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Outcry as CBN raises interest rate again The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday again raised the Monetary Policy Rate from 13 per cent to 14 per cent. This came barely two months after the MPC, during its bi-monthly meeting in May, raised the benchmark interest rate from 11.5 per cent to 13 per cent.

FG to sanction oil companies over law violation The Federal Government has said it will sanction oil and gas companies that fail to comply with the Human Capacity Development provisions contained in the Nigerian Oil and Gas Industry Content Development Act. Stressing the importance of human capacity development, Wabote said, ”With the rapid advancement in technologies used in the

Financial sector contributes N696bn to economy Financial institutions excluding insurance, contributed N696.87 billion to increase Nigeria share of GDP to 3.35%. The National Bureau of Statistics report affirms 1.53% increase through 53 basis points in Q1’21, providing a year-on-year, growth for three consecutive quarters. https://www.vanguardngr.com/2022/06/financial-sector-contributes-n696bn-to-economy/

Economy slipping below FG’s projection, records 3.11% growth in Q1 Experts insist growth not inclusive, blame rising population, others: With the general elections and rising political risks, Nigeria would need to double up to meet the 3.4 per cent growth forecast of the International Monetary Fund (IMF). The Fund had in April, on account of bullish oil prices, upgraded the country’s

Economy slipping below FG’s projection, records 3.11% growth in Q1 Experts insist growth not inclusive, blame rising population, others: With the general elections and rising political risks, Nigeria would need to double up to meet the 3.4 per cent growth forecast of the International Monetary Fund (IMF). The Fund had in April, on account of bullish oil prices, upgraded the country’s

Nigeria’s external reserve gains $5.15 billion in 2021 Nigeria’s externals reserve rose by $5.15 billion in 2021 to close at $40.52 billion as of 31st December 2021, representing a 14.5% rise compared to $35.37 billion recorded as of the end of the previous year. This is according to data obtained from the daily tracker of the Central Bank of Nigeria

FG owes five IOCs $1.15bn cash call arrears, clears $3.53bn debt A total of $3.53bn has been paid by the Federal Government to five international oil companies as cash call arrears repayment to the IOCs, leaving an outstanding balance of $1.15bn. The report, which was obtained from the Nigerian National Petroleum Company Limited, outlined the five IOCs to include Shell

FCCPC, CBN, EFCC target illegal money lenders A joint committee of the Federal Competition and Consumer Protection Commission (FCCPC), CBN and EFCC tackling violation of consumer rights in the money lending industry will soon shut down illegal businesses. Mr Babatunde Irukera, the Chief Executive Officer of FCCPC, told newsmen in Abuja on Sunday, that the enforcement would commence soon. Other

BUSINESS Capital Inflow Crashes By 80%, As Foreign Investors Shun Nigerian Market Capital inflow to Nigeria has crashed by 80 per cent in two years, the Central Bank of Nigeria (CBN) reports have indicated. Specifically, capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in July 2021. The apex bank reports showed that Nigeria recorded $17.1bn capital