BUSINESS NEWS

A bill for the establishment of Federal University of Education (Technical) Bichi, Kano State on Wednesday passed second reading at the Senate. The bill was sponsored by Sen. Jibrin Barau (APC-Kano). Barau in his lead debate said that there was the need to have strong system in the educational sector with establishment of more institutions […]

The World Bank has warned that Nigeria could lose around N5trillion in the year from subsidising petrol. The World Bank, in its Nigeria Development Update (NDU) released yesterday in Abuja, said N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest […]

TAJBank Limited, Nigeria’s leading non-interest bank, has signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of private sector (ICD). According to a statement by Hamid Joda, Managing Director of TAJBank, the MoU is aimed at attracting funding for major infrastructural projects in Nigeria. The News Agency of Nigeria (NAN) reports […]

African Export Import Bank (Afreximbank) has disbursed 150 million dollars to First Bank of Nigeria Ltd., under it’s Pandemic Trade Impact Mitigation Facility (PATIMFA). Group Head, Marketing and Corporate Communications, FirstBank, Mrs Folake Ani-Mumuney, said this in a statement on Monday in Lagos. According to the statement, the President and Chairman of the Board of […]

The Nigeria Communication Commission (NCC) on Thursday said that stakeholders play a critical role in unlocking the vast potential of 5G. The Executive Vice Chairman   NCC Prof. Umar Danbatta,   made said this in his keynote  address at the 2022 Nigeria  DigitalSense Forum on Internet  Governance  for Development and the official  unveiling of Sagacity of Digital Revolution. The News Agencyof […]

The Central Bank of  Nigeria, CBN, said it will sell N1.2 trillion worth of Treasury Bills (TBs) in the third quarter of 2022 (Q3’22). The apex bank disclosed this today in its Nigeria Treasury Bills Issue Programme for Q3’22. TBs are short term debt instruments used by CBN to borrow money from the public on behalf […]

United Bank for Africa (UBA) has redeemed its debut $500 million five-year Eurobond notes which matured yesterday. The Eurobond notes, issued in 2017, were offered at a coupon rate of 7.75 per cent. The bond was raised to support the bank’s business in key sectors of the economy. UBA had last November repurchased $310.9 million […]

The Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, Tuesday, disclosed Nigeria’s cocoa production to hit 500,000 metric tonnes annually in 2024. Abubakar made the projection known during a courtesy visit led by the Executive Director, International Cocoa Organization, ICCO, Arrion Michel, at his office in Abuja. He made the projection based on the […]

The nation’s foreign trade in goods rose quarter-on-quarter, QoQ, by 11 per cent in the first quarter of 2022 (Q1’22) to N13 trillion from N11.7 trillion in Q4’21. The National Bureau of Statistics, NBS, disclosed this today Friday,in its Foreign Trade in Goods Statistics Report for Q1’22. According to the bureau, the value of exports […]

Financial experts have urged the Federal Government to tackle rising insecurity headwinds in the country to boost economic growth and development. AfDB had projected the average growth rate of Nigeria’s economy this year through 2023 at 3.2 per cent. The 2022 Economic Outlook report was released at its Annual General Meeting in Accra, Ghana, that […]