Business
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The National Bureau of Statistics (NBS) on Thursday said Nigeria’s inflation rate rose to 20.52 per cent in August 2022. The significant increase reflects the impact of the removal of petrol subsidies and the devaluation of the official exchange rate on consumer prices. Month-on-month inflation rose to 3.18% in the review month from 2.89% recorded […]
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has instructed deposit money banks (DMBs) to refrain from using profits generated through the revaluation of the naira for dividend payouts or operational funding. CBN said a review of the foreign exchange (FX) regime change showed the banks are in a position to profit from the […]
President Bola Tinubu has effectively secured an impressive commitment of $3 billion in investment from Indian entrepreneurs, aimed at revitalizing the steel industry within the nation. This is according to a statement by Mr Abdullahi Haruna, Special Assistant, Media and Publicity to Minister of Steel Development, Prince Shauib Audu, in Abuja on Wednesday. The president […]
The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s unemployment rate, falling from 5.3% in the fourth quarter of 2022 to 4.1% in the first quarter of 2023. This was disclosed in a report titled, ‘Nigeria Labour Force Statistics Report Q4 2022 & Q1 2023’ which was released on Thursday by the […]
In accordance with the August 2023 monthly oil market report from the Organization of the Petroleum Exporting Countries and Allies (OPEC+), the oil rig count rose significantly to 14 during Q1 2023, up from 8 rigs in Q1 2022. However, despite this increase, the total production of crude oil and condensates experienced a month-over-month decline […]
The average price paid by Nigerians for Premium Motor Spirit, known as fuel, increased by 215.95 per cent in July 2023 compared with the value it recorded in the same month last year. The National Bureau of Statistics recently disclosed this in its July Premium Motor Spirit (Petrol) Price Watch. The report stated that the […]
The Nigerian Exchange Limited (NGX) has imposed fines totaling N32.74 million on eight listed companies due to their failure to submit their unaudited financial statements by the regulatory deadline. These sanctions were enacted in 2023 after an investigation by Nairametrics revealed that these companies had not met the regulatory requirements during the first quarter of […]
Aviation workers in Nigeria, represented by the National Union of Air Transport Employees (NUATE), have announced the suspension of their planned strike set to commence on August 16. This decision was conveyed in a statement released by Mr. Ocheme Oba, the General Secretary of NUATE, on Wednesday in Lagos. The strike was averted after regulatory […]
Vice President Kashim Shettima, has commended Google’s N1.2 billion grant initiative for the President Tinubu administration’s one million jobs initiative. Mr Shettima made the commendation when he received in the audience some executives of Google, a leading global technology company, at the Presidential Villa, on Tuesday in Abuja. According to him, the announcement of a […]
Plans are not underway by the President Bola Tinubu-led government to reintroduce fuel subsidy, Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, has said. Ajayi said this while reacting to a report that the president was considering temporary subsidy on petrol as a result of rising crude oil prices and foreign […]
