The Central Bank of Nigeria (CBN) has disclosed that N2.126 trillion remains unpaid from its intervention program, sourced from the Cash Reserve Ratio (CRR) of deposit money banks (DMBs). This amount is part of the N2.408 trillion total loan disbursed to subnational governments and businesses across Nigeria since the program’s inception in 2018. However, only…
The price of garri, a popular staple food in Nigeria, has skyrocketed by 108 per cent in three months, reaching a record high as cassava production shrinks nationwide. A survey conducted by DAILY POST in major markets in the Federal Capital Territory, FCT, reveals that the average price of a 50kg bag of yellow garri…
The Manufacturing Association of Nigeria (MAN) has raised alarm over the troubling state of the manufacturing sector, revealing that 767 manufacturing companies shut down operations and 335 experienced distress in 2023. This downturn is attributed to various economic challenges, including exchange rate volatility, rising inflation, and a deteriorating investment climate. MAN’s concerns were highlighted alongside…
The management of Port Harcourt International Airport has announced plans to relocate concessionaires and other mini-businesses from the operational areas of the domestic wing. Ngozi Onyeanwunna-Nwosu, the airport’s public relations officer, stated that the move is aimed at giving a facelift to the airport environment and enhancing serenity, security, and standards within operational areas. The…
The Nigerian Navy has taken action against illegal activities in Calabar by sealing off a tank farm suspected of storing illegally-refined diesel. Commodore Rotimi Oderemi, Commander of Nigeria Navy Ship Victory, revealed this development during a news conference in Calabar. According to Oderemi, the tank farm was identified based on intelligence reports from the military’s…
The International Monetary Fund (IMF) has highlighted the importance of Nigeria prioritising the full implementation of its cash transfer program to support vulnerable households before considering reevaluating costly fuel and electricity subsidies. This recommendation comes as part of the IMF’s advice following a recent visit to Nigeria. During the visit, an IMF team led by…
Dangote Refinery is set to establish an oil trading unit to help source feedstock for its 650,000 barrels per day plant on the outskirts of Lagos, according to Reuters sources. This move, which may see the unit located in London, aims to eliminate the need to hire commodity traders for crude supply and related services,…
Vishal Jhadav, Managing Director of Crescendo Worldwide, has highlighted the potential of Enyimba Economic City (EEC) in Abia State, Nigeria, to significantly increase trade between Nigeria and India to $20 billion. Speaking at a dinner organized by the Enyimba Economic Development Company (EEDC), Jhadav expressed optimism about the impact of EEC on trade and investment…
The African Development Bank (AfDB) has announced its support for Nigeria’s agriculture sector, specifically targeting the cultivation of rice, maize, cassava, and soybeans to boost food production. AfDB President Akinwunmi Adesina made this known after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano. Adesina revealed that the bank would provide $134 million…
President Bola Ahmed Tinubu has instructed cement companies to return to their previous pricing for the commodity. This directive was disclosed by the Minister of Works, Senator David Umahi, after inspecting the BUA cement factory in Sokoto. During a meeting with cement manufacturers, President Tinubu directed them to revert to the earlier price of cement….