The National Bureau of Statistics on Wednesday released the capital importation report for the first quarter of 2016 stating that the country recorded its lowest investment inflow in nine years. The bureau in the report made available to our correspondent …
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Following the turnout of applicants for its N10 billion facility earmarked for on-lending to small businesses under the Youth Entrepreneurship Support (YES) programme, the Bank of Industry (BoI) has concluded plans to expand the fund size as well as accommodate more …
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Officials of the Central Bank of Nigeria’s Compliance Unit on Tuesday stormed the headquarters of Fidelity Bank Plc in Lagos in connection with the ongoing investigations into the $115m (N23bn) scam involving the Managing Director of the bank, Mr. Nnamdi …
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The Federal Government on Sunday kept mum over the recent demand by the organised labour for a new minimum wage of N56,000. The issue of the minimum wage was not mentioned by the Minister of Labour and Employment, Dr. Chris …
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The Managing Director and Chief Operating Officer of the World Bank, Sri Mulyani Indrawati, held talks with President Muhammadu Buhari in Abuja on Wednesday on how the bank could help Nigeria overcome an economic crisis caused mainly by a sharp …
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FBN Holdings Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year’s 82% slump in …
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The Federal Government, in a bid to avoid the repetition of the crisis that trailed the 2016 budget, said on Thursday that it had commenced preparations for the 2017 budget process. The Minister of State for Budget and National Planning, …
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The Federal Government recorded a fiscal deficit of N289.1bn in its operations in the fourth quarter of 2015, figures obtained from the Central Bank of Nigeria revealed. The figures, contained in the economic report of the apex bank, a copy …
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Stakeholders of Sterling Bank Plc have been assured of better services and returns on investment despite the current economic headwinds. The chairman of the bank, Mr. Asue Ighodalo gave the assurance at the 54th annual general meeting in Lagos, saying …
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Deposit Money Banks have reduced their loan growth projections for the 2016 financial year, following the increase in non-performing loans occasioned by economic challenges facing the country. Commercial banks have posted large impairment charges in their 2015 financial results released …
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The Securities and Exchange Commission (SEC) has announced the extension of the new minimum capital requirement deadline for Capital Market Operators (CMOs) to December 31. The deadline was extended by 15 months against the initial period of September 30, 2015.Besides, …
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In line with the commitment of the Federal Government’s fight against poverty and unemployment in the country, the United Nations (UN) has expressed its readiness to support and promote equitable and sustainable growth in Nigeria. Speaking at an interactive forum …
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The Minister of Power, Works and Housing, Mr. Babatunde Fashola, and Governor Ifeanyi Ugwuanyi of Enugu State have called for inclusive economic growth as the federal and state governments step up efforts to attract foreign investors into the country. They …
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The naira will likely weaken against the dollar at the parallel market next week due to an anticipated increase of naira liquidity from the Federal Government, foreign exchange players and analysts have said. Specifically, the naira is expected to fall …
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The frequent industrial action by workers in the electricity supply industry has resulted in the loss of about N7.734bn between 2014 and 2016, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Fashola disclosed this at the third …
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Nigeria’s vice President Yemi Osinbajo has described the current five per cent Value Added Tax rate in the country as very low, adding that the Federal Government would increase the taxpayer base this year. Osinbajo stated this on Thursday in …
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The International Monetary Fund on Friday released its country report for Nigeria with an assertion that the country’s foreign exchange policy is having negative impact on many businesses. It insisted in the report that the naira is currently overvalued, noting …
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The Executive Director, Association of Nigerian Electricity Distributors (ANED) Mr. Sunday Oduntan, has revealed that the Ministries, Departments and Agencies of the three tiers of government collectively owe the electricity distribution companies about N60bn. According to the Association of Nigerian …
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The Bank of Industry, First Bank of Nigeria Limited and the Afterschool Graduate Development Centre have announced plans to raise one million new entrepreneurs in the country in order to address the high level of unemployment in Nigeria through entrepreneurship …
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Foreign exchange remittance into the country by Nigerians in Diaspora is vital to the Federal Government’s drive towards economic recovery and growth, the Executive Director, Personal Banking, Access Bank Plc, Mr. Victor Etuokwu, has said. Speaking at a promo draw …
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