Economy
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NGX RegCO, others pledge unified commitment to sustainability reporting
In a significant stride towards fortifying investor protection in the Nigerian capital market, NGX Regulation Limited (NGX RegCo), the IFRS Foundation, and the Financial Reporting Council of Nigeria (FRC) have jointly reaffirmed their dedication to spearheading sustainability reporting initiatives among listed companies. The commitment was made during the NGX Issuers Engagement Forum held on Thursday at The NGX Group House,…
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Bagudu, German counterpart, forge stronger ties in bilateral economic cooperation talks
The Honourable Minister for Budget and Economic Planning, Sen. Abubakar Atiku Bagudu reinforces the bilateral relationship with the German Minister for Economic Cooperation and Development, Ms. Svenja Schulze. Bagudu expressed this during a courtesy visit by the German Minister to the Ministry, held at the Honourable Minister’s Conference Hall recently in Abuja. The Honourable Minister stated how set he has…
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Nigerians spent $40bn on education, healthcare abroad in 10 years, says Cardoso
Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso has said the foreign exchange (FX) demand for education and healthcare in the past decade has significantly eroded the strength of the naira. Cardoso spoke on Tuesday when he appeared before the plenary of the house of representatives. The CBN governor said between 2010 and 2020, foreign education expenses…
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Nigeria chairs African mining ministers group
Nigeria broke new ground in the global mining industry on Monday, clinching the chair of the newest mining pressure group, the Africa Minerals Strategy Group. Special Assistant on Media to the Minister of Solid Minerals Development., Segun Tomori, in a statement said Minister of Solid Minerals Development, Dr. Dele Alake was unanimously elected the pioneer chairman of the group. Speaking…
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BDAN backs CBN’s limit on banks’ foreign currency exposure
The Bank Directors Association of Nigeria (BDAN) on Monday said it is in support of the Central Bank of Nigeria (CBN) limit on banks foreign currency exposure, stating that the directive, along with other prudential requirements outlined in the circular, plays a critical role in ensuring the effective management of foreign currency exposures The apex bank in a circular last…
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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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