The Nigerian government has been advised by the International Monetary Fund to eliminate what it has described as hidden subsidies on fuel and electricity.
In a recent report from the IMF, Nigeria was informed that subsidies are expected to consume three percent of the country's Gross Domestic Product in 2024,...
High interest rates, unfavourable economic climate and insufficient power supply have been identified as the major constraints to businesses in the country.
The Statistics Department of the Central Bank of Nigeria said these in its ‘January 2020 business expectations survey report’.
Part of the report read, “Respondent firms identified insufficient power...
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has announced an increase in the monetary policy rate (MPR) from 22.75% to 24.75%. Olayemi Cardoso, CBN Governor, revealed this decision during the committee's 294th meeting in Abuja, emphasizing the bank's efforts to combat inflation.
According to Cardoso, "The...
Polaris Bank has introduced its Agency Banking Solution to serve as a vehicle to reach the unbanked and underbanked, as well as deepen financial inclusion across the country.
The product known as ‘SurePadi’ was designed to provide convenient and easy access to funds and other banking services in far-flung neighbourhoods,...
The Honda Management team led by the Managing Director, Mr Takashi Nakajima, on Tuesday 30th May, 2023, presented the new Nigerian built Honda HRV to the DG NADDC, Jelani Aliyu, MFR, at the Council’s Headquarters in Abuja.
While making a demonstration of the vehicle, Mr Remi Adams, the company’s Sales...
The Central Bank of Nigeria (CBN) has disclosed that it sold $10,000 to each Bureau De Change (BDC) operator at a rate of N1,101 per US dollar. This information was shared in a circular addressed to the President of the Association of Bureau De Change Operators of Nigeria.
The circular,...
Telecommunications operators in the country have insisted that the voicemail service on mobile telephone lines does not require policy or regulatory intervention from the Federal Government or its agencies.
The assertion by the telcos, under the aegis of Association of Licensed Telecoms Operators of Nigeria, followed an order issued by...
Electricity Distribution Companies have stated that tariff will increase from July 1, 2023.
In statements sent to respective consumers on Sunday night, the DisCos stated that the review was due to the fluctuation of the naira in the exchange rate market.
This statements which were worded in similar fashion included that...
As part of its development finance move, the Central Bank of Nigeria over the years supported critical projects to reflate the economy and drive national growth.
Due to its potential to drive economic growth, the Dangote refinery is one of the critical projects the CBN has invested in especially by...
