Business

The Manufacturers Association of Nigeria, MAN, has said sourcing of local raw materials by the sector steepened to 52 percent in the first half of 2022. In its summary of H1 2022, the association noted that it indicated 1 percentage point decline over the period. However, local sourcing increased by 2 percentage points when compared with 50 percent recorded in the second half of 2021.

Crude oil prices fell significantly despite improved employment figures and a positive Purchasing Managers’ Index. Brent crude fell by 3.5% to trade at $79.76 per barrel, while the American WTI dropped 3.30% to trade at $74.39 per barrel. Oil prices have been on a freefall this week as markets remain unimpressed by the G7 oil price cap that has not led to any anticipated supply shortage.

The Central Bank of Nigeria has imposed fresh cash withdrawal limits on individuals and organizations. A memo signed by the Director of Banking Supervision, Haruna Mustafa, stated that the directive will take effect from January 9, 2023. According to the memo, individuals will only be able to withdraw N100,000 per week, from over the counter, Point of Sale Machines or the Automated Teller Machines, while organisations can access N500,000 per […]

The number of individuals with National Identification Numbers grew to 92.63 million in November. According to statistics from the National Identity Management Commission, revealed that 19.93 million Nigerians had got their NINs in 2022. The top five states for NIN holders are: Lagos, Kano, Kaduna, Ogun, and Oyo.

The assets under the Contributory Pension Scheme gained N164bn in October after incurring a loss of almost N2bn in September. According to a report by the National Pension Commission, the assets rose to N14.59tn in October from N14.424tn and N14.426tn as of the end of August. The figure showed that N9.23tn of the funds was invested in Federal Government’s securities, N1.53tn in corporate debt securities, N2.17tn in money market instruments, […]

The Manufacturers Association of Nigeria has expressed concern that the slow growth in the economy is hindering the prospect of establishing a strong fiscal space and buoyant foreign reserve. The association claimed that despite the higher oil prices as well as the improvement in terms of trade, the expansion of the growth of the Nigerian economy remains sluggish above the population growth rate.

The federal government has announced the concession of a Research and Development of Satellite Internet Broadband Project which would earn N28 billion over a 15-year period. Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission, ICRC, Manji Yarling, said the Project will also boost Nigeria’s fight against insecurity. Yarling noted that the project is owned by the National Space Research and Development Agency,  an agency under the Ministry of Science, […]

The Revenue Mobilization Allocation and Fiscal Commission, RMAFC, has discovered $205.01m unremitted to the federation account by oil and gas companies. A statement issued by the Commission’s PRO, Nwachukwu Christian, said that it recovered over N192bn, which included N74bn between 2008 and 2015, as well as N118bn between 2016 and 2019, with the help of the EFCC. The statement noted that it had been partnering with the EFCC in the […]

The Central Bank of Nigeria has said that non-oil exporters repatriated the sum of $4.99 billion into Nigeria in 2022. Governor of the CBN Godwin Emefiele disclosed this while delivering a keynote address at the second edition of the RT-200 Bi-annual Export Summit on Tuesday in Lagos. According to him, the 2022 figure was higher when compared with $3.19 billion repatriated in 2021.