Business

Naira slumped further and exchanged to the dollar at 595 on Friday at the parallel market. On Monday, the naira was exchanged at N590 to a dollar. The Central Bank of Nigeria, however, maintained N415.69 as the official rate on its website.

The African Development Bank, AfDB, has announced that the African Investment Forum has secured $15.6 billion of investment interests for construction of the Lagos-Abidjan highway corridor. President of AfDB, Akinwumi Adesina, disclosed that the transport sector in West Africa plays a key role in the economic development of the region and generates at least five to eight per cent of its Gross Domestic Product, GDP.

The World Bank has said Nigeria and nine other countries account for 75 per cent of global gas flaring. This was disclosed in the 2022 Global Gas Flaring Tracker Report. According to the apex banker, the 10 countries also account for 50 per cent of global oil production.

The Nigerian National Petroleum Company Ltd, NNPC has said Nigeria made $565.5milliom in crude oil and gas export sales in the first quarter of 2022. According to NNPC, the nation made $177.86million from crude oil exports and $387.72million from gas feedstock to Nigeria

Investors gained N262.8bn at the end of trading on the floor of the Nigerian Exchange Limited. The market capitalization of the equities rose by 0.98 per cent to N27.023tn on Wednesday from N26.760tn on Friday. Also the All-Share Index also rose to 50,126.41 basis points from 49,638.94 basis points.

Banks’ demand deposits rose by N1.1tn in three months to N16.89tn as of the end of March. According to the Central Bank of Nigeria, CBN, the figure, which stood at N15.81tn as of the end of January, rose to N16.17tn as of the end of February. The CBN disclosed that currency in circulation fell by N42.43bn between January and Mar

The International Monetary Fund, IMF has projected that Nigeria’s Consumer Price Index will hit 16.1 per cent in 2022. According to IMF, the projected 16.1 per cent will be the highest in the country since October 2021 when it was 16.63 per cent. It, however, added that the inflation rate would drop to 13.1 per cent by 2023.

The President of the African Development Bank Group, Akinwumi Adesina, has said that Africa faces an infrastructure gap of between $68billion to $108billion annually. According to Adesina, the bank had committed over $44billion to infrastructure across the continent in the last six years in areas of transport, energy, water, and sanitation.

Ogun State Bureau of Information Technology in partnership with the International Telecommunication Union has commenced training for 80 girls selected from 40 Public and Private Primary and Secondary Schools within Abeokuta. Special Adviser to the Governor on Information, Communications and Technology, Dayo Abiodun, while declaring open a four-day training for the Pupils and Students at Abeokuta, stated that the training was organized to commemorate the year 2022 International Girls Day […]