Nigeria’s bottom in global survey of minimum wages
BEN EGUZOZIE
February 13, 2023
BY BEN EGUZOZIE Minimum Wages 2023 report Scores 0% in minimum wage to food price ratio Basket of basic food necessary to live costs 160.4% Against minimum wage of N30,000 Nigeria has been ranked in 67th place in a worldwide survey of minimum wages carried out in January 2023. With a net […]
IMF advises CBN to extend naira swap deadline over lingering scarcity
Onome AmugeFebruary 8, 2023
By Onome Amuge The International Monetary Fund (IMF) has called on the Central Bank of Nigeria (CBN) to extend the February 10 cash swap deadline as scarcity of the new notes continue to frustrate daily life activities of Nigerians. The major financial agency of the United Nations weighed in on the issue in a recent […]
Ghana’s investment agency talks up trade opportunities amid AfCFTA role
ISAAC AIDOOFebruary 6, 2023
By Isaac AIDOO, in Accra, Ghana GIPC exploring synergies, linkages In spite of its economic challenges, Ghana’s foremost investment promotion agency, the Ghana Investment Promotion Centre (GIPC), is upbeat about what it describes as limitless trade and investment opportunities in the West African country. GIPC maintains that “Ghana continues to remain one of the […]
Nigeria’s public debt stock rises to N44.06 trn in Q3 2022, NBS reports
Cynthia EzekweFebruary 1, 2023
By Cynthia Ezekwe Amid the economic downturn in Nigeria, the country’s public debt stock grew by 2.84 per cent in Q3 2022, while the external and domestic debt stood at N44.06 trillion in Q3 2022 from N42.84 trillion in Q2 2022, according to data released by the National Bureau of Statistics (NBS). The NBS, in […]
Mixed reactions trail CBN’s fresh deadline on currency swap
Onome AmugeJanuary 30, 2023
By Onome Amuge The Central Bank of Nigeria (CBN) has extended the January 31 deadline for the exchange of old naira notes by 10 days, meaning that Nigerians plunged into a state of panic over the earlier deadline can now heave a sigh of relief,albeit temporarily as they struggle to meet the new February 31 […]
ICRC sees $361bn revenue potential in Lekki deep seaport within 45 years
Innocent ObasiJanuary 24, 2023
By Innocent Obasi The Infrastructure Concession Regulatory Commission (ICRC), an agency of the federal government of Nigeria charged with the responsibility to develop and implement a public-private partnership framework, has said that the recently commissioned Lekki Port will contribute over $361 billion economic impact in 45 years. The ICRC made this disclosure in a statement […]
CBN increases interest rate to 17.5%
business AMJanuary 24, 2023
By Business AM The monetary policy committee of the central bank has in its January 2023 meeting, raised the monetary policy rate (MPR) from 16.5 per cent to 17.5 per cent. Godwin Emefiele, the central bank governor made the disclosure at a press briefing following the end of the monetary policy committee meeting held on […]
CBN cash swap programme to promote new naira circulation
Onome AmugeJanuary 23, 2023
By Onome Amuge The Central Bank of Nigeria (CBN) has introduced a cash swap programme in partnership with super agents and deposit money banks (DMBs) to foster the circulation of the redesigned N100, N500, and N200 notes across the 774 local government areas in the country. The apex bank made the disclosure in a January […]
Nigeria fails to make AfDB’s 10 African economies to grow 5.5%+ in 2023–2024
BEN EGUZOZIEJanuary 23, 2023
By Ben Eguzozie Rwanda, Côte d’Ivoire, Benin, Ethiopia, Tanzania, in world’s 10 fastest-growing Nigeria, listed as Africa’s largest economy with a gross domestic product (GDP) size of $456.54 billion, is unpredictably missing from a list of the continent’s top 10 economies projected by the African Development Bank (AfDB) to grow by 5.5 percent or more […]
25 million Nigerians at high risk of hunger in 2023, UN warns
Onome AmugeJanuary 17, 2023
By Onome Amuge The October 2022 Cadre Harmonisé, a government led and UN-supported food and nutrition analysis carried out twice a year, has warned that nearly 25 million Nigerians are at risk of facing hunger during the 2023 lean season between June and August ,,if urgent action is not taken. This, according to a […]