Lagos loses N4trn revenue to poor traffic management

November 27, 2023

Onome Amuge Lagos State’s poor management of traffic congestion is costing it N4 trillion annually in lost revenues, the results of a recent study have shown.  The study by Danne Institute for Research noted that the traffic congestion is not only causing economic losses, but also leading to increased pollution, increased stress levels, and lower […]

Services sector drives 2.54% GDP growth in Q3 2023

November 24, 2023

Business a.m Nigeria’s gross domestic product (GDP) increased 2.54 per cent year-on-year in real terms in the third quarter of 2023,slightly above the 2.25 per cent recorded in the third quarter of 2022 and the 2.51 per cent in the second quarter of 2023. The growth of Nigeria’s economy in the third quarter of 2023 […]

Old naira banknotes remain valid indefinitely, says CBN

November 15, 2023

Business a.m The Central Bank of Nigeria has announced its intention to extend the validity of the old N200, N500, and N1,000 notes indefinitely. This announcement comes in light of a subsisting court ruling on the same subject, and the bank has indicated that it is working with relevant authorities to address the matter. The  […]

Nigeria’s inflation rises in 10th consecutive month to 27.33% in October

November 15, 2023

Nigeria's inflation surges to 20.52% in August 2022, highest in 17 yrs

Onome Amuge   The continued depreciation of the naira and rising food and fuel prices has led to  a tenth consecutive surge in Nigeria’s inflation rate which increased from 26.72 per cent in September 2023 to 27.33 per cent in October 2023,according to the latest figures from the Nigerian Bureau of Statistics (NBS).   On […]

LAWMA points youngsters to sustainability, investment opportunities

November 14, 2023

  Business a.m. Arguably Nigeria’s leading waste management entity, the Lagos State Waste Management Authority (LAWMA) is pushing the subject to young people to bring them on board early on. And to get them interested and keen, its senior executives are taking time out of their busy schedules of keeping Lagos clean and healthy for […]

Nigerian Ports Authority unveils $1bn rehabilitation plan

November 8, 2023

Business a.m In an effort to enhance Nigeria’s trade competitiveness, the Nigeria Port Authority (NPA), has announced a $1.1 billion investment to rehabilitate all ports in the country in the first quarter of 2024. Mohammed Bello-Koko,NPA’s managing director,  made the disclosure during a panel session at the 43rd Annual Council Meeting of the Port Management […]

ICAN Index exposes 34 states’ audit standards compliance failings

November 8, 2023

Business a.m Only three of Nigeria’s 36 states and the FCT scored an “Excellent” rating for their compliance with audit rules as of October 2023, according to the Institute of Chartered Accountants of Nigeria (ICAN) Accountability Index. The index which aims to track the progress of states in their efforts to promote accountability and good […]

Imo’s CEA wants S-E women to embrace OKOBI for empowerment

November 6, 2023

Joy Agwunobi   There is a growing awareness among researchers and world leaders that economic empowerment of women is not only critical to the achievement of women’s rights, but also to the broader SDGs. Empowering women economically is seen as a key driver of economic growth and development, as well as a means to reduce […]

Foreign investors avoiding Nigeria’s oil region states as FDIs move south

October 30, 2023

Only 0.51% of Nigeria FDI 2013 – Q1 2020 Some states attracted only one FDI in 9 years State govts don’t encourage spirit of enterprise BEN EGUZOZIE   Foreign investors appear to be carefully avoiding Nigeria’s oil and gas rich states, also called the Niger Delta region, as data from the National Bureau of Statistics […]