Business

Nigerians received $10.11 billion as Diaspora remittances between January and June 2022. This represents a 9.6% increase compared to $9.23 billion received in the corresponding period of 2021. In contrast to the second half of 2021, Nigeria’s Diaspora remittance inflow increased marginally by 0.9% from $10.02 billion. In the period under review, a sum of $23.3 million was recorded as remittance outflow from Nigeria, indicating a net inflow of $10.09 […]

A review of Nigeria’s balance of payment report showed that Nigerians spent a sum of $11.6 billion on foreign education between 2019 and to date. On the flip side, the African giant did not attract any form of inflow from foreign students. The discord between the federal government and the Academic Staff Union of Universities, ASUU, has seen Nigerian university students stay home from February 14, 2022.

World Bank has said that public debt in Nigeria is concerning due to the rising debt service-to-revenue ratio. According to the bank, economic growth was subdued in Nigeria, with annual growth slowing from 3.6 per cent in the first quarter of 2022 to 3.4 per cent in the second quarter. It added that the debt service to revenue ratio could stand at 102.3 per cent by the end of 2022. […]

The Nigerian National Petroleum Company Limited grew its profit after tax from N287bn in 2020 to N674bn in 2021. This was disclosed by the Group Chief Executive Officer of NNPC, Mele Kyari, on Tuesday in Abuja. According to him, this represents a 134.8% Year-on-Year profit growth.

The Central Bank of Nigeria has injected a total of N9 trillion into the Nigerian economy as of September 2022. Governor of the central bank, Godwin Emefiele, revealed this when the monetary policy committee meeting last Tuesday. Emefiele claimed that the apex bank injected this amount into the economy in the last 3 years while also offering a 2-year moratorium for 10-year long-term facilities.

Brent, the global benchmark for crude, appreciated in price on Monday. This comes as the Organization of Petroleum Exporting Countries and its allies consider an oil output cut of more than a million barrels per day when they meet on October 5, 2022. Industry figures seen showed that the cost of Brent moved up by 3.7 per cent or $3.15 to close at $88.3/barrel as at 6.03pm Nigerian time. Another […]

The Nigerian foreign portfolio deficit has fallen by N14.5 billion between the first eight months of 2021 and the first eight months of 2022. According to data released by the Nigerian Exchange Limited, the deficit fell from N15 billion recorded in eight months of 2021 to N1.43 billion reported between January and August, 2022, It revealed that the FPI total inflows in the first eight months of 2022 stood at […]

Reports say the federal government spent N1.33 trillion to service domestic debts in the first half of 2022. According to data released by the Debt Management Office , this represents an increase of 42.5% compared to N935.46 billion spent in the corresponding period of 2021. When compared to the second half of 2021, domestic debt service increased by 19.2% from N1.19 trillion.

The price of Kerosene has recorded a significant increase from January to September, 2022. Speaking with Boss Radio Business News, a kerosene seller Chioma Nzeribe, highlights the increase recorded. Another seller, Frank Osita, says the price may increase or decrease before December. Also speaking, Uzodinma Daniel maintains that the price will not decrease.