Business

Information says Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024. Data sourced from the Central Bank of Nigeria (CBN) report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56 billion spent during the same period in 2023. According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, […]

Majority of Nigerians believed that the country’s inflation would rise further in October 2024. This is according to the Inflation Expectation Survey released on Tuesday by the Central Bank of Nigeria, CBN. This comes ahead of Nigeria’s October inflation figure to be released by the National Bureau of Statistics on Friday, 15 November 2024. The CBN report had indicated that October inflation will rise further from 32.70 per cent recorded […]

Nigeria’s naira has been projected to depreciate further to N1,993 per dollar in the coming days according to BMI, a Fitch Solutions subsidiary report on Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth. The report noted that the forecasted depreciation will be predicated on the 95 percent dependence on imports for pharmaceuticals in Nigeria, a development it noted would erode both the health system and patient […]

The Nigerian National Petroleum Company Limited (NNPCL) said it has stopped importing refined petroleum products and is now off-taking fuel from the Dangote Petroleum Refinery and other local refineries. NNPC’s Group Chief Executive Officer, Mele Kyari, disclosed this on Monday at the ongoing conference of the Nigerian Association of Petroleum Explorationists, which was held in Lagos. This is coming at a time when some petroleum marketers insisted that they would […]

The Nigeria Deposit Insurance Corporation (NDIC) has begun a nationwide auction of properties and assets previously owned by the defunct Heritage Bank. Bashir Nuhu, NDIC’s Director of Communication and Public Affairs, announced on Monday that the auction, set to start on December 4, will cover 36 locations across the country. Following the Central Bank of Nigeria's revocation of Heritage Bank's license on June 3 due to financial instability, NDIC is […]

The estimated cost of landing Premium Motor Spirit, commonly known as petrol, on Nigeria’s shores has seen a considerable reduction of 20.34 per cent, dropping to N971.57 per litre over the past three months. This decline in landing cost, which reflects the price of importing and distributing the product, indicates some relief in terms of global market fluctuations and supply chain factors. However, despite this reduction, the retail price of […]

The naira appreciated significantly against the dollar in the foreign exchange market as FX supply surged. Obtained data showed the naira strengthened to N1639.50 against the dollar on Thursday from N1,681.65 exchanged on Wednesday. Meanwhile, at the black market, the naira depreciated to N1750 per dollar on Thursday from between N1720 and 1735 exchanged on Wednesday. This comes as FX transaction turnover increased to $244.96 million on Thursday from $196.78 […]

The Minister of State, Federal Ministry of Works, Bello Goronyo, has urged the management of the Federal Roads Maintenance Agency to give regular updates concerning ongoing rehabilitation of roads to the public, National Assembly, and other stakeholders in order to bridge communication gaps. The minister gave the charge at a meeting with the management of FERMA and members of its board led by the Managing Director/CEO, Chukwuemeka Agbasi, on Wednesday […]

The World Bank has approved a $50 million fund to support Nigeria’s fight against food and nutrition challenges. World Bank Country Director Ndiame Diop announced this during a meeting with Vice President Kashim Shettima at the Presidential Villa in Abuja on Tuesday. This funding is part of the Accelerating Nutrition Results in Nigeria (ANRiN) project 2.0, designated as a crisis response initiative as Vice President Shettima highlighted Nigeria’s commitment to […]