Business

JUST IN: Afreximbank Disburses Additional  $925m to Nigerian Govt in Oil-for-Loan Agreement.

  African Export-Import Bank (Afreximbank)  has announced an additional disbursement of US$925 million under the syndicated US$3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company (NNPC) Limited. This brings the total current funded facility size to US$ 3.175 billion. Arranged and coordinated by Afreximbank, the accordion arrangement saw the raising of […]

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Minister Wale Edun
 Business

JUST IN: Access to Liquid Foreign Exchange Market Forcing Multinationals Out of Nigeria, Says Minister

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, “One of the major drawbacks one of the major impediments for them (exiting multinationals) was they did not have a liquid foreign exchange market.” He said however, the government is working on the economic and investment climate to attract more multinationals into […]

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Business

JUST IN: At Last CBN Clears Mobile Money Operators on Customer Onboarding

The Central Bank of Nigeria (CBN) says mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint will resume the enrolment of new customers “in another couple of months”. CBN Governor, Olayemi Cardoso, stated this on Tuesday at the 295th Monetary Policy Committee (MPC) of the apex bank in Abuja when the […]

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News

Innovation ‘Essential to Growth of African Enterprises’, Says SAP

AMA PRESS RELEASE Technology and business leaders today met at the SAP Innovation Day in Johannesburg to discuss how businesses can shift away from stagnation and ignite a new wave of innovation and growth to drive their success. Speaking at the event, Hans-Peter Fuelle, Chief Business Officer for EMEA, SAP, said businesses today operate in […]

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Business

JUST IN: CBN Raises Interest Rate to 26.25 % Amid Soaring Inflation Levels

The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26. 25 per cent. Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate(MPR) for the third straight time to rein in the country’s soaring inflation levels pegged […]

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Financial

Nigeria’s Telecoms Industry FDI Drops Again, Domestic Investments Crash by 36.1% Amid Increasing Operational Cost

The Capital Inflow (Foreign Direct Investment) into the Nigerian Telecoms Industry in the Year 2022 dropped significantly to about USD399,905,531.38 as against USD753,044,446.35  recorded for the year 2021, similarly domestic investment dropped by 36.1% Meanwhile, Telecoms industry contribution to the Nigerian Gross Domestic Products went up from 12.61% in the Fourth Quarter, 2021 to 13.55% […]

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Economy

FINALLY: CBN Withdraws Cybersecurity Levy Circular After FG Suspension

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing banks to implement a controversial 0.5% cybersecurity levy on electronic transactions. The decision of the apex bank to withdraw the circular followed the public outrage that trailed the announcement of the policy two weeks ago and the suspension of the levy by the […]

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Financial

FIRS Generates N3.94trl in Q1 2024 Taxes, Falls Short of N4.8trl Target

Executive Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, on Wednesday disclosed that the service generated a total of N3.94 trillion in tax revenue in the first quarter of the year (Q1 2024). The performance however, fell short of its quarterly revenue target of N4.8 trillion. Adedeji gave the figures while receiving the leadership […]

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President Bola Ahmed Tinubu
 Business

Nigeria Records ₦318.5bn as Revenue Inflow in Q1, Says Accountant-General

Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Armstrong Takang, also said ₦101bn have been declared as dividends by some Accountant-General of the Federation, Oluwatoyin Madein, has said ₦318.5bn was recorded as the revenue inflow to the Federal Government between January and March 2024. Madein spoke on Wednesday when she appeared before an […]

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Business

UPDATED: FG Suspends Cybersecurity Levy

The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions. Nigeria’s Minister of Information and National Orientation Mohammed Idris disclosed this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the State House in Abuja on Tuesday. He said the policy is undergoing a review. “The position of […]

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