Author: Aishat Olalere

The price of electricity prepaid meters is about to increase as a result of increase in inflation and increase in Nigeria foreign exchange. The prepaid meters year- on-year, YoY, (single phase) increased by 80 percent from N81,975 in 2023 to N147,610.43 in February 2024. similarly, the price of the double phase meter also increased by 80 percent, from N143, 836.10 in 2023 to N259,002.43 in February 2024. This occurred after the Abuja Electricity Distribution Company, AEDC, has issued a notice of disconnection of power supply to the presidential Villa, also referred to as Aso Rock and Federal Government’s Ministries, Department…

According to the National Bureau of Statistics not less 59.1 percent of the capital importation into the country in 2023 was foreign loan. this is amounted to $2.31bn. Foreign capital inflow rose from $654.65m in Q3 to $1.09bn in the final quarter of the year. The analysis indicated that the value of foreign loans received by the country in Q3 2023 was 18 per cent lower compared to the $619.16m recorded in the same quarter of the previous year. Moreover, there was a 34.19 per cent decline relative to the $771.53m secured in Q2 2023. This decrease was attributed to…

 On Friday, a meeting of the various stakeholders comprising officials of the Nigeria Custom Service(NCS), the Nigeria Port Authority (NPA), Terminal operator, the Nigeria Railway Corporation and others . The result of the meeting is that next month, evacuation of cargo from Apapa port will resume as stakeholders engage in several meetings to finanlise strategy for a smooth take off. When contacted, the Customs Area Controller, CAC of Apapa Area1 Command of the Customs, Comptroller Babajide Jaiyeoba, confirmed that there was a meeting of the various stakeholders last Friday regarding commencement of rail services.  A source at the meeting said…

The President and Chairman of Council of The Chartered Institute of Bankers of Nigeria (CIBN), Dr. Ken Opara, disclosed that it has engaged the leadership and members of the senate committee on the passage of the proposed CIBN Act Bill when he led a team from the institute of the senate. Opara commended the committee for their support to the institute towards the review of the extent laws in the financial sector. He personally lauded the Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Sen. Adetokunbo Abiru, for his role in ensuring economic growth. He said, “We commend…

United Bank of Africa (UBA) has been announced as the official sponsor of the 4th edition of the ECOWAS mining and petroleum forum which is to occur from February 22 to 24 2024 at Palais des Congrès in Cotonou, Benin. The keynote address will be delivered by the UBA chiarman, Tony Elumelu. He will be speaking on the theme: “Geo-extractive Resources and Technologies: What Pooling Strategies for Value Creation in West Africa”. His speech is expected to highlight UBA’s increasing effort to support and develop the African continent through strategic investments in the key sectors of mining and petroleum. The…

On Monday, February 19, The senate, through Senator Sani Musa, the Chairman of the Senate’s Committee on Finance expressed anger over the N17trn loss incurred by the country on tax waivers within last five years. They urged the Federal Inland Revenue Service (FIRS) to suspend the tax waivers being largely abused and substitute it with rebating system. However the Chairman of FIRS, Zacch Adedeji, who made projection of N19.4tn as targeted total tax collection for 2024, insisted that the fresh N2.7tn Tax Credit planned for road construction in the country by the Central Bank of Nigeria, should be stopped .…

Applications from Nigerians seeking to enter universities in the United Kingdom (UK) have dropped sharply due to exchange rate pressures, Moody’s said in an update. The rating firm said the increase in international applicants demonstrates the strength of the UK’s higher education brand, despite affordability issues and a more restrictive visa policy. It noted that the number of applicants from Nigeria declined more than any other country, which may have been influenced by the weakening of the naira or visa restrictions on dependents, effective since January 2024. International students in the UK are no longer able to bring dependents on…

Nigeria is missing from the list of 11 African countries expected to experience strong growth in 2024. According to the African Development Bank Group, in its latest Macroeconomic Performance and Outlook of the continent, Africa will account for 11 of the world’s 20 fastest-growing economies in 2024, but Nigeria is not expected to be one of them. AfDB said the top 11 African countries projected to experience strong economic performance are Niger (11.2 per cent), Senegal (8.2 per cent), Libya (7.9 per cent), Rwanda (7.2 per cent), Cote d’Ivoire (6.8 per cent), Ethiopia (6.7 per cent), Benin (6.4 per cent), Djibouti…

The Nigeria Debt Management Office (DMO) plans to raise N2.5 trillion today from FGN bond sales from the capital market. Analysts said they expect the outcome of this month’s FGN bond auction to influence the direction of yields in the secondary market. At the auction, the DMO would be offering instruments worth N2.50 trillion through new issuances of the FGN FEB 2031 (7-year) and FGN FEB 2034 (10-year) bonds. Based on prevailing sentiment in the fixed income market, analysts expect demand to be solid. Their expectations hinged on spot rates repricing following the apex bank’s 19% rates on 364-day treasury…

President William Ruto’s administration announced plans to enhance food production and security through improved agricultural mechanisation. Data from the Agricultural Sector Transformation and Growth Strategy (ASTGS) indicate 30% of arable land in Kenya is under agricultural mechanisation. Principal Secretary (PS) State Department for Agriculture Paul Rono revealed that Kenya plans to grow the number to 50% by 2029. The move attracted leading industry players like Simba Colt Aspire and Mahindra to initiate a partnership to help realize government goals. Small-holder farmers can now receive mechanised farming experience from the government’s agricultural mechanisation programme. The initiative received a boost from a…