Tag Archives: Nigeria

Securities and Exchange Commission (SEC) has said the remarkable growth witnessed in the Nigerian banking industry over the past decade was partly due to the capital market and SEC’s comprehensive regulatory approach. Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda said this at the 2023 Chartered Institute of Bankers (CIBN) graduates induction and prize award in Lagos. He ...

Prof. Umar Danbatta, the Executive Vice chairman of Nigerian Communications Commission, NCC, has said the commission is committed to continuously supporting Micro, Small and Medium Enterprises (MSMEs) in the country. The EVC also said that the NCC supports innovators in order to promote talented young persons and ventures. Specifically, Danbatta said that the commission is fully committed to the drive ...

The Central Bank of Nigeria (CBN) barred bank chief executives from leaving the country between July 5 and August 15 so they could be reached to answer questions on the foreign exchange (FX) crisis. It was learnt that following the decision to unify the exchange rates, bank executives sold their FX at exorbitant rates. “The beneficiaries of the naira crash ...

Capital inflow by way of Foreign Direct Investment (FDI) into the Nigerian telecoms industry has dipped by over 40 per cent, going by data released by the Nigerian Communications Commission (NCC). According to NCC, FDI in 2022 was approximately $399,905,531.38 against $753,044,446.35 it was in 2021 indicating a sharp drop of almost 50per cent. Though the report entitled: ‘2022 Subscriber/Network ...

The World Bank has commenced the implementation of its $700million Agro-Climate Resilience in Semi-Arid Landscapes (ACReSAL) project in Nigeria. The project to be implemented in 19 Northern states and the Federal Capital territory(FCT ) seeks to reclaim and halt degradation in the region to enhance food security as well mitigate frequent farmers/herders clashes. The National Coordinator, ACReSAL, Abdulhamid Umar, stated ...

Efforts are being made to help Nigeria re-enter the global beans market estimated at $7.21 billion, which is expected to hit $9.43 billion by 2028. Nigeria produces nearly 47 million metric tonnes of beans from an estimated 4.5 million hectares yearly, making it the largest producer in Africa and fourth largest producer in the world. In 2015, the European Union ...

Customers deposited N8.9 trillion in the last year, the Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) has said. MPC member, Prof. Festus Adenikinju, said the deposit base represents a 21.4 per cent increase to about N44 trillion in total industry deposits between April 2022 and April 2023. Industry credit increased by N4.54 trillion or 17.40 per cent while ...

Nigeria recorded N931.1billion surplus trade in the First Quarter of the year, according to the National Bureau of Statistics (NBS). Its document entitled: “Foreign Trade in Goods Statistics (Q1 2023),” which The Nation obtained yesterday, stated in the period under review, the country’s total trade was N12.046.92 trillion. The report also noted that total exports was N6.487.04 trillion, total imports ...

The World Bank has warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country. Meanwhile, the bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in 2023, citing challenges of high inflation, foreign exchange shortages, and shortages of banknotes caused by currency redesign. Among other things, ...

Nigeria’s banking sector assets rose by 25.34 percent (N9.98 trillion) between the end of February 2022 and 2023, driven largely by balances with the Central Bank of Nigeria (CBN)/banks, FGN bonds, Treasury Bills and credit, according to members of the Monetary Policy Committee (MPC) in their personal statement at the last meeting in March, 2023. The industry’s total assets rose ...