Nigerians want further cut as new bank charges commence
Businessam StaffJanuary 2, 2020
Bank customers across Nigerians yesterday enjoyed the new cut in bank charges for cash withdrawals and electronic transfers, investigations have revealed. The CBN had on December 20, 2019 slashed bank charges across several platforms. “This new Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020, and […]
Africa’s free trade area worth $3.3trn, says AFDB
Businessam StaffJanuary 2, 2020
Akinwumi Adesina, president of the African Development Bank, Akinwumi Adesina, has said that the biggest thing to happen to Africa is the African Continental Free Trade Area (AfCFTA), saying the free trade area itself is worth over 3.3 trillion dollars. Adesina, who stated this when he addressed State House correspondents in Abuja on Tuesday, expressed […]
Nigerians’ incomes will shrink in 2020, says Rewane
Businessam StaffJanuary 2, 2020
Bismarck Rewane, the managing director and chief executive officer of Financial Derivatives Company Limited, has said the disposable incomes of Nigerian consumers will be squeezed by the proposed increase of Value Added Tax (VAT) and electricity tariff this year. He said the VAT hike from five per cent to 7.5 per cent would lead to […]
Stock investors lost N492bn in Q4 2019
Businessam StaffJanuary 2, 2020
Investors in the nation’s stock market counted losses worth N492bn in the fourth quarter of 2019. The quarter opened at a market capitalisation value of N13.450tn and closed at N12.958tn. In the month of October 2019, the stock market shed N620bn as the market capitalisation declined from N13.450tn to N12.830tn. However, the month of November […]
FG orders Discos to stop the use of cash payments for electricity bills
Businessam StaffJanuary 1, 2020
The federal government has ordered power distribution companies to migrate to cashless settlement platforms with respect to the collection of electricity bills from residential, industrial and commercial customers. It stated that beginning from January 2, 2020, the distributors had till January 31 and March 31, depending on the class of customers, to comply with the […]
Subdued spending, unemploymemt caused by the continued inflation – FBNQuest
Businessam StaffJanuary 1, 2020
As inflation goes on the uptick in Nigeria after a fall, analysts have said the rising inflation trend will lead to subdued spending, , rising unemployment and falling living standards, analysts at FBNQuest in a note titled’Inflationary pressure, impacting wallets, pointed out that food onflation had been the primary driver for acceleration of headline inflation […]
Nigeria needs 30 million new jobs by 2030 – World Bank
Businessam StaffJanuary 1, 2020
Thirty million new jobs are needed in Nigeria by 2030 to maintain the current employment rate, the World Bank has said. It said the projection was based on the country’s current population growth trend and its unemployment rate. Unemployment rate in Nigeria increased to 23.10 per cent in the third quarter of 2018 from 22.70 […]
Foreign reserves drop by $4.45bn in one year
Businessam StaffJanuary 1, 2020
Nigeria’s foreign reserves, which stood at $43.07bn as of the beginning of January 2019, fell by $4.45bn to $38.619bn as of the end of December, 2019. The reserves, which had been recording a downward trend dropped from $39.8bn on November 11 to $39.24bn on December 13, latest figures from the Central Bank of Nigeria have […]
Sanwo-Olu signs Lagos 2020’s N1.1tr budget into law
Businessam StaffDecember 31, 2019
Babajide Sanwo-Olu, Lagos State governor has signed the 2020 budget of the state into law. This is coming barely 24 hours after the Lagos State House of Assembly approved N1.168 trillion being the 2020 budget for the state. The signing, which took place on Tuesday in the Governor’s office at the Lagos House, Alausa, Ikeja, had […]
Extend border closure to five years, farmer urges FG
Businessam StaffDecember 31, 2019
A member of the Lagos State chapter of the Poultry Association of Nigeria told the federal government on Tuesday to extend the closure of land borders to a minimum of five years. Ashiru Shittu, who made the call in an interview in Lagos State said that Nigerian farmers had everything to gain from the closure and […]