CBN raise interest rate to 18.5% on rising inflation
Business a.m.May 24, 2023
By Business A.M. The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) by 50 basis points from 18.0 per cent set in March 2023 to 18.5 per cent. Godwin Emefiele, the CBN governor and head of the highest policy making committee of the apex bank, […]
Nigeria’s GDP slows to 2.31% in Q1’23 amid cash scarcity, says NBS
Luther Animashaun, Onome AmugeMay 24, 2023
By Luther Animashaun & Onome Amuge Nigeria’s economic growth rate slowed to 2.31 per cent in the first quarter of 2023 due to the adverse effects of the cash crunch experienced during the quarter, according to data released by the National Bureau of Statistics (NBS). The NBS, in its latest gross domestic product (GDP) report […]
UK inflation falls to 8.7% in April
Luther AnimashaunMay 24, 2023
By Luther Animashaun The Office for National Statistics (ONS) has announced that the Consumer Prices Index (CPI) of the United Kingdom decreased from 10.1 per cent in March 2023 to 8.7 per cent in April 2023, its lowest level since March 2022. This decrease was attributed to the absence of energy price hikes seen in […]
Dangote Refinery to reposition Nigeria as leading economy in the world, says Dangote
Animashaun LutherMay 23, 2023
By Cynthia Ezekwe The Dangote petroleum and petrochemical refinery, which has gulped an estimated $18.5 billion has been positioned on the trajectory to reposition Nigeria as a leading economy in the world. Aliko Dangote, president Dangote Industries Limited, who disclosed this at the official commissioning of the refinery in Ibeju-Lekki, Lagos state, noted that once […]
Lagos Free Zone GDP contribution to hit $12bn in 2032, says promoters
Cynthia EzekweMay 23, 2023
By Cynthia Ezekwe Promoters of the Lagos Free Zone (LFZ), have projected a significant rise in the revenue generation from the zone,which is expected to contribute over $12 billion to Nigeria’s annual gross domestic product (GDP) by 2032. According to Chinju Nwankwo-Udora, the business development and marketing manager, LFZ, the zone currently contributes about one […]
AU Commission, Gavi sign MoU to drive vaccines access in Africa
BEN EGUZOZIEMay 23, 2023
By Ben Eguzozie The African Union Commission (AUC) and Gavi, the Vaccine Alliance (Gavi), recently signed a Memorandum of Understanding (MoU) to drive access and accelerate the uptake of life-saving vaccines across the African Union-member states towards supporting immunisation, providing technical and learning assistance and health systems strengthening. The MoU was signed on […]
KPMG warns Nigeria’s debt profile will cause fiscal woes for next administration
Onome AmugeMay 19, 2023
By Onome Amuge Professional services firm, KPMG, has warned that Nigeria’s debt service to revenue ratio may exceed 100 percent in 2023, and could result in critical debt servicing problems, making it difficult for the next administration to fund operations and functions. The firm, In its latest macroeconomic snapshot, stated that unless urgent actions to […]
FAAC allocation to federal govt, subnationals decline 8% to N655.932 in April
Onome AmugeMay 19, 2023
By Onome Amuge The monthly allocation shared by the Federation Account Allocation Committee (FAAC) to the federal, state, and local government councils, dropped by eight per cent from N714.62 in March to N655.932 billion for April 2023. FAAC made the disclosure in a communiqué issued at the end of its latest meeting in Abuja. The […]
Dakuku Peterside to speak on Nigeria’s leadership role in Africa at 2023 Africa Day celebration
Business a.m.May 17, 2023
By Business A.M. Dakuku Peterside, a technocrat and columnist, and former director general of Nigerian Maritime Administration and Safety Agency (NIMASA),has been invited to speak at the Center for Pan-African and Peace Studies (CePAPS) of the African University of Science and Technology (AUST), Abuja, as it hosts a special event to celebrate Africa Day 2023 […]
Nigeria’s inflation rate soars for 4th straight month to 22.04% in April 2023
Animashaun LutherMay 15, 2023
By Onome Amuge Nigeria’s inflation rate rose for the fourth consecutive month in the year and highest in 17 years to 22.22 per cent in April 2023,representing an increase of 0.18 per cent from 22.04 per cent posted in March 2023. This is according to the latest inflation report by the National Bureau of Statistics […]