Nigeria’s Deposit Money Banks (DMBs) are gearing up for potential mergers and acquisitions as the Central Bank of Nigeria (CBN) contemplates another round of recapitalization. The move aims to assess the adequacy of Nigeria’s banking industry and align with President Bola Ahmed Tinubu’s ambitious target of achieving a $1 trillion economy. The announcement by CBN…
Amid discussions on a potential new round of bank recapitalization, the Central Bank of Nigeria (CBN) has issued a statement emphasizing the resilience and stability of the Nigerian banking sector. The report is timely, given the ongoing economic challenges both within the country and globally. The CBN’s assessment, outlined in the 2023 Economic Report, focuses…
The Commissioner for the Environment and Water Resources in Lagos State, Tokunbo Wahab, has given a seven-day contravention notice to owners of buildings situated along Orchid Road, Agungi, Ajiran, Conservation Road, and Osapa, all along the Ikota River. The announcement was made following an inspection tour by Wahab and the Special Adviser to the Governor…
The total public debt for Nigeria’s 36 states and the Federal Capital Territory stands at N9.17 trillion, as reported by the Debt Management Office (DMO). In response to concerns over alleged mismanagement of public funds, the Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank to suspend loans to Nigeria’s states. In a…
The Federal Government of Nigeria is embarking on an initiative to bolster job creation and provide robust support to Micro, Small, and Medium Enterprises (MSMEs). Plans are underway to raise £200 million from philanthropic organizations, a strategic move to fuel economic growth across the nation. Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs…
The Federal Executive Council (FEC) has granted approval for the 2024 appropriation bill, endorsing a revised budget of N27.50 trillion, reflecting a substantial increase of N1.5 trillion from the initial estimate. The government’s original proposal of N26.2 trillion underwent scrutiny, prompting a reassessment of the Medium Term Expenditure Framework (MTEF) approved by the National Assembly….
The relentless instability in Nigeria’s forex exchange market and the persistent weakness of the naira pose a substantial threat to the country’s ambitious goal of becoming a $1 trillion economy. A recent analysis by Nairametrics reveals that naira devaluation has led to a staggering loss of approximately $193 billion in the country’s Gross Domestic Product…
The Nigerian Naira experienced intraday fluctuations, reaching a high of N1130 against the U.S. dollar, signaling volatility in the official market. Despite the initial depreciation, the currency closed unchanged in the parallel market. This depreciation followed a recent gain against the dollar in the official market, where the exchange rate reached N814.60/$1 on Thursday. However,…
President Bola Tinubu is poised to present the 2024 Appropriations Bill to the National Assembly in a historic move on Wednesday. The Secretary of the Research and Information Department of the National Assembly, Ali Barde, confirmed this significant development to reporters on Monday. The Appropriations Bill encapsulates the budget proposals for the upcoming fiscal year,…
In a significant move to enhance airport security and streamline passenger experience, the Federal Government of Nigeria has announced plans to procure customised explosives and narcotic detection screening systems for five international airports in the country. The decision, revealed by the Minister of Aviation and Aerospace Development, Festus Keyamo, follows concerns about the prolonged delays…