Author: Aishat Olalere

The spokesman of Signature bank, Mrs Ayona Trimnell announced the launch of two new branches in Umuahia and Aba in Abia state on Wednesday, 24 January. Signature Bank is a licensed bank in Nigeria which was established in 2022. It has a footprint in Abuja and Port Harcourt The spokesman for the bank, said the Umuahia and Aba branches would enhance accessibility for both new and existing customers to enjoy a broader range of financial products and services tailored to the specific needs of each market. According to a statement from the bank on Wednesday, the expansion marked a significant…

The International Energy Agency (IEA) reported on Wednesday that Nigeria national power grid collapse 46 times from 2017 to 2023. According to the report, on September 14, the grid collapses due to a fire on a major transmission line and Nigerians endured more national black out in 2023 as a result. It was said that Nigeria’s grid continued to face issues due to aged infrastructure and vandalism. The IEA said Nigeria had grappled with recurrent power failures, totaling 46 grid collapses between 2017 and 2023. “Unreliable power supply due to limited grid infrastructure, underinvestment and ineffective regulatory frameworks have resulted…

Anthony Blinken, The United Secretary of State, promised to join hand with the Nigeria to generate energy and tackle plastic pollution. Blinken said the US mission in Nigeria would launch the Nigerian marine and blue economy, to develop solutions to economic and environmental challenges. Blinken said “Our own mission in Nigeria is working with our Congress to launch the Nigerian Marine and Blue Economy, a hackathon. We’ll bring together the government, the private sector, students to develop solutions to economic and environmental challenges, like addressing plastic pollution or using ocean currents to create energy.” Blinken said this while unveiling the…

The Nigerian National Petroleum Company Limited stated on Wednesday, 23 January that NNPCL constructed a 150 million storage facilities for the Port Harcourt Refining Company ahead of full operations of the plants. It was also added that the company had signed Build, Operate and Transfer agreements for the rehabilitation of pipelines and storage facilities nationwide. it also stated that the facility was constructed in Atlas Cove. The Atlas Cove Jetty is a major installation of NNPCL for receipt and distribution of petroleum products to the western part of Nigeria and is located within the precincts of Tarkwa Bay in Lagos…

The World Bank has predicted that Nigerian Gross Domestic Product will grow by 3.7 per cent in 2025. The World Bank in its latest report titled “Global Economic Prospect: Subdued Growth, Multiple Challenges”, projected that the African largest economy will improve by 3.3 per cent up from a projected 2.9 per cent for 2023. The report stated, “Growth in Nigeria is projected at 3.3 per cent this year and 3.7 percent in 2025—up 0.3 and 0.6 percentage points, respectively, since June—as macro-fiscal reforms gradually bear fruit. ” It was concluded in the forecast that the per capital income will reach…

Nigerian Exchange Limited (NGX) All Share Index (ASI) surpassed 101,000 psychological level on Wednesday as BUA Cement led other major advancers that continued to dominate market. The market rose by 3 percent while investors gained N1.62trillion on Wednesday. The market has risen year-to-date (YtD) by 35.84 percent following only one session of negative close this year. This week, the market has risen by 7.44 percent. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation furthered their northward movement from Tuesday’s lows of 98,616.97 points and N53.967 trillion respectively to 101,571.11 points and N55.583trillion on Wednesday. In 12,080 deals,…

Wale Edun, The minister of Finance and Coordinating Minister of the Economy said the Federal Government is aiming to increase the internal generated revenue by 77 percent. This was stated by Edun on Wednesday, 24th of January, at the Abuja opening of the 2024 strategic Management Retreat of the Federal inland Revenue Service According to the minister, taxes play an integral role in the government’s quest to strengthen revenue, which will help bridge the infrastructure gap and build social safety nets that will take off the citizens. He applauded the management of the FIRS for its commitment to meeting its…

Oil marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria have berated the Nigerian National Petroleum Company Limited for alleged delay in the supply of petroleum products. Speaking through the National Vice President of IPMAN, Hammed Fashola, they asked the Federal Government to review the current distribution pattern with a view to giving priority to IPMAN members. It was stated that the independent marketers own 80 per cent of the filling stations in Nigeria and, as such, deserve the “lion share” in fuel allocation. As a result, the marketers said they had been forced to boycott the…

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, expects headline inflation to fall to 21.4 per cent in 2024. This was disclosed by the apex banks’s governor during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024. He said, “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, which aims to rein in inflation to 21.4 per cent.” By the end of 2023, the rate of inflation had increased from 21.34 percent at the end of 2022 to 28.92 percent, a 7.58 percentage point rise.…

A former Deputy National Publicity Secretary of the ruling All Progressives Congress, Yekini Nabena, has urged President Bola Tinubu to consider relocating the Nigerian National Petroleum Company Limited, Nigerian Maritime Administration and Safety Agency and Nigerian Ports Authority to the Niger Delta region for efficiency. The APC chieftain also appealed that the Federal Ministry of Trade and Investment be moved to either Kano or Anambra States where people trade in high proportion to justify the planned relocation of some departments of the Central Bank of Nigeria and Federal Airport Authority of Nigeria out of the Federal Capital Territory. Nabena’s request…