CBN, IFC Sign Agreement to Expand Local Currency Financing for Nigerian Businesses

BusinessNewsNigeriaCBN, IFC Sign Agreement to Expand Local Currency Financing for Nigerian Businesses

By Ezinwanne Onwuka (Senior Reporter)October 29, 2024

The Central Bank of Nigeria, CBN, has signed an agreement with the International Finance Corporation, IFC, to expand local currency financing and mitigate foreign exchange risks for Nigerian businesses. The agreement, announced in a joint statement by the CBN and the IFC on Monday, aims to unlock over $1 billion in investments across key sectors of the Nigerian economy. According to the statement, the partnership will focus on sectors such as agriculture, infrastructure, housing, energy,...

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Central Bank Says No Expiration Date for Old Naira Notes

BusinessNewsNigeriaCentral Bank Says No Expiration Date for Old Naira Notes

By Ezinwanne Onwuka (Senior Reporter)October 25, 2024

The Central Bank of Nigeria, CBN)l, has dismissed reports suggesting that the old naira notes will cease to be legal tender by 31 December 2024. In a statement issued on Thursday via its official social media accounts, the CBN’s acting Director of Corporate Communications, Sidi Ali Hakama, reaffirmed that both the old and redesigned N200, N500, and N1,000 notes will remain legal tender indefinitely as mandated by the Supreme Court on 29 November 2023. The...

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Nigeria Needs Consistent Policy To Attract FDIs – JP Morgan CEO

BusinessNewsNigeriaNigeria Needs Consistent Policy To Attract FDIs – JP Morgan CEO

Uzoamaka Ikezue (Staff Reporter)October 17, 2024

The Chairman and Chief Executive Officer of JP Morgan, Mr. Jamie Dimon, has counseled Nigeria and other countries, seeking Foreign Direct Investments (FDIs) to ensure consistency in their regulatory framework and policies. Dimon who stated this on Wednesday at the 30th Nigerian Economic Summit (NES#30) in Abuja, noted that to attract investments requires consistent laws, regulations, rules, legislation, and legal environments, to woo foreign investors. Dimon stated that when these are in place, investors would...

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FIRS Says Tax Reforms Will Reduce Multiplicity Of Taxes, Improve Efficiency

BusinessEconomyNewsNigeriaFIRS Says Tax Reforms Will Reduce Multiplicity Of Taxes, Improve Efficiency

Uzoamaka Ikezue (Staff Reporter)October 17, 2024

Zack Adedeji, chairman of the Federal Inland Revenue Service (FIRS) has said that the four tax reform bills recently presented to the National Assembly are aimed at harmonising the country’s tax laws without introducing new taxes or increasing existing rates. While speaking at a meeting with the House Committee on Finance on Wednesday ahead of the second reading of the bills, Adedeji emphasized that the bills are not intended to merge any government agencies or...

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World Bank Grants Nigeria $500 Million to Boost Post-COVID Recovery

BusinessEconomyNewsNigeriaWorld Bank Grants Nigeria $500 Million to Boost Post-COVID Recovery

By Ezinwanne Onwuka (Senior Reporter)October 15, 2024

…Vice President Gill Urges Government to Sustain Reforms Despite Hardships The World Bank has announced a $500 million grant to support Nigeria’s recovery from the economic impacts of the COVID-19 pandemic through the Nigeria Community Action for Resilience and Economic Stimulus, NG-CARES, programme. Launched in 2021, NG-CARES was designed to assist vulnerable households and micro-small enterprises affected by the pandemic. Dr Lire Ersado, the World Bank Task Team Leader for NG-CARES, disclosed the new funding...

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NYSC Doctors To Receive N133, 400 As State Allowance In Ondo State

BusinessNewsNigeriaNYSC Doctors To Receive N133, 400 As State Allowance In Ondo State

By Ezinwanne Onwuka (Senior Reporter)September 29, 2024

Governor of Ondo State, Lucky Aiyedatiwa, has approved the payment of N133, 400 as a state allowance to corps doctors while other corps members will receive N10, 000. According to the statement on the official social media page of NYSC Ondo,  Gov Aiyedatiwa, had during the Swearing in Ceremony for the 2024 Batch ‘B’ (Stream 1) corps members deployed to the Sunshine State gave the order that corps members serving in public institutions be paid...

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Ekiti: 2025 Budget Will Focus On Agriculture – Oyebanji 

BusinessNewsNigeriaEkiti: 2025 Budget Will Focus On Agriculture – Oyebanji 

Uzoamaka Ikezue (Staff Reporter)September 29, 2024

The Ekiti State Governor, Biodun Oyebanji has reaffirmed his administration’s commitment to food security for residents of the state through various collaboration with investors in agribusiness and young farmers, saying his target for 2025 is to record significant increase in production in the sector to feed the people. The Governor stated this while inspecting the Bring Youth Back into Agriculture Project farms in Oke Ako Ekiti, Iyemero Ekiti and Gede in the North senatorial Districts...

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

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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Unemployment Rate Rises to 5.3% in Q1 2024

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

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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