The United Nations Development Programme on Tuesday released its 2016 Global Human Development Index report, with Nigeria ranked low at 152nd out of the 188 countries surveyed. The 2016 Human Development Report focuses on those communities that have been left …
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The Minister of Finance, Mrs. Kemi Adeosun, has called for global support towards addressing the issue of illicit financial flows in Africa. She added that this would help drive accelerated revenue growth and improve government’s efficiency. The minister stated this …
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Ecobank Trans-national Incorporated posted a loss after tax of $205m (N52.6bn) for the year ended December 31, 2016 as against a profit of $107.5m (N21.253bn) in 2015. The pan-African banking institution, in its audited full-year 2016 results, filed with the …
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The President, African Development Bank, Dr. Akinwumi Adesina, says billionaire businessman, Aliko Dangote, may become the largest exporter of rice in the world by 2021. Speaking at the Mo Ibrahim Forum in Morocco over the weekend, Adesina said Africa must …
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The Nigerian Stock Exchange is proposing to change the framework regarding the trading of Real Estate Investment Trusts and closed-end funds listed on the Exchange. The bourse said the proposed changes, which would be implemented over the next three quarters …
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The Central Bank of Nigeria has introduced “Form X” for the Small and Medium-scale Enterprises seeking to purchase foreign exchange from the apex bank. The CBN said the decision was part of its commitment to increase forex liquidity and improve …
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The Minister of Finance, Mrs. Kemi Adeosun, has said her ministry is working with the National Pension Commission to recover the pensions so far paid into the Retirement Savings Accounts of ghost workers. She said since the establishment of the …
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The International Monetary Fund will reiterate its call for foreign exchange reforms and naira devaluation at the World Bank/IMF Spring Meetings in Washington DC, United States this week. The event, which holds from April 17 to 23, will have top …
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Deposit Money Banks lacked naira liquidity to bid for the $100m offered for sale by the Central Bank of Nigeria on Thursday. Findings showed that banks were unable to buy over $39m out of the $100m offered for bid by …
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The naira is likely to strengthen next week on an increase in dollar sales to Bureau De Change operators, according to analysts and foreign exchange. The naira is expected to appreciate at the black market next week after the Central …
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The non-oil export sector may have lost over $1.9bn between 2014 and 2016. This is approximately N580.72bn, using the exchange rate of N305/dollar. According to data from the National Bureau of Statistics, the export from the sector in 2013 August …
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The Central Bank of Nigeria on Wednesday released additional $250m on seven to 30-day forwards for agriculture, airlines, petroleum products and raw materials. The apex bank also called for bids for wholesale spot for $100m for Basic/Personal Travel Allowances, medicals …
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President Muhammadu Buhari on Wednesday forwarded the names of five nominees to the Senate for confirmation as non-executive directors of the Central Bank of Nigeria. According to a statement by the Special Adviser to the President on Media and Publicity, …
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The Federal Government is talking to the World Bank and African Development Bank for $3bn loans before it determines how much it will raise from Eurobonds to help fund this year’s budget. “From the World Bank, we are hoping to …
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Reps summon Fashola over car dealers, task force crisis in Lagos The Senate Committee on Customs and Excise have asked all commercial banks which purchased N30 trillion worth of Foreign Exchange (Forex) on behalf of importers to show evidence of …
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The World Bank has disbursed a total of $13.63bn in loans and grants to Nigeria as of March 31; a summary of the country’s debt portfolio provided by the bank has shown. The disbursement is out of a total of …
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The Federal Government has increased the tariff on importation of tomato concentrate to 50 per cent alongside an additional levy of $1,500 per metric tonne from May 7. Under the new policy, the Federal Government classified greenhouse equipment as agricultural …
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The Central Bank of Nigeria (CBN) has directed banks to remit five per cent of their profit after tax (PAT) for investment in the Agricultural/Small and Medium Enterprises Investment Scheme. Director/Financial Policy and Regulation Department, CBN, Mr. Kelvin Amugo, gave …
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The Group Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe has been voted the ‘Most Reputable Nigerian Bank CEO’ in the latest ranking of the Reputation Poll, by the Reputation Management Agency, Avance Media and the Institute of …
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Africa Finance Corporation (AFC) has issued a US$500 million 7-year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875 per cent was priced to yield at four per cent and matures in April 2024. A statement from the …
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