Business

Nigeria’s foreign inflows drop by 2.4% in Q2 2022 – NBS

According to the report of the report of the National Bureau of statistics (NBS) released on Wednesday, the total value of capital importation into Nigeria gel in the second quarter of the year to $1.53 billion from $1.57 billion in the preceding quarter. In the NBS’s report titled ‘Nigerian Capital Importation Q2 2022’ said the …

Despite rising cost of goods and services, Nigeria’s economy grew 3.54% in Q2 2022, says NBS

As the cost of goods and services continue to rise. The nation’s gross domestic product (GDP) grew by 3.54 percent year-on-year in real terms in the second quarter of 2022. The growth is an improvement from the 3.11 percent growth recorded in the previous quarter. According to the National Bureau of Statistics (NBS) on Friday …

License Revocation: NBC extends deadline on enforcement order on debtors to Wednesday

The National Broadcasting Commission (NBC), has decided extended the grace period on all broadcast stations who have outstanding debts are to be paid following the 24 hours ultimatum of Wednesday, Aug. 23, 2022 earlier given. This new directive was made public by Director-General of NBC, Malam Balarabe Ilelah, made the disclosure in a statement on …

Ghana’s central bank increases interest rate to 22% to halt rise in inflation

In a bid to curb the rising inflation in the country, the Bank of Ghana (BOG) has increased its monetary policy rate (MPR) from 19 percent to 22 percent. The action is also aimed at curbing the inflationary pressures and halt the depreciation of the cedi against the US dollar. The decision was made known …

CASHEW PROCESSING; Foreign firm targets N150m investment in oil.

A Nigerian-based Indian firm, Pet Agro Farms says plans are on to invest about N150 million in Nigeria via production and processing of oil palm, cashew, and other agricultural products . The agro-firm said the initiative had become imperative to penetrate the foreign market and earn forex during the ongoing forex crisis in the country. …

NUPRC ignores president’s directive on sale of ExxonMobil by sale , says status quo maintained

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed that status quo remains in respect to ExxonMobil/Seplat Energy share acquisition. Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC made this known in a statement on Monday in Abuja. The News Agency of Nigeria (NAN) reports that President Muhammadu Buhari on Monday, consented to the acquisition …

Buhari approves Seplat’s acquisition of Mobil Producing Oil assets, overrides NNPC

President Muhammadu Buhari has override the NNPc by approving the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the state-owned oil company to block the deal. Earlier In February, Seplat entered into an agreement to acquire the entire share capital of MPNU from Exxon Mobil. The deal was however blocked by …

Naira rebounds at black market, now trades at N665 per dollar.

After a disastrous outing last week plummeting to a rock bottom of 720 , the Nigerian currency has gained against the U.S. dollar at the black market on Tuesday, now trading at N665 to a dollar on exchange platform Aboki Forex. Checks by our reporter on Tuesday showed that the naira gained value at the …

Naira fall continues free fall now sells at N658 at the parallel market.

The nation’s currency, the Naira continued its free fall as it fell at the parallel market to N658 per dollar amid higher dollar demand on Friday. Going by the fall, the figure represents a depreciation of N38 or 6.13 percent from the N620 it traded last week. According to Bureaux De Change operators (BDCs), they …

More financial challenges for FG as Debt servicing surpasses revenue in Q1 data release.