Business

Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigeria currently does not need any concessionary funding intervention from the International Monetary Fund (IMF), as it has access to enough exposures from different areas that should be able to see the country through. Speaking in a 20-minute interview Cardoso with a media outfit, Cardoso also disclosed that the country’s total foreign exchange (FX) inflow hit $24 billion […]

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the country recorded a total foreign exchange inflow of about $24 Billion in the first quarter of 2024. Cardoso made this disclosure during an interview with Bloomberg TV on Tuesday in London. According to him, the inflow is about 50 per cent above the inflows recorded in previous quarters up to 2021. The governor also declared that the […]

Minister of Aviation and Aerospace Development, Festus Keyamo, has said that the issue of extortion of passengers by officials of government agencies at the airports is beyond the ministry’s control. Keyamo, who stated this in a post on his X handle, said he had been receiving calls from concerned members of the public over the menace, which according to him, had been maligning Nigeria’s public image. He noted that most […]

According to the Central Bank of Nigeria, Nigerians affected by the rising cost of living obtained credit facilities worth N3.82tn from banks as of January 2024, with an analysis of the latest monthly economic report posted on its website revealing that the total consumer credit rose by 11.9 per cent to N3.82tn in January 2024. On a year-on-year basis, the figure represented an increase of N1.41tn from N2.41tn recorded in […]

TotalEnergies, operator of Oil Mining Lease 58 onshore licence in Nigeria with a 40 per cent interest, together with the Nigerian National Petroleum Company Limited (60 per cent), on Thursday, signed a $550 Million Final Investment Decision for the development of the Ubeta gas field. Located about 80 km northwest of Port Harcourt in Rivers State, the OML 58 licence contains two fields currently in production, which include the Obagi […]

Federal Government has begun the proposed audit of the 2.7 Trillion Naira fuel subsidy claim by the Nigerian National Petroleum Company Limited. This process was confirmed by the Director, Home Finance, Ali Mohammed who said an audit firm, KPMG had conducted an initial audit reducing the claims from 6 Trillion Naira to 2.7 Trillion Naira. However, in the new audit, the government said it had approved the engagement of the […]

The Debt Management Office, DMO, said that Nigeria’s total public debt has increased by 24.99 per cent to N121.67 trillion as of March 31, 2024. DMO disclosed this in a statement on Thursday as the figure shows a significant increase compared to the N97.34 trillion recorded on December 31, 2023. According to DMO, the new debt figure encompasses the combined domestic and external debts of the Federal Government of Nigeria, […]

Nigeria's economic challenges have intensified over the past year, marked by rising inflation, an exchange rate crisis, and depleting foreign reserves threatening the economic stability for the nation's over 200 million residents. The International Monetary Fund (IMF) has forecasted a sharp decline in Nigeria's economic ranking and GDP after being the largest economy in Africa in 2022, Nigeria has slipped and is projected to fall to fourth place behind South […]

The first trading session of this week also occurring after the Sallah break observed on Monday and Tuesday ended on a negative note on Wednesday at the Nigerian stock market with a 0.08 per cent loss. The 0.14 per cent loss posted by the insurance index and the 0.09 per cent decline suffered by the consumer goods sector brought down the Nigerian Exchange (NGX) yesterday. The bourse crumbled despite the […]