Senator Victor Oyofo last week, described high interest rate charged by commercial banks as the bane of industrial development in Nigeria. Oyofo, who made this disclosure at the official opening of the 9th Abuja international trade fair last week, also …
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The Nigeria Deposit Insurance Corporation (NDIC) last week said it was finalising a framework to extend deposit insurance cover to individual subscribers of the Mobile Money Operators (MMOs) in the form of a pass-through deposit insurance. He also said the …
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The Federal Government, last week, said it had released the sum of N200bn to its Ministries, Departments and Agencies for the implementation of third quarter capital projects contained in the 2014 budget. This was disclosed by the Minister of Finance, …
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The Asset Management Corporation of Nigeria (AMCON) and Heritage Bank Limited sign a Share Purchase Agreement (SPA) to pave way for the latter to acquire Enterprise Bank Limited. A reliable industry source informed, last week that Heritage Bank, which was …
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Nigeria’s finance minister said last week, she is confident that growth in 2014 will be around the government’s latest forecast of 6.5 percent after discounting the economic impact of the insurgency waged by the Islamist group Boko Haram. “We are …
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Nigeria’s central bank kept the benchmark interest rate unchanged at a record high, while signaling it may tighten monetary policy further to control inflation. The rate was held at 12 percent, Governor Godwin Emefiele told reporters today in the capital, …
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The Minister of National Planning (NPC), Dr. Abubakar Sulaiman, last week said the implementation of the National Integrated Infrastructure Master Plan (NIIMP) would create about 25 million jobs in both the agricultural and mining sectors of the economy within the …
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No fewer than 66,402 applications have been filed for pre-qualification since August 2 when the federal government jump-started the new mortgage refinancing system for an initial 10,000 mass housing delivery programme. The Coordinating Minister for the Economy and Minister of …
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In just four trading days, the value of Nigerian equities market dropped by N170bn as investor apathy weighs on the local bourse performance. In the four days to September 4, 2014, the stock market recorded increased sell-off, which reflected on …
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The Federal Government on last week admitted that a majority of the Small and Medium-scale Enterprises in the country were not getting financial support. The Minister of Trade and Investment, Mr. Olusegun Aganga, who spoke in Abuja, said only about …
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With effect from September, 4 2014, all clearing cheques in the country will receive value at end of day of the next working day. The new system is an enhancement to the cheque transaction system introduced by the Central Bank …
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For the first half of this year, the Nigerian Ports Authority (NPA) handled 2, 719 ocean going vessels, indicating an increase of 12.57 per cent when compared to 2013 figure of 2,427 vessels. Cargo throughput also increased by 15.4 per …
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The Deputy Governor (Financial System Stability), Central Bank of Nigeria(CBN), Dr. Kingsley Moghalu last week restated the central bank’s commitment to meeting the target of attaining 80 per cent financial inclusion among the country’s adult population by 2020. Moghalu made …
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The National Bureau of Statistics (NBS) has revised the size of Nigerian economy to about N81.009 trillion following it latest final rebasing of the country’s Gross Domestic Product (GDP), using the Expenditure Approach between 2010-2013. This represented a marginal increase …
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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and United Nations Development Programme (UNDP) have concluded the second phase of their economic empowerment programme for women-owned Cooperative Societies drawn from selected States of the Federation, with hopes on …
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President Goodluck Jonathan, Friday last week said the Federal Government had concluded plans to bring down the cost of funding to the real sector of the economy through its new programme called the Financing Value Chain Initiative (FVCI). The president …
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Only about 10 to 15 of the 113 bad debtors (companies) that the Central Bank of Nigeria (CBN) barred from further borrowings from banks two years ago have been able to repay their loans taken over by the Asset Management …
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Nigeria’s 2024 bond will be included in JP Morgan’s Government Bond Index-Emerging Markets on August 29, in addition to three other bonds already listed, a JP Morgan internal document released last week. JP Morgan added Nigeria to its local currency …
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Skye Bank Plc has introduced a Security Verified Identity Card for members of the National Union of Road Transport Workers as part of measures to build a reliable data base for the NURTW and integrating its members into the financial …
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APM Terminals delivered an increased profit of $223m $179m 2Q 2013) and a return on invested capital of 14.2 per cent (12.8 per cent) in the first six months of 2014, World Maritime News reports. Terminals becoming fully operational, as …
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