ECONOMY

  Nigeria’s capital importation reached $2.60 billion in the second quarter of 2024, representing an increase of 152.81 per cent year-on-year compared to $1.03 billion in Q2 2023. This is according to the latest capital importation report from the National Bureau of Statistics released on Tuesday. Despite this substantial annual...

  The Governor of The Central Bank of Nigeria (CBN) Olayemi Cardoso on Monday admitted that the increase in the interest rate to 27.25% was “painful” for borrowers, but necessary decision to make. He stressed that the decision was necessary to reduce excess money in circulation and control inflation effectively....

A former minister of power, who later served as governor of Cross River State, Senator Liyel Imoke, on Thursday, in Lokoja, stated that alleged “expenditure” of a phantom $16 billion on the power sector by the Olusegun Obasanjo administration never happened. Imoke, who was also Chairman of the Power Sector...

The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to focus on attracting foreign investments aimed at boosting local productivity, even as it acknowledged that the early results of the government’s Accelerated Stabilization and Advancement Plan (ASAP) is encouraging. In a statement, Director General of MAN, Segun...

The Bank of Industry (BoI) has said Nigeria must give more energy and crank up its production capacity towards attaining a one trillion-dollar economy by 2026. The Divisional Head, Services, Bank of Industry, Dr. Isa Omagu made this known at the annual workshop of Finance Correspondents Association of Nigeria (FICAN)...

  For Nigeria to achieve the $1trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC), among other stakeholders, have emphasized on the need for banks and Fintech companies to collaborate and drive the  real sector growth. Delivering the keynote address at the 2024 annual conference of...

  The Nigeria Inter-Bank Settlement Systems (NIBSS) has disclosed that Nigerians spent a total of N89.50 trillion through electronic channels in July 2024, marking the highest monthly transaction value ever recorded on the NIBSS Instant Payment platform. This figure represents an 89 per cent year-on-year increase when compared to N47.39...

  says Nigeria’s banking industry remains safe, sound, and stable The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent from 26.75 per cent. The Governor of the CBN, Yemi Cardoso, made...

  this marks a notable recovery in Nigeria’s foreign currency position.   Nigeria’s external reserves have reached a 22-month high of $37.31bn, reflecting significant foreign inflows into the country’s economy. Data from the Central Bank of Nigeria (CBN) revealed that as of September 18, 2024, the reserves hit the highest...

  The Central Bank of Nigeria (CBN) has temporarily withdrawn its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, published on September 17, 2024. The apex bank clarified that the withdrawal of the document is to minimise the risk of any further misrepresentation...