Africa’s Global Bank, United Bank for Africa (UBA) Plc has reaffirmed its unwavering commitment to spearhead economic growth across the continent through targeted policies aimed at maximizing the benefits derived from the mining and oil sectors. To this end, the bank is poised to collaborate with the Economic Community of West Africa States (ECOWAS) towards implementing strategic initiatives that will ... Read More »

In keeping with the initiative to think outside the box in rejiging the nation’s economy by the Renewed Hope administration of the President of Nigeria, *His Excellency President Asiwaju Bola Ahmed Tinubu GCFR*, the Honourable Minister of Works, *His Excellency, Sen. Engr. Nweze David Umahi CON* has finalized discussions with investors from Netherland to attract a grant of 25 million ... Read More »

See details: I chanced on an X post Tuesday night by one Brother Bernard @Mikael C Bernard who railed against what he called the order of the EFCC, NSA on Finance to set a cap on traders selling USD tokens for Naira equivalent. He disclosed that token sellers have migrated to Telegram and were selling Naira at N1850 and above. ... Read More »

The Nigeria Customs Service, NCS, will today commence the sale of seized bags of rice to the public at the rate of N10,000 per 25kg . Disclosing this to newsmen in Lagos, Comptroller General of the NCS, Mr. Adewale Adeniyi, said the process for the sale of the food items has been perfected such that a form with all the ... Read More »

The Federal Government has moved against online platforms of Binance and other cryptocurrency firms over alleged manipulation of the forex market. Binance is a digital assets platform which serves as a window for peer to peer transaction allowing users to advertise interest to sell or buy currencies of their choice. On February 5, 2021, the Central Bank of Nigeria (CBN) ... Read More »

A total revenue of N2.068 trillion was collected in the month of January 2024 into the Federation Account. Deductions for cost of collection was N78.412 billion with total transfers, interventions and refunds N639.926 billion and savings N200.000 billion. As a result of the deductions from the total revenue, the Federation Account Allocation Committee (FAAC) shared N1.149 trillion from the January ... Read More »

The Central Bank of Nigeria has called on Nigerians to be patient as the management of the apex bank is doing everything possible to ensure that Naira is strengthened. He said this at the 2024 public lecture entitled, “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward”, organized by the Nigerian Economic Society, NES, at the ... Read More »

The federal government has said that the Port-Harcourt refinery would begin operation by producing two million litres of Premium Motor Spirit (PMS) otherwise known as petrol and 2.2 million litres of diesel per day. The government said this after an inspection tour of the facility along with the leadership of organised labour. Minister of State for Labour and Employment, Nkeiruka ... Read More »

The Trade Union Congress of Nigeria (TUC) has disagreed with the Nigeria Labour Congress (NLC) on the call for a nationwide protest without due consultation. The TUC urged the NLC to stop taking unilateral decisions on issues of interest to the two organisations. The TUC, in a letter addressed to the President of the NLC, Joe Ajaero said it was ... Read More »

The federal government has finalised plans to release an additional 60,000 metric tonnes of food grains to make food available and stabilize the price of foodstuff in the country. Minister of Finance and Coordinating Minister for the Economy, Wale Edun made this known in Abuja on Tuesday, February 20, at the Public Wealth Management Conference organised by the Ministry of ... Read More »