*What’s heartbreaking about Africa The International Monetary Fund (IMF) has explained why it advised Nigeria to remove fuel subsidies, adding that the subsidy regime was robbing the poor for the rich. The Director of the African Department of the Fund, Mr. Abebe Selassie, provided insights into the organisation’s position, at […]

There are indications that prices of goods and services may not come down soon despite the speedy appreciation of Naira against major foreign currencies in recent weeks. On Thursday, US Dollars traded for N1,060, about N840 gain against N1,900 to US Dollar peak in February this year. But Vanguard findings […]

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export. With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not […]

Nigerian chess master, Tunde Onakoya has broken the Guinness World Record for longest chess marathon surpassing the previous world record set at 56 hours, 9 minutes and 37 seconds by Norwegians Hallvard Haug Flatebø and Sjur Ferkingstad in 2018. Onakoya surpassed this record at 7:39pm EST (12:39am WAT) clocking 56 minutes, 10 […]

Nigerian banks are likely to embark on aggressive dividend payouts in the next couple of years as they put a huge pile of their retained earnings to use, a report by Ernst and Young Global Limited (EY), a leading tax and advisory services has shown. With the latest recapitalisation exercise […]

The record N1.184 trillion Total Comprehensive Income recorded by the Nigeria Sovereign Investment Authority (NSIA) in 2023 was largely driven by four tactical strategies, including cost efficiency, efficient balance sheet management, infrastructure investment and a focus on projects that yielded sustainable earnings. This is according to Aminu Umar-Sadiq, NSIA Managing […]

Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, on Thursday said the fiscal authority is complementing the efforts of the Central Bank towards ensuring the stability of the economy through the issuance of N8 trillion in government securities specifically, treasury bills and treasury certificates. He disclosed this in […]

Dangote refinery’s decision to relax quality controls for diesel resulted in a 37 percent reduction in domestic prices, S&P Global findings revealed. According to the report, this decision was primarily driven by the availability of high-sulphur diesel from the refinery, contrasting with the environmentally preferable low-sulphur diesel. Dangote refinery recently […]

Some financial analysts have supported the Central Bank of Nigeria (CBN)’s move to eliminate foreign currency-denominated collateral, expecting it to stabilize the economy by improving dollar availability in the foreign exchange (FX) market while addressing currency liquidity challenges. The Central Bank of Nigeria (CBN) has prohibited the utilization of foreign […]

Data showing the Central Bank of Nigeria (CBN)’s rare interventions in the foreign exchange market prove that it is not defending the naira with its foreign reserves. Data from FMDQ Securities Exchange shows the CBN has only sold $581 million in the official market, otherwise known as NAFEM, this year. […]