Business

United Bank for Africa (UBA) Plc recorded impressive growths in earnings and profitability in the third quarter with gross earnings crossing the trillion naira mark to N1.31 trillion. Key extracts of the interim report and accounts of UBA for the nine-month period ended September 30, this year, released yesterday at the Nigerian Exchange (NGX), showed that gross earnings rose by ...

A group of freight forwarders known as Patriots Anti-Corruption Initiative, T-PACI, has indicated that current pressures on foreign exchange supply and the consequent sharp depreciation of the Naira will soon crash the volume of Nigeria’s imports. National President of T-PACI, Stephen Chigozie, who disclosed this at a news conference in Lagos, explained that situation will force a lot of importers ...

The naira has appreciated to N1,300 per dollar in the parallel market from N1,305 per dollar on Wednesday . , However , the naira has depreciated in the Nigerian Foreign Exchange Market (NAFEM) to N837.49 per dollar. Data from FMDQ showed that the indicative exchange rate for the I&E window rose to N837.49 per dollar from N801.1 per dollar on ...

Stanbic IBTC Pension Managers is set to reward young Nigerians with N32 million in the second edition of its FUSE Talent Hunt. The FUZE Talent Hunt is a platform curated for creative young Nigerians making strides in music, dance, fashion and technology who want an opportunity to showcase their talents and use the platform as a springboard to project their ...

The Federal Government through the Nigerian Shippers Council, NSC, has reduced port terminal charges by 33 per cent from to 400 per cent to 600 per cent of storage. But the FG increased bulk cargo charges by 100 per cent from 125 per cent to 250 per cent. The changes were highlights of a meeting between the leadership of the ...

The National Bureau of Statistics has announced Lagos, Rivers and the Federal Capital Territory as the most viable states with the highest Internally Generated Revenue in 2022. On Monday, NBS disclosed this in its Internally Generated Revenue State Level report. According to the report, Lagos (N651 billion), Rivers (N172 billion) and FCT (N124 billion) generated the highest IGR in the ...

Against the backdrop of the continuous depreciation of the Naira following the new foreign exchange (forex) market policy, a former Minister of Finance, Mr Olusegun Aganga, has said that the only way to strengthen the nation’s currency is to increase productivity and capacity, and become export-oriented. Aganga, also a former Minister of Industry, Trade and Investment, stated this yesterday, in ...

Acting Comptroller General of the Nigeria Immigration Service (NIS), Caroline Adepoju has said that Nigeria could make N2.5 trillion from the ocean. She said this at a one-day workshop on Blue Economy, organised in Port Harcourt by the Rivers State’s command of NIS. Adepoju spoke on the theme: “The Coastal of State of Rivers and Benefits of the Blues Economy: ...

The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX). Isa AbdulMumin, Director of Corporate Communications at CBN, disclosed in a statement on Thursday. The apex bank reiterated its commitment to ending the foreign exchange crisis. It added that it is working towards an FX backlog with existing participants and ...

The International Monetary Fund, IMF, has raised alarm over the negative effects of high inflation on consumption of goods and services in the country, even as it downgraded its economic growth forecast for Nigeria to 2.9 percent from 3.3 percent. However, the Fund also projected that the recent reforms by the Federal Government, namely, fuel subsidy removal and elimination of ...