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BusinessNewsNigeriaNigeria Records Trade Surplus In Second Quarter Of 2024

Uzoamaka Ikezue (Staff Reporter)September 13, 2024

 …As Tinubu Hails His Administration’s Reforms Nigeria has recorded another trade surplus in the second quarter of 2024, even as President Bola Tinubu hails his administration’s reforms A press statement on Thursday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that Tinubu welcomed the National Bureau of Statistics (NBS) new report on the country’s trade balance. According to the report, Nigeria recorded another trade surplus in the second quarter of...

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BusinessNewsNigeriaNigerian Fintechs to Deduct N50 on Transfers Above N10,000 and Remit to FG

By Ezinwanne Onwuka (Senior Reporter)September 9, 2024

The federal government of Nigeria has announced a new levy on electronic money transfers. Starting on Monday, 9 September 2024, customers of fintech companies such as Opay, Moniepoint, and PalmPay will incur a N50 charge on any transfer of N10,000 or more. According to a notice from Opay, the fee aligns with Federal Inland Revenue Service, FIRS, regulations. “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will...

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BusinessNewsNigeriaAdamawa Sovt Awards Construction Of Jimeta Modern Shopping Complex

Hassan Umar Shallpella (Regional Correspondent)August 29, 2024

The Jimeta Modern Shopping Complex in Yola North Local Government Area of Adamawa State was built in 1996 but was demolished by the state government for the construction of a new modern structure that will gulp N19.7bn. Mr Iliya James, Commissioner for Information and Strategy, while briefing Journalists Wednesday after the State Executive Council meeting presided over by Governor Ahmadu Umaru Fintiri said the contract for the project was awarded to three different contractors with...

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BusinessNewsNigeriaTrade Volumes Between Nigeria-Indonesia Hits $1.19b In 5 Years

Hassan Umar Shallpella (Regional Correspondent)July 26, 2024

The Indonesian Embassy in Nigeria says trade and export of goods from Nigeria to Indonesia have increased annually by 51.8%, rising from $148 million in 2017 to $1.19 billion in 2022 over the past five years. The Indonesian Embassy in Nigeria in a statement attributed the success to diplomatic policies and programmes of the outgoing Indonesian Ambassador to Nigeria, Usra Hendra Harahap. According to the statement, during the tenure of Ambassador Harahap, the envoy has...

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BusinessNewsNigeriaMeta deletes 63,000 Facebook accounts of ‘Yahoo Boys’

Hassan Umar Shallpella (Regional Correspondent)July 25, 2024

The US-based firm ‘Meta’ has removed 63,000 ‘Yahoo Boys’ Facebook accounts belonging to Nigerians suspected to be engaging in financial sextortion. ‘Yahoo Boys’ is a term for describing Internet scams in Nigeria. The firm in a statement on Wednesday, titled, Combating Financial Sextortion Scams From Nigeria’, said the removal of the 63,000 is a punitive measure against criminal activities. “We’ve banned Yahoo Boys under Meta’s Dangerous Organizations and Individuals Policy, one of our strictest policies...

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BusinessNewsWorld NewsOkonjo-Iweala Gets Support of 58 Countries for Second Term As WTO DG 

By Ezinwanne Onwuka (Senior Reporter)July 24, 2024

The World Trade Organisation, WTO, has announced that 58 member countries have endorsed a proposal by the African Group for Ngozi Okonjo-Iweala to run for a second four-year term as director-general. According to a statement by the Geneva-based organisation, the countries expressed their support during the general council meeting on Monday. The African Group had proposed that Okonjo-Iweala, who is due to complete her first term at the end of August 2025, make herself available...

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BusinessEconomyNewsNigeriaCBN Raises Interest Rate to 26.75% as Inflation Bites Harder

By Ezinwanne Onwuka (Senior Reporter)July 24, 2024

The Central Bank of Nigeria, CBN, on Tuesday, announced a 50 basis point increase in the monetary policy rate, MPR, from 26.25 per cent to 26.75 per cent. CBN Governor, Olayemi Cardoso, made the announcement at the end of the 296th meeting of the Monetary Policy Committee, MPC, in Abuja on Tuesday. The increase is a desperate attempt to tame the rising inflation rate, which stood at 34.19 per cent as of last week. The...

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BusinessEconomyNewsNigeriaFederal Government Suspends, Tariffs, Taxes On Imported Food Items

Hassan Umar Shallpella (Regional Correspondent)July 10, 2024

In its effort to achieve food security and economic stability in the country, the Federal Government has suspended duties, tariffs, and taxes on some essential food items imported through land and sea borders. Abubakar Kyari, Minister of Agriculture and Food Security who announced this at a press briefing held at the National Press Centre, Abuja on Monday, said the move is part of the Presidential Accelerated Stabilization and Advancement Plan aimed at achieving food security...

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BusinessNewsNigeriaCSOs Alert CBN, Others Of Plot To Thwart Banking Reforms

Uzoamaka Ikezue (Staff Reporter)June 24, 2024

A coalition of Civil Society Organisations (CSOs) has alerted the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), the Bankers Committee and the Nigerian media of an organised plot by some vested interest within the Nigerian Banking System to thwart plan to reform the banking sector. The group made up of over eight CSOs, include Centre for Anti-corruption and Open Leadership (CACOL), Constitutional Rights Advocate...

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BusinessNewsNigeriaNigeria’s Debt Burden Swells to N121 Trillion

By Ezinwanne Onwuka (Senior Reporter)June 20, 2024

Nigeria’s public debt has risen to N121.67 trillion, according to the Debt Management Office, DMO. This represents a N24.33 trillion or 24.99 per cent increase over the N97.34 trillion recorded in December 2023. The DMO attributes this surge primarily to new domestic borrowing by the federal government to finance a portion of the 2024 budget deficit. Additionally, disbursements from multilateral and bilateral lenders have contributed to the rise. “The increase was from new borrowing to...

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