NLC suspends proposed nationwide strike over cash scarcity
business AM
March 28, 2023
By Business AM The Nigeria Labour Congress (NLC) has suspended its proposed nationwide strike scheduled to commence on Wednesday, March 29, over the unavailability of naira notes. NLC made the disclosure in a press conference in Abuja at the end of its national executive council meeting, noting that it would monitor the availability of cash […]
UNECA recommends people-centered strategies to accelerate economic recovery in Africa
Onome AmugeMarch 22, 2023
By Onome Amuge The United Nations Economic Commission for Africa (UNECA), has urged African leaders to swiftly invest in and implement people-centered strategies to mobilise financial resources and accelerate continental economic recovery. Antonio Pedro,acting executive secretary, UNECA, stated this during the ministerial segment of the 55th Session of UNECA’s Conference of African Ministers […]
CBN raise interest rate to 18% to tame rising inflation
Onome AmugeMarch 21, 2023
By Onome Amuge The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has in its March 2023 meeting, raised the monetary policy rate (MPR) by 50 basis points from 17.5 per cent to 18 per cent. Godwin Emefiele, the CBN governor made the disclosure at a press briefing following the end of […]
24.8 million Nigerians risk starvation in 2023, FAO warns
Onome AmugeMarch 17, 2023
By Onome Amuge Over 24 million Nigerians in 24 states and the Federal Capital Territory (FCT) are at risk of acute food shortages between June and August 2023, according to the March 2023 cycle of the Cadre Harmonise (CH) report by the Food and Agriculture Organisation (FAO). The CH, recognised as a relevant analytical tool, […]
Nigeria sees inflation hit 17-year high at 21.91% in February 2023
Onome AmugeMarch 15, 2023
By Onome Amuge Nigeria’s inflation rate rose for the second consecutive month in the year to a new 17-year high of 21.91 per cent in February 2023, from 21.82 per cent recorded in the previous month of January, representing an increase of 0.09 percentage points when compared to January 2023 headline inflation rate. The […]
Nigerians optimistic as CBN okays acceptance of old naira notes
Cynthia EzekweMarch 14, 2023
By Cynthia Ezekwe Nigerians have expressed optimism over the Central Bank of Nigeria (CBN) directive that the old N200, N500, and N1,000 remain legal tender alongside the redesigned banknotes till December 31,2023. The apex bank, in a press release, signed by Isa AbdulMumin,the acting director, corporate communications,said it had met with the bankers committee. […]
CBN has authorised banks to dispense, accept old notes, Soludo confirms
business AMMarch 13, 2023
By Business AM The Central Bank of Nigeria (CBN) has directed deposit money banks across the country to dispense old currency notes and to also receive the same as deposits from customers. Chukwuma Soludo, the governor of Anambra State made the disclosure in a tweet posted on his verified Twitter handle on Monday morning. According […]
New NDDC board bogged down by N3trn legacy debts
BEN EGUZOZIEMarch 13, 2023
By Ben Eguzozie Contractors besiege board Onochie, board chairperson, begs for time After $40bn or N15trn in 20yrs, not a Marshall Plan The new board of the Niger Delta Development Commission (NDDC) chaired by former presidential aide, Lauretta Onochie, appears heavily bogged down by legacy debts of the commission and it is being suggested that […]
Nigeria grows VAT revenue 23% to N697bn in Q4 2022
Cynthia EzekweMarch 8, 2023
By Cynthia Ezekwe Nigeria generated N697.38 billion as value-added tax (VAT) aggregate revenue in the fourth quarter (Q4) of 2022 as VAT collections for the period under review increased by 23.71 per cent compared to the corresponding period of 2021. The National Bureau of Statistics (NBS), in its recent VAT quarterly report, said the figure […]
A new dawn for startups, entrepreneurs in Ghana
ISAAC AIDOOMarch 6, 2023
By Isaac AIDOO, in Accra, Ghana Ghana’s entrepreneurial ecosystem has in the past years been quite buoyant due largely to concerns about rising youth unemployment and advocacy on promoting innovation through technology. In their bid to unearth and harness the entrepreneurial skills of the youth in Ghana, governments, past and present, have made […]