Tag: Nigerian economy
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Nigerian Economy: Keystone Bank Chairman, Lady Chukwudozie canvasses for digital banking
The Chairman of Keystone Bank PLC, Lady Ada Chukwudozie, has emphasised the need for innovation in the banking sector, to tackle the nation’s economy. During the bank’s annual end-of-year dinner party held in Lagos at the weekend, Lady Chukwudozie highlighted that digital transformation was one of the significant achievements the bank has accomplished the year…
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Rising inflation plunges Nigerians further into Hardship
Nigeria’s annual inflation rate has surged to an alarming 24.08 per cent in July, up from 22.79 per cent in the month of June, according to data released by the National Bureau of Statistics (NBS) on Tuesday. The NBS also reported that on a year-on-year basis, the headline inflation rate is a staggering 4.44 per…
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Analysis: Economic and business implications of fuel and FX subsidy removal
The removal of fuel subsidies and adoption of a more flexible exchange rate system had been significant policy considerations in Nigeria for many years, with the goal of improving efficiency, reducing fiscal pressures, attracting investments, and promoting economic growth. The Nigerian government in the past subsidized fuel to cushion the impact of fluctuating global oil…
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NIMASA expresses determination, commitment to transforming maritime sector
The Nigerian Maritime Administration and Safety Agency (NIMASA), has expressed commitment to playing a leadership role that will ensure growth and development of the maritime sector. Hajiya Rakiya Lamai, Deputy Director, Shipping Development of NIMASA, made this known in Kaduna on Sunday, at the closing ceremony of the 44th Kaduna International Trade Fair. Newsmen reports…
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Insurance industry shifting tech paradigm – FITC
Managing director/CEO FITC, Chizor Malize, has asserted that globally, the insurance landscape is undergoing a paradigm shift. She spoke during the 2022 NAICOM Board retreat themed: “Strengthening Board Resilience and Agility for Success” held in Abuja. Malize stated that digital is no longer a nice to have but a critical part of business strategy and…
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Nigeria records N524.25bn fiscal deficit in one month
Federal Government of Nigeria has recorded N524.25 billion fiscal deficit in the month of May, just as it recorded N643.09 billion in April 2022. The detail was contained in the Central Bank of Nigeria’s monthly economic report on fiscal sector development for the country. “The disproportionate reduction in expenditure and revenue outcomes resulted in a…
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Only Kogi, Lagos, two others attracted investment in Q2 2022 – NBS
Out of the 36 states if Nigeria and the Federal Capital Territory FCT), only Kogi, Lagos, Abuja, Anambra, and Ekiti States recorded capital inflows in the second quarter of 2022. This is contained in a Foreign Direct Investment data released by Nigeria’s National Bureau of Statistics, NBS on Wednesday, a copy of which was made…
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Systematic reopening of the Nigerian economy by the PTF – Chido Nwakanma
By Chido Nwakanma Eight months later, the arteries of the economy are pumping once again. Airports have reopened, bringing in 5,000 to 7,000 passengers daily. Schools have resumed, as have formal and informal markets. Machines are humming again in hitherto shut factories. The full reopening of the economy after months of a lockdown…
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Nigerian economy ‘steadily exiting recession’ — Bankers’ Committee
The Bankers’ Committee of the Central Bank of Nigeria, CBN, on Thursday declared that the Nigerian economy was steadily pulling out of recession. The Committee gave the review at the end of its 331st meeting in Abuja. It said indices on non-oil sector growth in the second quarter of the year showed the economy could…
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US Consul General unveils tech innovation for Nigerian gas industry
In the face of dwindling oil revenue, the United States (US) Consul General, John Bray has unveiled a new technology known as ‘Synergy and Aruba’ he said will help oil and gas firms increase efficiency. At the public presentation of the technology product in Lagos, Bray said the US government is renewing its commitment to…