Category: Business
-
NNPC Ltd, JV Partners, and NDDC Commission ₦24.5bn Ogbia-Nembe Road in Bayelsa State
As part of the commemoration of President Bola Tinubu’s administration’s first anniversary, the Nigerian National Petroleum Company Ltd (NNPC Ltd) and its joint venture partners, including Shell Petroleum Development Company (SPDC), TotalEnergies, and Nigeria Agip Oil Company (NAOC), in collaboration with the Niger Delta Development Commission (NDDC), have inaugurated the 25.7km Ogbia-Nembe Road in Bayelsa…
-
Black Market Dollar to Naira Exchange Rate Hits N1520 as Inflation Soars
By Milcah Tanimu In the latest economic update, the black market exchange rate for the Dollar to Naira has surged to N1520, according to reports from the Lagos Parallel Market. This increase comes amidst rising inflation, placing further strain on Nigerian consumers. The buying rate stands at N1515, reflecting the challenges faced by individuals seeking…
-
First Lady Supports APC Women in Fabric Business Empowerment Initiative
By Milcah Tanimu Fulfilling her pledge to bolster the economic standing of Nigerian women, First Lady Oluremi Tinubu has taken a significant step by providing a substantial quantity of fabric to bolster women engaged in politics. This initiative, falling under the Social Investment Programme of the Renewed Hope Initiative, aims to bolster the financial foundation…
-
Naira Breaks Below 1500/$ as CBN Decides on Interest Rates Today
By Milcah Tanimu The naira held firm at a critical support level in Nigeria’s unofficial market, with expectations high that the Central Bank of Nigeria (CBN) will increase interest rates later today. On Monday, the naira showed significant strength in the parallel segment of the foreign currency (FX) market, trading at N1,490 per dollar. This…
-
Africa’s Transformation: AfDB to Inaugurate 2024 Economic Outlook Report
By Milcah Tanimu The African Development Bank (AfDB) is set to inaugurate its 2024 Economic Outlook (AEO) report on May 30 at the Kenyatta International Convention Centre in Nairobi. AfDB President Akinwumi Adesina announced that the report will be launched in collaboration with African finance ministers, central bank governors, and international development partners during the…
-
CBN Governor Cardoso Anticipates Lower Interest Rates, Stresses Inflation Control Measures
By Milcah Tanimu In a recent statement, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso hinted that interest rates would remain elevated until inflation subsides, emphasizing the importance of combating inflation through orthodox monetary policies. Cardoso affirmed the CBN’s commitment to implementing conventional measures to rein in inflation, highlighting the Monetary Policy Committee’s efforts in…
-
NACCIMA Raises Alarm Over Naira Depreciation, Fears Implications on Imports and Inflation
By Milcah Tanimu The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has voiced apprehension regarding the substantial depreciation of the Naira, highlighting its detrimental effects on the nation. Dele Kelvin Oye, the association’s National President, expressed concern over the repercussions of the currency’s devaluation on import expenses and inflation rates, emphasizing…
-
Federal Government Plans Tax Relief for 95% of Small Businesses, Says Tax Reforms Committee Chairman
By Milcah Tanimu The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has revealed that the Federal Government is strategizing to provide tax relief to 95% of small businesses in the informal sector. Speaking at the committee’s closing session in Abuja on Sunday, Oyedele outlined a plan to exempt businesses…
-
IMF Urges FG to Cease Petrol and Electricity Subsidies as Inflation Eases
By Milcah Tanimu The International Monetary Fund (IMF) has advised the federal government to discontinue all subsidies on fuel and electricity, arguing that these subsidies primarily benefit the wealthy rather than the impoverished. In its report titled “Nigeria: 2024 Article IV Consultation,” the IMF suggested that once the social protection scheme has been bolstered and…
-
“DBN Empowers Nigerian MSMEs with N787 Billion Disbursement in 2023”
By Milcah Tanimu The Development Bank of Nigeria (DBN) has made significant strides in fostering entrepreneurship and economic development in Nigeria, as evidenced by its latest social impact report for the year 2023. Since its inception, DBN has disbursed over N787 billion to more than 495,000 Micro, Small, and Medium-scale Enterprises (MSMEs), underscoring its commitment…