CBN Report Lists High Interest Rates, Inflation As Major Challenge To Nigeria’s Economy

CBN Report Lists High Interest Rates, Inflation As Major Challenge To Nigeria’s Economy

PHOTO: FLICKR The latest Inflation Attitudes Survey report by the Central Bank of Nigeria (CBN) for the third quarter, 2018 has revealed sentiments expressed by Nigerians concerning the state of the economy as it relates to management of interest rates and inflation. According to the report, many Nigerians believe that the economy would end up weaker if prices start to rise faster than they do now, just as they sought reduction in interest rates. The Q3 2018 Inflation Attitudes Survey which was conducted during the period September 24 -October 4,…

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SystemSpecs Introduces Remita SME Solution

SystemSpecs Introduces Remita SME Solution

Small and medium-sized enterprises (SMEs) across Nigeria can now easily manage the most essential aspects of their business, ranging from funds collection to payments and payroll in a more convenient, data-driven and organised manner by accessing the Remita SME Suite. Remita SME Suite helps enterprises to reach immediate and larger markets, get paid easily for goods and services through multiple channels, including bank branches nationwide, electronic banking, debit/credit cards and mobile wallets; boost profit margins; seamlessly manage employee affairs; keep organisational and transactional records; and ultimately access SME loans. Speaking…

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Trade Portfolio Between Nigeria And Japan Valued At $320 Million

Trade Portfolio Between Nigeria And Japan Valued At $320 Million

The volume of trade between Nigeria and Japan has hit $320m, information from the Japan External Trade Organisation has revealed. The Trade Commissioner and Managing Director, Japan External Trade Organisation, Shigeyo Nishizawa, said on Wednesday that Nigeria’s import from his country in 2017 slightly decreased by 1.6 per cent to $320.8m, while export to Japan decreased by 7.5 per cent to  $783.1m. He, however, expressed confidence in Africa’s biggest market. Nishizawa explained that the trade decline between both countries between 2015 and 2017 was due to decreased natural gas imports,…

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AFdB Earmarks $1.5m For Lagos-Abidjan highway

AFdB Earmarks $1.5m For Lagos-Abidjan highway

The Federal Executive Council on Wednesday approved the plan by the Federal Government to get $1.5m loan from the Africa Development Bank to be spent on the Lagos-Abidjan Expressway. The Minister of Finance, Zainab Ahmed, disclosed this to reporters at the end of the council’s meeting presided over by President Muhammadu Buhari. She said, “Today (Wednesday), the Ministry of Finance went to council to obtain approval for a loan of $1.5m from the African Development Fund to finance the multinational Abidjan-Lagos corridor highway development project study. “The multinational project that…

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Discos Sign MoU With Energy Companies On Mini-grids

Discos Sign MoU With Energy Companies On Mini-grids

Power distribution companies are entering into partnerships with renewable energy firms for the development of mini-grids to boost the supply of electricity in Nigeria. According to officials from the Rural Electrification Agency and stakeholders in the renewable energy space, already, they have signed memorandum of understanding for the execution of the project, adding that the move will reduce the poor power supply situation in communities not energised by the national grid. Speaking at the breakfast meeting on Financing Off-grid Energy Projects and the inauguration of Nigerian Mini-grid Investment Report at…

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Power Company Opens 1.5MW Lagos Plant 

Power Company Opens 1.5MW Lagos Plant 

An independent power project in Lagos with a capacity of 1.5 megawatts is set to be inaugurated by the Federal Government. The Sura Shopping Complex IPP, which was built by a private sector developer, Solad Power Holdings, was executed under the Federal Government’s Energising Economies Initiative being implemented by the Rural Electrification Agency. The initiative aims to support the rapid deployment of off-grid electricity solutions to micro, small and medium enterprises within economic clusters (such as markets, shopping complexes and agricultural/industrial clusters) through private sector developers. The 1.5MW IPP, which…

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Emefiele:FG’s Forex Policies Saved Nigeria From Recession

Emefiele:FG’s Forex Policies Saved Nigeria From Recession

The Central Bank of Nigeria on Wednesday said that its decision to restrict foreign exchange for importation of 41 items and other complementary policies were effective in bringing the country’s economy out of recession. It said the policy was well thought out as it assisted greatly in boosting the country’s foreign exchange reserves, which currently stand at about $42.46bn. The CBN Governor, Mr Godwin Emefiele, said these at the opening session of a workshop on monetary policy implementation amidst global economic protectionism. The CBN had on June 23, 2015, placed…

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UK Agency Names Dangote  Sixth Most Charitable Person On Earth

UK Agency Names Dangote  Sixth Most Charitable Person On Earth

The philanthropist gesture of the President of the Dangote Group, Aliko Dangote, was recognised and highlighted by Richtopia, a United Kingdom-based digital periodical that covers business, economic and financial news on Wednesday, as the richest man in Africa was named the sixth most charitable man in the world. Warren Buffett, Bill Gates and J.K Rowlings occupied the first three positions, while Oprah Winfrey and Elon Musk were in the fourth and fifth position, respectively. Aside from Dangote, the Chairman, United Bank for Africa Plc, Tony Elumelu, was 11th on the…

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Stock Market Investors Lose N287 Billion

Stock Market Investors Lose N287 Billion

Following renewed profit taking, transactions on the Nigerian Stock Exchange (NSE) closed on a downward note, as investors lost N287 billion yesterday after four consecutive trading days of consistent gains. At the close of transactions yesterday, the All Share Index (ASI) shed 787.85 absolute points, representing a dip of 2.37 per cent to close at 33,191.45 points. Similarly, the market capitalisation shed N287 billion at N11.830 trillion. Analysts attributed the significant loss to profit taking by investors. According to them, investors leveraged the capital appreciation recorded in the past few…

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Crude Oil Prices Tumble After Global Sell-Off

Crude Oil Prices Tumble After Global Sell-Off

Tuesday’s massive sell-off in the global crude oil markets spread on Wednesday to the Middle East crude oil complex, where prices for December cash Dubai—the nearest month trading in October—plunged by 4.42 percent at close of business in Singapore in the biggest drop since June, traders tell S&P Global Platts. The most actively traded international oil benchmarks, Brent and WTI, plunged on Tuesday to a two-month low, with both WTI Crude and Brent Crude slumping by 4 percent—the worst one-day drop since July. The decline was prompted by a broader equity market sell-off earlier on…

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