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BusinessNewsNigeriaCentral Bank of Nigeria To Continue Partnering Microfinance Bank – CBN Controller

Hassan Umar Shallpella (Regional Correspondent)September 29, 2024

The Central Bank of Nigeria (CBN) has expressed readiness to continue partnering with Microfinance Bank in the Micro Small and Medium Enterprises (MSME), Agricultural credit guarantee scheme, and financial inclusion. Mr. Sah Nyashi, CBN Controller Yola branch disclosed this at the inauguration of Dabtikir Microfinance Bank Limited formally known as Biyama in Hong Local Government Area, Adamawa state on Saturday. Nyashi, represented by Adamu Yusuf, Head of the Currency Management office congratulated people in the area...

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BusinessEconomyNewsNigeriaUnemployment Rate Rises to 5.3% in Q1 2024

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

NBS Reports Gender and Regional Disparities Nigeria’s unemployment rate rose to 5.3 per cent in the first quarter of 2024, compared to 5.0 per cent in the last quarter of 2023, the National Bureau of Statistics, NBS, disclosed on Tuesday. This increase highlights a concerning trend, with more Nigerians unable to secure jobs. The report from NBS further broke down the figures by gender and location. Unemployment among females stood higher at 6.2 per cent,...

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BusinessEconomyNewsCBN Hikes Interest Rate by 50 Basis Points as Inflationary Pressures Mount

By Ezinwanne Onwuka (Senior Reporter)September 25, 2024

The Central Bank of Nigeria, CBN, has raised the Monetary Policy Rate, MPR, to 27.25 per cent, a 50-basis-point increase from 26.75 per cent. This decision was reached during the 297th meeting of the Monetary Policy Committee held in Abuja on Tuesday. The Governor of the CBN, Mr Yemi Cardoso, who chaired the meeting, explained that the rise is aimed at controlling inflation, which remains a major concern. In addition, the cash reserve ratio for...

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BusinessEconomyNewsNigeriaNigeria’s Economic Outlook: Rewane Forecasts 3.5% Growth and $400bn GDP by 2026

By Ezinwanne Onwuka (Senior Reporter)September 20, 2024

….Minister Edun Reports $2.35bn Foreign Reserves Inflow As Taiwo Oyedele Voices Concerns The Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the Nigerian economy will experience a 3.5 per cent growth by 2026, increasing the country’s Gross Domestic Product (GDP) to approximately $400 billion. Rewane made this disclosure during the Access Bank Customer Forum held in Lagos on Thursday. He remarked, “The Nigerian economy will grow at...

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BusinessEconomyNewsNigeriaWorld Bank To Grant $1.5bn Loan To Nigeria

Hassan Umar Shallpella (Regional Correspondent)September 20, 2024

The Federal Government of Nigeria will soon receive a new loan totaling $ 1.5 billion from the World Bank. The financial institution said the loan will be approved on September 26. The federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilization plan. The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilization...

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BusinessEconomyNewsNigeriaEnugu Govt. Signs Deal to Revitalize Sunrise Flour Mills

Ije Ulasi (Regional Correspondent)September 19, 2024

The Enugu State Government has signed a forty billion naira deal with Jelfah Group to revitalize the state-owned Sunrise Flour Mills located at Emene in Enugu East Local Government Area. Signing the deal at the Government House Enugu, the Enugu State Governor Dr. Peter Ndubuisi Mbah said revitalizing Sunrise Flour Mill is in line with his administration’s zero tolerance to moribund government assets as it aims to grow the state’s economy from $4.4bn to $30bn...

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BusinessNewsNigeriaNFIU: Cutting Off Funds Critical to Counter-Terrorism Efforts

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

The Nigerian Financial Intelligence Unit, NFIU, has pledged to disrupt the financial channels used by terrorists and other criminal elements in the country. The agency asserts that cutting off these financial routes will impair the terrorists’ ability to carry out further criminal activities. Hafsat Bakari, Director-General of the NFIU, made this commitment in Abuja on Tuesday during the GIABA workshop on investigating and prosecuting terrorism financing cases. Bakari stated, “Nigeria has faced an acute threat...

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BusinessNewsNigeriaFirst Lady Launches #OneNigeria Fabric, Awards N25m to Designer

By Ezinwanne Onwuka (Senior Reporter)September 18, 2024

First Lady Oluremi Tinubu unveiled the winning fabric of the #OneNigeria Unity Fabric competition on Monday at the State House in Abuja. She awarded N25 million to the designer, Bamidele Mofiyinfoluwa. Mrs Tinubu explained that the project aims to foster creativity, enhance national unity, and support local enterprises to boost the economy. She announced that the winning fabric would be used officially on 1st October for Nigeria’s Independence Day celebrations.   “Our goal is to...

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BusinessNewsNigeriaIndia Trains Over 27,500 Nigerian Professionals In Diverse Fields

Hassan Umar Shallpella (Regional Correspondent)September 17, 2024

India has trained at least 27,500 Nigerian professionals in diverse fields under the Indian Technical and Economic Cooperation (ITEC) in the last 45 years. The High Commissioner of India to Nigeria, Gangandharan Balasubramanian disclosed this on Monday, during the 2024 ITEC Day reception at the High Commission of India in Abuja. The envoy said India provides more than 22,500 scholarships to people from different parts of the world every year, and explained that ITEC is...

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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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