Tag Archives: Nigeria

Nigeria not broke, says Minister for Finance

Amid massive debt profile and economic crisis the  Minister of Finance, Budget and National Planning, Zainab Ahmed has stated that Nigeria is not broke. According to her, the country continues to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC) saying that disbursements have not stopped. In a statement, she added that the Federal ...

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Real Inflation rate in Nigeria is 52 per cent- Don

A Professor of Applied Economics at Johns Hopkins University, Professor Steve H. Hanke, has argued that the actual inflation rate in Nigeria is worse than what is being reported by the National Bureau of Statistics. Based on Hanke’s Inflation Dashboard, the inflation rate in Nigeria is an eye-popping 52%, not the 20.8% official record reported for September 2022. Note that ...

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Nigeria’s foreign portfolio deficit drops by N14.50 billion- Report

Nigeria’s foreign portfolio deficit, which is the gap between outflows and inflows, narrowed considerably by 91.02 per cent (N14.50 billion) to N1.43 billion between January and August 2022, report on the fund’s movement has shown. The report released by Financial Derivatives Company Limited, said the performance is an improvement compared to N15.93 billion in the corresponding period in 2021. According ...

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Nigeria’s inflation rate surges to 20.77%

Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month. The new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022. On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous ...

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Cashew export fetches Nigeria $450 million yearly- Stakeholder

The President of the African Cashew Alliance (ACA) Babatola Faseru, has said that Nigeria earns at least $450 million yearly from cashew exports. He said the alliance would work hard to increase the earnings through value addition instead of moving to export the unprocessed produce. Faseru stated this, yesterday, at a media briefing held in Abuja. According to him, with ...

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Crowdfunding will increase financial inclusion in Nigeria, says SEC

The Security and Commission (SEC) has said that the operationalization of Crowdfunding will accelerate the Financial Inclusion agenda in Nigeria while increasing the quantum of investible funds by unlocking untapped capital in the economy. Executive Commissioner Operations SEC, Mr. Dayo Obisan stated this at a webinar with the theme “Accelerating Financial Inclusion Through Crowdfunding.” Crowdfunding platforms are websites that enable ...

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Nigeria attracts $1.54 billion as capital inflows in Q2

Nigeria attracted a sum of $1.54 billion as capital inflows in the second quarter of 2022, an increase of 75.34% compared to $875.62 million recorded in the corresponding period of 2021. This is, however, 2.4% lower than the $1.57 billion received in the preceding quarter. This is according to the recently released capital importation report by the National Bureau of ...

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CBN explains the importance of growing non-oil sector

The Central Bank of Nigeria (CBN) has stated the promotion of the non-oil sector growth is a major component of the monetary policy. This was disclosed by Mr Godwin Emefiele, Governor of CBN, represented by the Director, Corporate Communication Department, Osita Nwanisobi at the 33rd Seminar organised by CBN for the Finance Correspondents and Business Editors on Saturday in Lagos, ...

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E-transactions by Nigerians hit N204.5 trillion

The Nigeria Inter-Bank Settlement Systems (NIBSS) has said that transactions worth N204.5 trillion were performed electronically in Nigeria between January and July this year through the NIBSS Instant Payment platform (NIP). The new development shows a 40% increase in e-payments in the country when compared with N145.8 trillion recorded in the same period last year. The high increasein electronic transactions ...

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