Category: Business News
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Nigerian economy on the verge of collapse, needs urgent reform – WTO DG Okonjo-Iweala
The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, on Monday said Nigeria maybe heading towards economic collapse if it failed to immediately embark on diversification from oil to other sources for survival. The two term former finance minister highlighted some steps the nation can take to avert imminent economic collapse in no…
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Alarming! Nigeria’s unemployment rate jumps to 33.5%, world’s second highest
Nigeria’s unemployment rate has jumped from 27.1% in the second quarter of 2020 to 33.5% in fourth quarter of the same year, Nigeria Bureau of Statics said. NBS, in the report published on its website, put the underemployment rate at 22.8% in Q4 2020 (28.6% in Q2 2020) while the total of unemployment and underemployment…
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Alleged banks’ debts: FG tells telcos to stay action on suspension of USSD services to customers
The Federal Government has directed Mobile Network Operators (MNOs) to put the planned suspension of the Unstructured Supplementary Service Data (USSD) services on hold. The directive issued on Saturday was contained in a statement signed by the Technical Assistant (Information Technology) to Dr. Issa Pantami, Minister of Communications and Digital Economy, Dr Femi Adeluyi. TheNewsGuru.com,…
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Nigeria, 18 other African countries to benefit from World Bank’s $22.5m electricity grant
Nigeria and 18 other African countries would benefit from World Bank’s 22.5 million dollars additional financing for the Regional Off-Grid Electricity Access Project (ROGEAP) in Western and Central Africa. The World Bank announced this in a statement issued on Friday in Washington D.C., adding that its board of Executive Directors had approved the additional financing.…
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USSD banking services to stop working over huge banks’ debts
The Association of Licensed Telecommunication Operators of Nigeria (ALTON) on Friday said its members will withdraw USSD services from financial service providers due to huge indebtedness. ALTON said this in a statement on Friday signed by its Chairman, Mr Gbenga Adebayo and Head of Operations, Mr Gbolahan Awonuga. It said that with the concurrence of…
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NIBSS to launch “touch-free” payment solution on Monday
The Nigeria Inter-Bank Settlement System Plc (NIBSS) on Wednesday said it would be launching a Quick Response (QR) code driven payment solution in partnership with all financial service providers. NIBSS said in a statement that the NQR code platform was an indigenous payment solution introduced by NIBSS on behalf of all financial service providers. It…
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AVON, UBA Partner on Bespoke Health Plans for Children
Avon Healthcare Limited, a leading health management organisation has partnered with pan-African financial institution, United Bank for Africa (UBA) Plc, to develop well-tailored and unique health plans for children. The collaboration to develop the new health plans became necessary due to the gap that exists in the area of child healthcare and both organisations…
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Fidelity Bank Reaffirms Support For CBN’s New FX Policy Push, Targets Improved Diaspora Remittance Inflows
Fidelity Bank Plc, a leading Nigerian bank has restated its readiness to continually support the Central Bank of Nigeria’s (CBN) efforts to engender sustainable economic development by significantly improving diaspora remittances and foreign exchange (FX) inflows into the country. Fidelity Bank CEO, Mrs. Nneka Onyeali-Ikpe who made this known on Saturday at the inaugural edition…
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Nigeria’s foreign trade records 10.3% decline in 2020 — NBS
The National Bureau of Statistics (NBS) said Nigeria’s total trade was valued at N32.42 trillion in 2020, signifying a 10.3 per cent decline compared to N36.15 trillion recorded in 2019. This is contained in its “Foreign Trade in Goods Statistics Quarter Four (Q4) 2020” report published on its website on Tuesday in Abuja. The report…
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UBA Delivers Double-Digit Growth in Gross Earnings, as Profit Hits N132bn
Pan-African financial institution, United Bank for Africa Plc (UBA) has announced its audited results for the full-year ended December 31, 2020, recording impressive growth across its top and bottom lines. The 2020 audited financials filed at the Nigerian Stock Exchange (NSE) on Monday, showed that bank’s gross earnings grew by 10.8 percent to N620.4…