Tuesday 20th April 2021,
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Browsing the "Economy" Category

More International Firms Prefer Ghana To Nigeria

More International Firms Prefer Ghana To Nigeria

The recent decision of social media giant, Twitter, to set up its Africa office in Accra, Ghana, has reopened talks on how Nigeria increasingly lose similar opportunity even as more companies relocate to the Ghanian capital. Daily Trust on Sunday [...]

April 20, 2021 Business
Amaechi’s ministry blocks rail ticketing details

Amaechi’s ministry blocks rail ticketing details

Nigeria’s transport ministry has turned down requests to make public details of its recent concession of the Kaduna-Abuja rail ticketing, amid concerns over the valuation of the deal. The government announced in January that a private company will manage the [...]

April 16, 2021 Transportation
FG: Issuance Of New Sims To Resume April 19

FG: Issuance Of New Sims To Resume April 19

The Federal Government says the issuance of new SIM cards will resume on April 19. Isa Pantami, minister of communications and digital economy, made this known in a statement released by Femi Adeluyi, his technical aide (information technology), on Thursday. [...]

April 16, 2021 Telecomms
DPR Denies Revoking 32 Refinery Licences

DPR Denies Revoking 32 Refinery Licences

The Department of Petroleum Resources (DPR) has denied revoking 32 refinery licenses issued to private companies in Nigeria. Mr Paul Osu, Head, Public Affairs, DPR, made the clarification in a statement on Tuesday in Lagos. “We wish to clarify that [...]

April 14, 2021 Oil & Gas
Africa awaits 428 new oil, gas projects

Africa awaits 428 new oil, gas projects

A new report said yesterday, over 428 oil and gas projects are expected to be developed in Africa’s oil and gas sector before 2025. Nigeria, regarded as one of the biggest crude oil producers on the continent according to the [...]

April 9, 2021 Economy, Oil & Gas
Debts Exceeded Revenues In Lagos, Cross River, FCT, Others

Debts Exceeded Revenues In Lagos, Cross River, FCT, Others

The debts of four states exceeded their net revenues by more than 400 per cent, the Fiscal Responsibility Commission has said. The states are Lagos, Osun, Cross River and Ogun. The FRC in its report ‘Debt sustainability analysis of state [...]

April 7, 2021 Finance
New IMF reserves could fund vaccines in poor nations

New IMF reserves could fund vaccines in poor nations

Moves to bolster the International Monetary Fund’s (IMF’s) emergency reserves could provide the $44bn needed to vaccinate 70 percent of the population in lower- and middle-income countries by the end of 2022, at no added cost to rich countries, according [...]

April 6, 2021 Finance
LG Electronics To Shut Down Its Mobile Phone Business

LG Electronics To Shut Down Its Mobile Phone Business

The South Korean electronics manufacturer, LG, is closing its loss-making mobile phone business. The board of directors approved the move on Monday, LG Electronics said in a statement released in Seoul. The shutdown of LG’s mobile phone sector is expected [...]

April 6, 2021 Business
Nigeria loses over N576b yearly to medical tourism

Nigeria loses over N576b yearly to medical tourism

Almost two years after his last private trip to the United Kingdom (UK), President Muhammadu Buhari, yesterday, jetted out of the country on a medical trip to London for the sixth time since he was sworn into office in 2015. The [...]

March 31, 2021 Economy
Kogi govt spent N90 million on a N300,000 software

Kogi govt spent N90 million on a N300,000 software

The Kogi State Government last year spent N90 million on software that the developers now offer for only N300,000.  The software, approved by a COVID-19 sceptic, Governor Yahaya Bello, was for tracking coronavirus cases in the state. However, the software [...]

March 26, 2021 Technology
National economy to ‘slowly’ recover

BOI says Economy to ‘slowly’ Recover from COVID-19

The Bank of Industry (BOI) has predicted that the economy would ‘slowly’ recover from the adverse impact of the COVID-19 pandemic. “The economy will recover and as it recovers from the effect of the pandemic, I do see a period [...]

March 25, 2021 Economy
Tips To Get Jobs Faster In UAE (Dubai) As A Nigerian

Tips To Get Jobs Faster In UAE As A Nigerian

Hello guys, it’s Dubai boy again. Based on several requests and popular demand, I decided to make a video about tips to get jobs faster as a Nigerian in any foreign country.. particularly UAE (Dubai). Firstly let me debunk the [...]

March 24, 2021 Business
47 IMTOs get approval to operate in Nigeria

47 IMTOs get approval to operate in Nigeria

The Central Bank of Nigeria (CBN) has approved 47 companies to operate as international money transfer operators (IMTOs), an effort interpreted as a move towards breaking the historical dominance of the industry cartel and liberalising the market. A document released [...]

March 23, 2021 Business
Kwik Delivery

Kwik Delivery launches delivery service in Abuja

Kwik Delivery  has launched its breakthrough, just-in time delivery service to businesses, government agencies and merchants in Abuja. Kwik Delivery offers 1-hour delivery through its fleet of bike delivery partners and also provides access to a host of reliable, efficient [...]

March 22, 2021 Technology
Global middle class shrinks

Global middle class shrinks for first time since 1990s

The global middle class shrank for the first time in decades last year because of the Covid-19 pandemic, with almost two-thirds of households in developing economies reporting they suffered a loss in income, according to two new estimates based on [...]

March 19, 2021 Business
Market capitalisation

Market capitalisation plunges by N8 billion

Transactions on the Nigeria Stock Exchange (NSE) reversed the previous session’s gains to close on a downturn yesterday, with market capitalisation depreciating by N8 billion. The All-Share Index (ASI) fell by 14.68 absolute points, representing a decline of 0.04 per [...]

March 19, 2021 Business
Food Inflation

Food Inflation Rises To 21.79% In February 2021

Nigeria’s food inflation rate surged to 21.79% in February 2021, which is the highest rate recorded in Nigeria since October 2005—exactly 15 years and 4 months ago. The February 2021 CPI and Inflation Report as released by the National Bureau [...]

March 19, 2021 Finance
Nigeria’s debt

Nigeria’s debt to N32.9 trillion as 2020 borrowing

Nigeria’s total public debt as at December 31, 2020 was N32.915 trillion, the Debt Management Office has said. The figures include the debt stock of the federal and state governments, as well as, the Federal Capital Territory. The DMO blames the rise [...]

March 17, 2021 Economy, Finance
Dependent On Expensive Borrowing

Nigeria Depends On Expensive Borrowing

The International Monetary Fund has said that Nigeria’s “over-Optimistic” revenue assumptions has made the government dependent on expensive borrowing from the Central Bank of Nigeria. The IMF stated that plans to increase Value Added Tax and minimum wage would also [...]

March 16, 2021 Business, Economy
Nigeria’s Foreign Trade Jumps To N9.12 Trillion In Fourth Quarter Of 2020

Nigeria’s Foreign Trade Jumps To N9.12 Trillion In Fourth Quarter Of 2020

Nigeria’s foreign trade for the fourth quarter (Q4) of 2020 grew by N9.12 trillion, showing an increase of 8.88% as compared to N8.38 trillion marked in the previous quarter. This is according to the foreign trade report, recently released by [...]

March 9, 2021 Economy
FG Considers Fresh Taxes On Petroleum Products, Beverages

FG Considers Fresh Taxes On Petroleum Products, Beverages

As the Federal Government declared tax reliefs for businesses due to the economic impact of the COVID-19 pandemic, it is considering new taxes to generate revenue to fund the 2021 Appropriation Act. The Nigeria Customs Service also proposed the return [...]

March 7, 2021 Economy
NDDC

NDDC To Train Unemployed Youths At Innoson Motors

The Niger Delta Development Commission (NDDC) says all is now set for the training of indigent Niger Delta youths on technical skills at Innoson Vehicle Manufacturing Company. This is contained in a statement issued by the commission’s Director of Corporate [...]

February 22, 2021 Employment
Lady Travels Across Seven States Within Seven Days With A Bike

Lady Travels Across Seven States Within Seven Days With A Bike (Photos)

Famous Nigerian female biker Fehintoluwa Okegbenle, has again left many in awe, WonderTV media reports. Fehintoluwa took to her Twitter page to post pictures of her tour. According to her, On Sunday 14th February, 20121, she rode her bike power [...]

February 19, 2021 Transportation
Nigerians To Bear Pains Of High Petrol Cost

Nigerians To Bear Pains Of High Petrol Cost – Timipre Sylva

The Minister of State, Petroleum Resources, Chief Timipre Sylva has admonished Nigerians to be ready to bear the pains of increased petrol pump price as crude oil price climbs above $60 per barrel. Speaking at the official launch of Nigerian [...]

February 9, 2021 Oil & Gas
Ondo Nurses Protest Two Months’ Salary Arrears

Ondo Nurses Protest Two Months’ Salary Arrears, Accuse NANNM Leadership Of Cover-up

Members of the Ondo State Chapter of the National Association of Nigeria Nurses and Midwives (NANNM) have kicked against the refusal of the state government to pay their salary two months’ arrears. The nurses alleged that the state government had [...]

February 9, 2021 Employment
Nigeria’s Inflation

Nigeria’s Inflation Rises To 15.75%

The consumer price index, (CPI), Thursday recorded 15.75 percent increase (year-on-year) in December 2020. In its monthly report released on Friday, the National Bureau of Statistics, (NBS) said the increase was 0.86 percent points higher than the rate recorded in [...]

January 15, 2021 Economy
Nigerian Civil War Veterans Protest Against Nonpayment of 20 Months

Nigerian Civil War Veterans Protest Against Nonpayment of 20 Months Arrears, Other Allowances

Retired soldiers who fought in the Nigerian Civil War on Wednesday gathered in front of the Federal Ministry of Finance building in Abuja to protest against the nonpayment of the minimum wage arrears of their pension by the Nigerian government [...]

January 13, 2021 Employment
Google’s YouTube, Gmail, Drive Services Suffer Outage

Google’s YouTube, Gmail, Drive Services Suffer Outage

Google appears to be suffering a worldwide outage that has taken several services including YouTube, Gmail and Google Drive offline. Several people on social media reported issues with the platforms, with Gmail, YouTube and Google Drive all showing error messages [...]

December 14, 2020 Telecomms
Nigerian Traders In Ghana Raise Alarm Over Fresh Closure Of Shops

Nigerian Traders In Ghana Raise Alarm Over Fresh Closure Of Shops

Nigerian traders residing in Ghana under the auspices of National Association of Nigerian Traders have called on the Nigerian government to take urgent action, following reports that Ghanaian authorities were embarking on a fresh round of closure of shops belonging [...]

December 1, 2020 Business
Nigerians To Pay N4,000 Monthly For Solar System

Nigerians To Pay N4,000 Monthly For Solar System —Presidency

The estimated 25 million Nigerians that will benefit from the Federal Government’s Solar Home Systems that commences this week will be expected to pay about N4,000 monthly, the presidency has said. The Senior Special Assistant to the Vice President on [...]

November 30, 2020 Power