Author: Aishat Olalere

Global credit rating agency, Fitch, has said Nigeria’s apex bank does not have what it takes to clear forex backlogs. The agency also said the revenue ratio in the country is a key weakness in its sovereign credit rating. It was also added that the Nigeria currency could be further heighten by the pressure in the foreign exchange shortage. ‘‘Nigeria’s central bank still lacks the foreign exchange to clear the backlog of demand, and the country’s high interest payment to revenue ratio weighs on its sovereign credit rating.’’ Nonye added that the pressure on the naira could continue due to…

The World bank estimate the reduction in Nigeria poverty by Seven percent as a result of improvement in internet coverage for the past three years. The World Bank noted that the exposure has also led to an increase of eight percent in labor force participation and wage employment, in its new brief titled, “Digital transformation drives development in Africa”. In 2023, after three or more years of exposure to internet coverage there is seven percent decline in the extreme poverty in Nigeria while the labor forces participation and wage employment increased by up to eight per cent,” the World Bank…

Dangote refinery is set to provide approximately 150,000 retail outlets with fuel. This was revealed after the meeting held by the management of Dangote refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN), The meeting held by IPMAN and Dangote refinery executive confirmed the refinery commitment to provide product to over 30,000 IPMAN member. The Dangote Petroleum Refinery commenced the production of diesel and aviation fuel on January 12, 2024. The fuel Dispensing was approved by the regulatory assessment of refined product. 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc,…