Business

The Federal Government has announced plans to spend N1.2tn on servicing the loans it got from the Central Bank of Nigeria through the Ways and Means Advances. According to the 2023 fiscal framework, the Federal Government allocated N6.31tn to service its total debts. A breakdown showed that the Federal Government allocated approximately N3.3tn to service domestic debts, N1.81tn for foreign debts and N1.2tn for ways and means.

The Minister of Agriculture and Rural Development, Mohammed Abubakar, has revealed that cashew nuts export from Nigeria had generated over 250m dollars in 2022. Abubakar made the revelation during the Nigerian Cashew Day and cashew season commencement. The Minister noted that the export is estimated to represent over 10% of GDP based on export data of 2022.

The National Pension Commission has given clearance to 181 firms to do business with the Federal Government. PenCom’s directive on issuance of certificate of compliance stated that employers must fully comply with the provisions of the law. The firms with varying numbers of employees were given the compliance with December 31, 2023 expiry date.

Power generation on the national grid slumped consecutively in the first and second quarters of 2022, recording a cumulative crash of 1,713.55 gigawatt-hours during the six-month period. According to data on the sector’s operational performance, the total quarterly generation in Q1 2022 plunged by 632.17GWh to 8,848.04GWh, when compared to what was generated in the preceding quarter. The Ministry of Power indicated that the fall in power generation continued in […]

Nigeria’s inflation rate eased to 21.34% in December 2022 from 21.47% in November 2022. According to the National Bureau of Statistics, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%. It noted that on a year-on-year basis, the headline inflation rate was 5.72% points higher compared to the rate recorded in December 2021, which was 15.63%. On a month-on-month basis, the percentage […]

Deposits by Nigerian banks rose by N6.92tn from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022. According to the Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, total assets rose to N69.67tn in October 2022 from N57.3tn in October 2021, while total deposits rose to N43.05tn from N36.13tn over the same period. Total credit also increased by N5.32tn to N28.81tn between […]

The Chief Executive Officer of Tesla, Elon Musk, has been listed in the Book of Record for losing $165 billion of his personal fortune. Musk was listed as the ‘largest loss of personal fortune’ after losing the amount in December 2022. Forbes reported that his net worth dropped from its peak of $320 billion in November 2021 to $155 billion one year later, largely down to poor performance of Tesla’s […]

The Federal Government has paid interests of N4.12tn between 2019 and 2022 on the loans it got from the Central Bank of Nigeria through Ways and Means Advances. According to data the interest paid on the CBN loans was N339.45bn. The interest payments rose to N912.57bn in 2020 and N1.22tn in 2021.

The World Bank has approved $311m to increase grid-connected renewable energy capacity for West Africa. According to the World Bank, existing and prospective electricity in Chad, Liberia, Sierra Leone, and Togo would benefit from the new Regional Emergency Solar Power Intervention Project. It added that the new project includes a $20m grant to help facilitate future regional power trade and strengthen the institutional and technical capacities of the West Africa […]