Mrs Zainab Ahmed

IMF May Approve Nigeria’s $3.4bn Loan Today

There are indications that the Executive Board of the International Monetary Fund may approve the $ 3 . 4bn loan sought by Nigeria on Tuesday ( today ) .Although the Minister of... Read more »
fed govt

Why insurers gave FG N11bn cover for 5,000 health workers against COVID-19

The nation’s insurance industry has tendered to the Federal Government an N11 billion cover for 5,000 frontline healthcare workers involved in caring for victims of COVID-19 across the country. The offering to... Read more »

Coronavirus Pendamic: Mikano Sacks Over 600 Staff

As Lagos state Nigeria enters its third week of lockdown due to the Coronavirus pendamic, family members of over 600 staff sacked by Mikano International Limited have expressed shocke over the sack... Read more »

CBN increases exchange rate for cargo imports

There was unease in the seaports on Thursday following the recent increase of the exchange rate for import duty payment  from N326 per dollar to N361. Our correspondent gathered that in line... Read more »

COVID-19: Cyber-attacks Hit Online Businesses 22m Times In 1 Week

Businesses experienced cyber-attacks 22 million times last week as cybercriminals made use of the coronavirus (Covid-19) pandemic lockdown to attack companies’ online assets worldwide. According to data from Atlas VPN, hackers over... Read more »
The National Bureau of Statistics

Inflation rate hits 23-month high at 12.26%

The National Bureau of Statistics on Tuesday said the Consumer Price Index, which measures inflation, rose by 12.26 per cent year-on-year in March. The bureau, in the CPI report, said the 12.26... Read more »
Nigeria's Annual Inflation

Nigeria’s Annual Inflation Rate Rises To 12.26% In March As Recession Looms

Inflation figures for March 2020 released by the National Bureau of Statistics (NBS). Nigeria’s headline inflation accelerated to 12.26% YoY (0.84% MoM). This is 0.06 percent points higher than the rate recorded... Read more »
Oil Price

Oil Price Collapses To $11 Per Barrel Amid Covid-19 Pandemic

US oil prices dived to 22-year lows at just $11 Monday after crashing almost 40 percent in a market flooded with crude and slammed by evaporating demand in the face of the... Read more »

FG spends N1.96tn on JV oil assets

The cash call payments made by the Federal Government for joint venture oil assets rose by 7.1 per cent in 2019, gulping 64.26 per cent of the revenue from oil and gas... Read more »

NCC to boost economic recovery with ICT parks project

The Nigerian Communications Commission (NCC) has embarked on building six Information and Communication Technology (ICT) parks to promote socio-economic transformation of Nigeria. The ICT Parks are to provide Innovation Labs and Digital... Read more »
Hafez Ghanem

Bleak economic outlook for Nigeria, other African countries – Hafez Ghanem

The World Bank Group said on Thursday that Coronavirus will drive many African countries, such as Nigeria, South Africa and Angola into recession, the first for Sub-saharan bloc in 25 years. In... Read more »
fed govt

Covid-19: FG Loses N20bn In 7 Days As Banks Stop Operations In Ports

The Federal Government’s quest to contain the coronavirus pandemic through a 14 – day lockdown of Lagos, Ogun State and Abuja appears to be taking its toll on the nation’s revenue as... Read more »

Nigeria to pay 1.5% interest on $3.4bn requested from IMF

The $3.4 billion credit facility being requested by the Nigerian government from the International Monetary Fund (IMF) attracts a 1.5% interest rate. Kristalina Georgieva, IMF managing director, said the request was made... Read more »
IMF, Afdb

Nigeria To Borrow $6.9bn From World Bank, IMF, Afdb

The Federal Government is to raise the sum of $6.9bn through external borrowing from the World Bank, the International Monetary Fund and the African Development Bank. The Minister of Finance, Budget and... Read more »

COVID-19 plunges airlines into biggest crisis ever

The International Air Transport Association (IATA) has described the coronavirus disease as the biggest crisis ever in aviation. IATA said this as it announced global passenger traffic data for February 2020 showing... Read more »

CBN to suspend interest payment on state debts

The President, Major-General Muhammadu Buhari (retd.), has approved the suspension of the payment of interest on debts owed by state governments. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who... Read more »

No more petrol subsidy — NNPC

Leveraging on the low price of crude oil and petroleum products, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari on Monday announced that the era of subsidizing the... Read more »
Mrs Zainab Ahmed

FG seeks $3.5bn from IMF, AfDB to support implementation of 2020 budget

The Federal Government says it has applied for $3.5 billion request from International Monetary Fund (IMF) and African Development Bank (AfDB) to access concessional funding to support the implementation of the 2020... Read more »
Ministers of Finance from Nigeria

COVID-19: Africa’s Finance Ministers Push for Foreign Debt Relief

Ministers of Finance from Nigeria and other African countries have called for debt relief from bilateral, multilateral and commercial partners, due to the ravaging impact of the COVID-19 pandemic, which has plunged... Read more »

NSE resumes April trading with 0.94 per cent loss

Activities opened for the month of April on Wednesday still on a bearish trend, with a loss of 0.94 per cent. Newsmen report that the All-Share Index (ASI) dipped 199.93 points or... Read more »

Breaking: FG reduces petrol price to N123.5 per litre

The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced... Read more »
naira and dollar

Naira depreciates further as N412 sell for a dollar

The dollar exchanged for N412 on Monday at the Bureau De Change segment of the market. This followed a temporary suspension of sale of forex to the Bureau De Change operators in the... Read more »

CBN suspends cheques clearing instruments indefinitely

The Central Bank of Nigeria on Monday suspended indefinitely the clearing of cheque instruments in the Nigerian clearing system The apex bank said this in a circular released on Monday to all... Read more »
nipco logo

COVID-19: NIPCO rallies support for customers, workers

NIPCO Plc has heightened the support for its customers and staff towards the prevention of coronavirus ravaging the World. Managing Director of the company, Suresh Kumar, who declared this at the weekend, maintained... Read more »

COVID-19: Global oil demand may drop by 18.7m bpd

Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million barrels per day for March, Goldman Sachs has said. This was even as the... Read more »
Local Currency

Naira Depreciates To N410 Per Dollar As Local Currency Weakens

Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales... Read more »

Coronavirus: Stop Wasting Money Buying Hand Santizer , See How To Produce It

Since hand sanitizer price skyrocket over night my dear ones make yours at home.  Let them sell theirs 19,000 naira abegi no send them again. HOMEMADE HAND SANITIZER Are we not amazed... Read more »
Oil prices

Updated: Oil prices regain some ground but still very low

Oil prices regained some ground in volatile Asian trade on Monday, but remained at multi-year lows due to the double shock of the coronavirus pandemic and the Saudi-Russia price war. International benchmark... Read more »

Nigeria consumed N2.64tn petrol in 13 months says NNPC

The Nigerian National Petroleum Corporation said on Sunday that it sold a total of 21.51 billion litres of petrol worth N2.64tn from December 2018 to December 2019. The NNPC said the sale... Read more »

Stock market suffers N280bn loss in one week

Equity trading on the floor of the Nigerian Stock Exchange closed last week on a negative note amid the spread of the global pandemic, COVID-19, in the country. The NSE All-Share Index... Read more »

Coronavirus: PTAD adjusts verification, complaint resolution processes

The Pension Transitional Arrangement Directorate has made temporary changes to its verificatiaon and complaint resolution procedures for retirees. It stated that this became imperative in view of the current world health challenges... Read more »

CBN effects devaluation but says it is price adjustment

The Central Bank of Nigeria has reacted to news it has devalued the Naira by as much as 15 percent, moving it from the official price of N307 to N360 and also... Read more »

Nigerian Central Bank Starts Uniform Exchange Rate for Naira

Nigeria’s central bank will migrate to a single exchange rate for the naira by collapsing the multiple exchange rate policy that determined the value for the local currency, people with direct knowledge... Read more »

Why We Can’t Sell Petrol At 125/Litre – Marketers

Private fuel marketers have yet to reduce the pump price of Premium Motor Spirit ( petrol ) , while retail stations belonging to the Nigerian National Petroleum Corporation have started selling at... Read more »
Mele Kyari

Market Forces will Compel Compliance with New Petrol Price – Mele Kyari

The Nigerian National Petroleum Corporation (NNPC) has called for patience on the part of fuel consumers over the implementation of the new fuel pump price, which from Wednesday dropped from N145 per... Read more »

Coronavirus: Naira Crashes In Value, Dollar Sells For N420

On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market. The President, Association of Bureaux De Change Operators of Nigeria, Aminu... Read more »

Nigeria 2020 budget on risky paths

The country’s ability to attract sustainable foreign direct investments has remained weak as the bulk of imported capital continues to be dominated by portfolio investments, otherwise known as ‘hot money’. With oil... Read more »

Godwin Emefiele Reveals When CBN Will Devalue Naira

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the likelihood of the apex bank devaluing the Naira is on the happenstance that the nation’s external reserves go... Read more »

Consumers cry out as Discos increase tariff by 33 per cent

More Nigerians have continued to raise the alarm over plans by Eko and Ikeja Electric distribution companies (DISCOs) to increase tariff by 33 percent, arguing that it will only inflict more pain... Read more »

Oil Plummets 30% As OPEC Deal Failure Sparks Price War Fears

Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set... Read more »

How tight CBN’s monetary policies hit banking stocks

The tight monetary policies of the Central Bank of Nigeria (CBN) have continued to pummel the banking sector with multiplier effect on the equities market and loss to investors of N1.56 trillion... Read more »

Reps probe CBN, FIRS, others over $30bn leakage

The House of Representatives has resolved to investigate the Central Bank of Nigeria and the Federal Inland Revenue Service over alleged racketeering in the allocation of foreign exchange to companies. The House,... Read more »

Nigeria overtakes South Africa as Africa’s biggest economy

As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy. The answer to the question of whether South Africa or Nigeria, the two... Read more »

Bring Inflation Down To 5% To Stabilise Economy— Peterside Tells CBN

One of the most respected bankers in Nigeria and former Group Chairman of Stanbic IBTC, Mr Atedo Peterside, has faulted the decision of the Central Bank of Nigeria (CBN) led by Mr... Read more »

Nigeria faces harder times as OPEC mulls 2.7 million daily cut

Nigeria’s vulnerable economy may face further challenges following plans by the Organisation of Petroleum Exporting Countries (OPEC) to reduce crude oil output by about 2.7 million barrel per day (bpd) in an... Read more »

Dangote Refinery to employ over 70,000 workers, says CBN

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said Dangote Refinery will employ over 70,000 Nigerians when it begins operation. He said the various policies of the Federal Government will ultimately... Read more »

Group asks NNPC to show location of ‘special projects’ in Akwa Ibom

Akwa Ibom Leaders’ Vanguard has accused the Nigerian National Petroleum Corporation (NNPC) of executing some ‘Special Projects’ on behalf of the Federal Government, even where such projects are not budgeted for. The... Read more »

Border closure hits Dangote, export moved to Congo

Dangote Cement exports from Nigeria to neighbouring countries fell 41% in 2019 when Nigeria’s government closed the land borders. The development has made the dominant cement company in Africa move its exports... Read more »

PoS transactions fall by 16%

Financial sector experts are divided over the 16 percent month-on-month, MoM, decline in the value of Point-of-Sale, PoS, transactions in January 2020. Akelicious analysis of  the  latest data from the Nigerian Interbank... Read more »

Why refineries in Nigeria will not work

At the backdrop of the announcement of the Federal Government’s plans to rehabilitate the country’s refineries by the Minister of State, Petroleum Resources, Timipre Sylva, experts in the petroleum downstream industry have... Read more »

How Buhari regime depleted ECA by N1.5tn

Between 2015 and 2019, the Federal Government withdrew N1.5tn (about $4.92bn) from the Excess Crude Account, statistics obtained from the Ministry of Finance have revealed. The ECA, which was created by former... Read more »

Lagos airport safe for international flights landing, FG assures

The Federal Government has announced that the two runways at the Murtala Muhammad International Airport (MMIA) in Lagos have now been calibrated for CAT III ILS and safe for international flights landing.... Read more »

Delta earmarks $1 Billion for carbon neutral Airline Project

From March 1, 2020, Delta Air Lines is committing $1 billion over the next 10 years on its journey to mitigate all emissions from its global business, going forward. The airline will... Read more »

CBN to create 10m jobs in 5 years

The Central Bank of Nigeria has said that it would create about ten million jobs in five years through strategic support for small scale farmers across the nation. Its Director of Corporate Communications... Read more »

Towards an end to bilateral air bazaar

Besides the national pride of flying the green-white-green across boundaries, there is more for the local economy when Nigerian airlines are backed to compete in international airspace. WOLE OYEBADE writes. With a... Read more »
International Monetary Fund

IMF Cuts Nigeria’s 2020 Growth Forecast To 2%

The International Monetary Fund (IMF) on Monday announced the downward review of growth forecast for Nigeria’s economy in 2020. In a press statement obtained by Business Post today, the global lender said... Read more »

Ikeja Electric targets N170bn revenue in 2020

Ikeja Electric (IE) Plc says it is a targeting a total revenue of N170 billion in 2020 with the implementation of the increment in various classes of electricity tariff. The electricity Distribution Company... Read more »

African World Airlines and Its Dangerous Greed

My first worry was therefore about the size of the airline’s aircraft. They were tiny like mosquitoes by comparison to what I was used to. I felt that if one wanted to... Read more »

Market sustains uptrend as index rises marginally by 0.02%

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), sustained previous day uptrend, following gains in most blue chip stocks, as the All-share index rose marginally by 0.02 percent. At the... Read more »

No privatisation of refineries, JV assets yet, says BPE

There are no plans yet to privatise Nigeria’s ailing refineries, at least not for the 2020 fiscal year, meaning that the importation of refined products with the attendant subsidy cost, which has eaten... Read more »