Almona spoke in a statement, titled, ‘LCCI Perspective on Nigeria’s Expatriate Employment Levy (EEL)’. Almona expressed concern about the likely perception by foreign investors that…
Read More » -
How Ewekoro LGA made Ogun first in non-oil revenue generation, Gov. Abiodun
Kolawole Olayinka, Abeokuta The presence of limestone in large quantities in Ewekoro Local Government is responsible for Ogun State contributing 36 out of the 38 per cent of revenue generated into the non-oil sector coffers of the Federal Government, Governor Dapo Abiodun has said. The governor made this known at the palace of the Olu of Itoriland, Oba Abdul-Fatai Akorede…
Read More » -
FG threatens to sanction non-performing DISCOs
Kunle Sanni The Federal Government has reportedly initiated plans to sanction non-performing power distribution companies. The Chief Executives of the Abuja Energy Distribution Company (AEDC) and the Ibadan Electricity Distribution Company (IBEDC) have been summoned by the Minister of Power, Adebayo Adelabu, to address the declining quality of the energy supply, according to a story by ChannelsTV. “Wilful non- performance…
Read More » -
Many marketers have been forced out of business due to harsh economic conditions- IPMAN
Innocent Raphael The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that many marketers have been forced to leave the business due to concerns about the harsh economic conditions impacting the industry. Speaking on Channels TV on Thursday, John Kekeocha, the National Secretary of IPMAN, stated that marketers were facing difficulties securing supplies, particularly for diesel and kerosene, which…
Read More »
