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Reports say cashless transactions fell to N37.67tn in February 2023. The Nigeria Inter-Bank Settlement System revealed that this was a 4.83 per cent fall from the N39.58tn that was recorded in January. The data noted that e-payment gateways were used 901.46 million times, a 41.29 per cent increase from the 638 million times they were used in January.
African airlines have recorded a 124 per cent growth in passenger traffic in the past year. According to the International Air Transport Association, at in January 2023, African airlines’ passenger traffic rose by 124 per cent. The Association revealed that January capacity was up 82.5 per cent and load factor climbed 13.9 percentage points to 73.7 per cent, the lowest among regions.
The Securities and Exchange Commission, SEC, has expressed readiness to collaborate with the National Pensions Commissions to develop the commodities ecosystem. A statement issued by the Director-General of the Commission, Lamido Yuguda, stated this when the commission held a meeting with Pencom in Abuja. The statement noted that the SEC was passionate about the commodities sector as it had enormous benefits for the economy of the nation.
Despite losses recorded in previous trading day, investor’s sentiments remain positive in stocks as gains in some blue-chip stocks lifted the market capitalization by N68.762 billion to N29.589 trillion. A total of 129.914 units of shares corresponding to a market value of N 3.922 billion were exchanged in 2,678 deals. The Benchmark All-Share index also increased by 126.22 basis points or 0.23 per cent to close at 54,315.53 basis points […]
Reports say severe incidences of flooding in 2022 slowed Nigeria’s Gross Domestic Product growth to 3.10 per cent in 2022 from 3.40 per cent in 2021. According to GDP results from the National Bureau of Statistics, reduced growth in the agriculture and industrial sector of the economy slowed GDP growth in 2022. It stated that the overall growth rate of the agriculture sector fell from 2.13 per cent in 2021 […]
In a bid to produce at least 2.1 million barrels of oil daily, the Federal Government is reviving shut-in crude oil wells from various drilling facilities in the Niger Delta. According to data from the Nigerian Upstream Petroleum Regulatory Commission, about 900,000 barrels of oil per day could be produced from quick interventions on the shut-in wells, while the medium and long-term initiatives could add 1.2 million barrels of oil […]
President Muhammadu Buhari has said that the proposed 40 MVA substation in Akwa Ibom State would strengthen the national grid by increasing its wheeling capacity to 25, 000MW by the year 2025. Buhari stated this while performing the ground breaking ceremony for the construction of the substation estimated to cost over N6.8 billion. He added that the project would improve service delivery and increase capacity to supply power to the people of […]
The total assets under the Contributory Pension Scheme rose by N1.56tn in 2022. According to figures from the National Pension Commission, the funds, which ended December 31, 2022, at N13.42tn, rose to N14.99tn by the end of December 2022. Contributors in the scheme rose slightly by 333,002 from 9,529,127 as of the end of 2021 to 9,862,129 in the corresponding period of 2022. According to the figures, N9.64tn or 64.33 […]
Reports say properties worth N3.19tn have been lost to various fire incidents nationwide between 2015 and 2022. Minister of Interior Minister, Rauf Aregbesola, revealed this at the 64th session of the State House Ministerial briefing held in Abuja. Aregbesola noted that this includes N46.1bn lost to fires in 2022, and N25.32tn worth of properties were salvaged within that period.
