Central Bank of Nigeria, Godwin Emefiele, Largest palm oil producers, CBN, Licensed Microfinance Banks, Recession in Nigeria, Monetary policy, Inflation rates globally

Brace for impact as CBN expects inflation to rise to 12%

If or when the inflation rate rises, it may trigger an increase in the cost of living. This is because hike in prices influences inflation rate.
FIRS set to go after millionaire tax defaulters

FIRS boss Tunde Fowler denies pushing for increase in VAT charge

In a series of tweets from its twitter handle, the Federal Inland Revenue Service (FIRS) has clarified media reports its Executive Chairman, Tunde Fowler...
Electricity Distribution

How to get rid of ‘outrageous’ electricity bills

Ideally, the amount of money paid by an electricity consumer should depend on the number of appliances used.
Nigeria generated N4.59 trillion from VAT in just 5 years

Nigeria generated N4.59tn from VAT in just 5 years

Over the past two years, VAT improved most in 2017, but slightly dropped in 2018.
CBN to stop culprits from opening account

Does the CBN’s N10,000 fine for delayed wrongful debit refunds still apply?

Recently, an angry Nigerian man called out the CBN on Twitter, complaining about how his mother's account was wrongfully debited after a failed transaction.
Nigerians may not be paying too much if VAT increases to 7.5%

Nigerians won’t be paying too much even if VAT increases to 7.5%

Nigeria's Value Added Tax (VAT) may inch up to 7.5% from the current rate of 5%.
Nigeria's abysmal Pension System, where only 12% of workers have pension accounts

Nigeria’s abysmal Pension System, where only 12% of workers have pension accounts

Only 8.41 million Nigerians currently contribute to the Contributory Pension Scheme.
DMO discloses FG's plan to auction N100bn bonds

DMO discloses FG’s plan to auction N100bn bonds

The Federal Government, will on March 27th, auction bonds valued at N100 billion by subscription. The Debt Management Office disclosed this in a circular.
Kolmani River-II Well, Nigerian National Petroleum Corporation, Maikanti Baru, Oil exploration, extension of pipeline to Algeria and Morocco

NNPC mulls extension of gas pipeline to Algeria, Morocco

The NNPC has plans to extend the ongoing Ajaokuta-Kaduna-Kano gas pipeline system across the Sahara to Algeria in North Africa.
POS Usage in Nigeria

NIBSS Projects a record 570m P.O.S transactions in 2019

The Nigeria Inter-Bank Settlement System, is working towards doubling the record 285 million point-of-sale (P.O.S) transactions that was recorded last year.
e-payments regulation, 41 items forex restriction, Anchor Borrowers’ Programme

Emefiele replies DG of LCCI after criticism on textile FX ban

Nigeria's dependence on textile importation led to the shut down of many textile companies which, in turn, caused retrenchment in the textile industry.
OFFICIAL: NNPC records ₦12.13bn trading surplus in December

OFFICIAL: NNPC records ₦12.13bn trading surplus in December

The Nigerian National Petroleum Corporation (NNPC) has reported a trading surplus of ₦12.13 billion for December 2018.
Afam Power Plc, Yola Electricity Distribution Company, bidders for power firms in Nigeria, Bureau of Public Enterprises

Five bidders jostle for Afam Power and Yola Electricity Distribution Company

The BPE has received financial and technical bids from five firms who are interested in purchasing stakes in Afam Power Plc and Yola Electricity Distribution Company. 
Lagos Trade Fair

Lagos Trade Fair reopened after sudden closure

Hours after the the Lagos Trade Fair complex was shut off,  traders who were previously denied entry have finally been allowed in.
Senate approves new minimum wage

Senate approves N30,000 minimum wage

The Nigerian Senate has finally approved the sum of N30,000 as the new minimum wage for Nigerian workers.
Nigeria Weekly Update: Naira interest rate adjustment

Nigeria Weekly Update: Focus on P&ID’s threat to the Nigerian economy

Welcome to the Nigeria weekly update on treasury bills, bonds, crude prices, equities, and other macroeconomic indicators...
Minimum capital for microfinance banks

CBN sets N50m minimum capital for Tier-2 microfinance banks

Central Bank of Nigeria (CBN) has set a capital of N50 million for Tier 2 unit microfinance banks, while Tier 1 would maintain N200 million minimum capital.
Oil price falls amidst OPEC supply cut: Nigeria maybe the worst hit

Nigeria could suffer as oil price keeps fluctuating despite OPEC cuts

Despite the reduction in crude oil production by OPEC and non-OPEC members, the past few days marked constant fluctuations in crude oil prices.
Central Bank of Nigeria, Godwin Emefiele, Largest palm oil producers, CBN, Licensed Microfinance Banks, Recession in Nigeria, Monetary policy, Inflation rates globally

Nigeria to become the world’s third largest palm oil producer

The Central Bank of Nigeria (CBN) has assured palm oil producers that Nigeria will emerge as the third largest producer of palm oil, overtaking Thailand and Columbia as a major palm oil producer in the world.
Central Bank of Nigeria, Godwin Emefiele, Largest palm oil producers, CBN, Licensed Microfinance Banks, Recession in Nigeria, Monetary policy, Inflation rates globally

Number of licensed microfinance banks reduces by 12.7% in 1 year

The number of licensed microfinance banks in Nigeria dropped by 12.7 per over the past t one year.
World Bank, Okonjo-Iweala

Okonjo-Iweala not considered, as nominations for World Bank’s President closes

Nigeria's Ngozi Okonjo-Iweala doesn't stand a chance of being The World Bank's President, at least for now.
Price Watch: Average prices of Kerosene, Diesel and Gas in Nigeria

Price Watch: The average prices of Kerosene, Diesel and Gas in Nigeria

The average price per litre of Kerosene in Nigeria has dropped to ₦305.55 in February 2019 from ₦306.28 in January 2019.
Inflation rate feburary 2019

UPDATE: Nigeria’s Inflation drops to 11.31% in February 2019

The consumer price index, which measures inflation, dropped to 11.31% in February 2018, according to monthly inflation data from NBS.
Petrol price, fuel scarcity, oil marketers

Price Watch: Petrol pump prices fall again in February

The average pump price of premium motor spirit (Petrol) decreased by 0.3% in February, according to the latest data from the NBS.
Nigeria versus Process and Industrial Developments (P&ID)

P&ID’s Hedge Fund purchase underscores fiscal and monetary risks to Nigeria

The Nigerian Government could be forced to pay the company, P&ID, US$9.0 billion, or otherwise face freezing of US dollars.
After loosing $520 million in two weeks, Nigeria's external reserves rise again

After losing $520m in 2 weeks, Nigeria’s external reserves rise again

Nigeria's foreign exchange reserves depleted by as much as $303 million over the past six weeks, data from the Central Bank of Nigeria (CBN) has shown.
The nature of Nigeria's ban on Boeing 737 Max 8

The nature of Nigeria’s ban on Boeing 737 Max 8

The Nigerian Government, yesterday, joined the list of countries banning the Boeing 737 Max 8 jets from being operated in the country. 
Ecowas Bank to generate 25bn francs from UEMOA before Q2

Ecowas Bank to generate 25bn francs from UEMOA before Q2

The ECOWAS Bank for Investment and Development plans to raise 25 billion francs from the  West African Economic and Monetary Union capital market.
CBN's Balance of Payment (BOP) brief

OFFICIAL: Nigeria’s oil sector accounts for 93.8% of export revenue

The Nigerian oil and gas sector accounted for 93.8% of the total export revenue in Q4 2018, according to the CBN's Balance of Payment (BOP) brief.
Afrinvest, Foreign Direct, Ease of Doing Business, World Bank

Afrinvest cautions FG on World Bank’s EoDB ranking

Afrinvest Plc has tasked FG to aim beyond improving the country’s Ease of Doing Business (EoDB) ranking, if it hopes to attract Foreign Direct Investment.

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shortlisted applicants for the 2019 Tony Elumelu Entrepreneurship Programme

List of successful applicants for TEF 2019 announced

See the complete list of the shortlisted applicants for the 2019 Tony Elumelu Entrepreneurship Programme.
Cadbury Nigeria Plc appoints new managing director

Cadbury Nigeria Plc appoints new managing director

Cadbury Nigeria Plc today announced the appointment of Mrs. Oyeyimika Adeboye as Managing Director, effective 1st April 2019. Mrs. Adeboye takes over from Mr. Amir...
Businesses in Nigeria | Make money from a single product

How to make $1bn from a single product in Nigeria

Nigerian businesses owned by foreign nationals have thrived. Here's a look at how they did it.