Paul Owolabi 84 posts

THE Ministry of Finance Budget and Planning through its official Twitter handle @FinMinNigeria asks for assistance from Elonmusk (@elonmusk), saying the Federal Government of Nigeria needs support with 100-500 ventilators to assist with…
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THE Horizon Advisory a consultancy that tracks Chinese government and economic activities showed in its report that as the world wrestles with the pandemic, its human, economic and social cost, Beijing is manoeuvring to "seize the…
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Nigerian currency, the Naira has depreciated to its weakest level since February 2017 in the unofficial black market after the Central Bank of Nigeria (CBN) cut supply to dealers. According to abokiFX.com, a forex trading website, the…
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THE Federal Government has again reduced the pump price of the premium motor spirit (PMS) popularly known as petrol from N125 per litre to N123.50k effective from Wednesday, April 1, 2020. A statement issued Tuesday night by the Petroleum…
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VICE President Yemi Osibanjo has chaired the meeting of the economic sustainability committee where he spoke on the strategies to alleviate sufferings of Nigerians at the time of the COVID-19 pandemic. According to the vice president, the…
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THE ministry of finance has disowned a letter listing the donations made by some Nigerians for the fight against COVID-19 terming it as FAKE and SCAM. The ministry through a letter signed by Yunusa Tanko Abdullahi, Special Adviser to the…
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MINISTER of finance, budget and national planning, Mrs Zainab Ahmed has said that the country can still close on a positive note for the year if the pandemic continues for an average of three months, but if it continues for six months and…
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THE Federal Capital Territory Administration (FCTA) on Friday received a N500million donation from the United Bank for Africa (UBA) to fight the COVID- 19 pandemic in the nation's capital, Abuja. A statement by Anthony Ogunleye, Chief…
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STANDARD & Poor’s global ratings release showed that  Nigeria’s sovereign credit rating sank to ‘B-’ due to crashing international oil prices following lower oil demand tied to the coronavirus pandemic. Moody's credit rating for…
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THE Central Bank of Nigeria (CBN) has announced plan by the Bankers’ Committee in partnership with the private sector-led by Aliko Dangote Foundation and Access Bank to form the Nigerian private sector coalition against COVID-19. According…
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MANAGEMENT of the United Bank of Africa (UBA) group has announced on its official Twitter handle that the bank will provide five billion Naira to COVID-19 relief support across Africa. According to the Bank, the fund is  to catalyse a…
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THE Central Bank of Nigeria (CBN) released its first-quarter Consumer Expectations Survey (CES) report which showed that consumers’ confidence in the economy worsened drastically between the last quarter of 2019 and the first quarter of…
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THE Central Bank of Nigeria (CBN) has concluded that due to the effect of COVID -19, inflation level will rise in the next 6 months but it is expected to fall in the next 12 months. The CBN monthly Business Expectations Survey (BES) showed…
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WORLD Bank Group President, David Malpass  has reacted to the ongoing COVID-19 pandemic ravaging the world describing the situation as the most difficult times for all. “These are difficult times for all, especially for the poorest and…
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THE Executive Secretary of the Economic Commission for Africa (ECA), Vera Songwe said the COVID-19 outbreak could reduce Nigeria’s total exports of crude oil in 2020 by between US$ 14 billion and US$ 19 billion. “Africa may lose half of…
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AFRICAN Ministers of Finance have said that Africa urgently needs $100 billion to fight the further negative impact of the coronavirus in the continent. This was part of the resolutions made by African Ministers of Finance on March 19 at…
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THE President of the Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode, said Micro, Small and Medium Enterprises (MSMEs) accessing the intervention fund of N220 billion issued by the Central Bank of Nigeria (CBN) has…
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THE world bank has showed in a report how global wealth could rise by $160 trillion if women could have the same lifetime earnings as men. According to the report, many laws and regulations continue to prevent women from entering the…
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THE Bank of America Chief Economist, Michelle Meyer has said in a note that America has officially fallen into recession, joining the rest of the world and it is a deep plunge in which jobs will be lost, wealth will be destroyed and…
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THE Central Bank of Nigeria (CBN) has said the foreign exchange reserves will remain robust and comfortable despite fears and panic resulting from the outbreak of coronavirus disease. Nigeria's foreign exchange reserves decreased to $36…
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CONSUMER Price Index (CPI) which measures inflation increased to 12.20 per cent (year-on-year) in February 2020,which is 0.07 per cent points higher than 12.13 per cent recorded in January, a report by National Bureau of Statistics (NBS)…
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THE Central Bank of Nigeria (CBN) has announced six initial policy measures to contain the impacts of COVID-19 on the Nigerian economy. Godwin Emefiele, CBN Governor,  at an ongoing press briefing on Monday said that the apex bank has…
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SOCIO-Economic Rights and Accountability Project (SERAP) has confirmed plan to sue the Nigerian government over lack of public access to details of spending of $5bn Abscha loot since 1999 and poor compliance of the Freedom of Information…
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DEVAKUMAR Edwin, Group Executive Director at Dangote Industries Limited says Africa's richest man, Aliko Dangote would begin production of oil in July with a 20,000 barrels per day output, and subsequently expand to 100,000 barrels.…
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THE National Bureau of Statistics (NBS) has revealed in its latest report that the total value of capital importation in Nigeria stood at $3.8 million in the fourth quarter of 2019, representing a decline of 32.42 per cent when compared to…
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THE Nigerian Stock Exchange (NSE) recorded a 2.41 per cent decline in Monday's trading day, while the bond market was static with no price change as a result of the spread of COVID-19 known as coronavirus across the world. Investors had a…
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International crude oil price on Monday plunged to $30,  a 47 per cent decline against the $57 benchmark for the  2020 budget. Reuters reported that Brent, against which Nigeria’s crude is priced, fell by $11.62 to $33.45 Monday morning.…
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THE Central Bank of Nigeria (CBN) is set to implement a new policy on cash-based transactions which demands a cash handling charge on daily cash withdrawals that exceed N500,000 for Individuals and N3 million for Corporate bodies by April…
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THE Central Bank of Nigeria (CBN) on Thursday released guidelines for the operations of Micro Finance Banks (MFB) in Nigeria. The guidelines cover ownership and licensing requirements, permissible and prohibited activities, funding,…
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THE Federal Government has announced the plan to review the 2020 budget as oil prices and revenue shrink further due to the negative impact of the coronavirus. Minister of Finance and Budget Planning, Zainab Ahmed said the Federal…
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FOLLOWING a court-order, the Nigerian Stock Exchange (NSE) is going to be publicly listed with an authorized share capital of N1.25 billion consisting of 2.5 billion ordinary shares at 50k per share. At an extraordinary general meeting,…
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THE World Bank Group has said it would make available, an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak of COVID-19 also known as…
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THE International credit rating agency, Standard & Poor’s (S&P), announced on Monday that Nigeria’s credit rating has lowered to negative. Nigeria's current declining foreign exchange reserves have brought the country to the…
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THE Nigerian Stock Exchange (NSE) has recorded a continuous 5-day decline, plunging the All shares index (ASI) by negative 4.28 per cent, and causing investors to lose N610.64 billion. The stock market has shown losses all week and a…
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THE Purchasing Manager's Index (PMI) for the manufacturing sector released by the Central Bank of Nigeria (CBN) on Thursday showed that the index for February grew at a slower rate when compared to the index in January. The February 2020…
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BUSINESS Survey Outlook for February released by Central Bank of Nigeria (CBN) on Thursday showed that borrowing rate is expected to rise in the February, March and the next twelve months. The February 2020 Business Expectations Survey was…
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THE National Bureau of Statistics (NBS) has reported that the Gross Domestic Product (GDP) growth of 2.3 per cent at Q4 2019 is below the growth expectation of 3.5 per cent in the 2019 approved budget. The growth also falls short of the…
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TRANSPARENCY International in a new report ranked Nigeria 146th  with a score of 26 points in the 2019 Corruption Perception Index (CPI). The 180 participating countries were ranked on the scale of 0 to 100 where 0 score means highly…
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THE Federal Government on Wednesday as part of its agenda to gradually diversify the Nigerian economyfrom oil dependence by uplifting other sectors in the country has approved $268 million in soft loans to support entrepreneurs and…
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THE Nigerian senate has noted with concern that billions of naira were being held by banks in Nigeria either in form of under remittance or non-remittance of withholding tax due to the government. Nigerian banks, Central Securities…
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AS China struggles with the Coronavirus otherwise known as COVID-19, a new report by the SB Morgen has revealed how the deadly virus will severely affect Nigeria's Oil and Gas sector, thus result in likely economic recession. The report…
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THREE out of the 19 economic sectors in Nigeria record a positive shift as the country Gross Domestic Product (GDP) increased in the fourth quarter of 2019, a report by National Bureau of Statistics (NBS) has shown. In a report released on…
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A REPORT released by Nigeria Investment Promotion Commission (NIPC) showed that the total value of the Nigerian investments in 2019 was $29.91 billion compared to $90.89 billion in 2018. According to NIPC, analysis by sector showed that…
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THE Federal Government has kept mute on the allegation that President Muhammadu Buhari plans to transfer incoming Abacha loot of $100 million to Kebbi state Governor, Abubakar Bagudu. According to a Bloomberg report released on Friday, the…
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THE February 2020 Federal Government bond allotment by the Debt Management Office (DMO) recorded a significant decline compared to the January bond auction. A statement by the DMO on Thursday obtained by The ICIR indicated that successful…
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THE World Bank through the International Development Association (IDA) has approved six projects in Nigeria to be executed in the 2020 fiscal year. A statement on the official website of the World Bank indicated that the selected projects…
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THE Central Bank of Nigeria (CBN) on Wednesday released the list of deposit money banks and financial holding companies operating in Nigeria. According to the report, eight commercial banks with international authorisation that were…
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THE National Bureau of Statistics (NBS) says on a month-on-month basis Consumer Price Index (CPI), inflation rose by 0.15 percent from 11.98 percent to 12.13 percent at the end of January 2020. With this rise, Nigerians will spend more on…
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THE Asset Management Corporation of Nigeria (AMCON) in its debtors' list has recorded four Nigerian politicians as its top debtors. Among them were two former governors, a serving senator, and a former senator. According to the list, a…
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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has said it would evolve a tightening policy to tame the nation’s rising inflation. The MPC noted that Nigeria’s inflation rate inched up in December 2019, which is…
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COUNTRIES around the Sub-Saharan region, including Nigeria are accumulating debts because of the drop in oil price, a report has said. According to the report, “How much should Sub-Saharan African countries adjust to curb the increase in…
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AFTER staying away from the international debt market for one year, Nigeria plans to issue a $3.3 billion Eurobond sale, according to Bloomberg. President Muhammadu Buhari is seeking the approval of the National Assembly for the Eurobond…
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THE Central Bank of Nigeria (CBN) has given approval to six companies to embark on importation of milk and dairy products into the country. The companies include Friesland Campina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited,…
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THE Nigerian Stock Exchange (NSE) has urged brokers to merge or buy dormant licenses as it plans to change its name to Nigerian Exchange Group Plc. The development was disclosed in an email by the NSE where it stated that: “Going into…
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THE Central Bank of Nigeria (CBN) as part of its effort to sustain the foreign exchange market has pumped the sum of $218.41million into the retail secondary market intervention sales (SMIS). Director, Corporate Communications Department,…
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CONTRARY to popular belief, National Youth Service Corp (NYSC) members would have a minimal financial burden of the newly implemented 7.5 percent Value Added Tax (VAT). On October 8, 2019 President Muhammadu Buhari announced that the…
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THE Central Bank of Nigeria (CBN) says it is reviewing the current method of banknote wastes disposal through open-air burning with the aim of adopting more environmentally sustainable method thereby reducing its carbon footprint. The bank…
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THE newly increased Value Added Tax (VAT) of 7.5 percent will affect all Nigerians, but some will feel the impact more than others, financial analysts have said. The ordinary Nigerian seems to be the target of the 7.5 percent VAT. The poor…
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THE Central Bank of Nigeria (CBN) has said that the current inflation rate of 11.98 percent would remain static for the next six months. The apex bank in its Business Expectation Survey (BES) Report for January 2020 explained that…
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THE growth in the Nigerian manufacturing sector has remained steady in the last 34 months, a study by the Central Bank of Nigeria (CBN) has revealed. The CBN in a report titled Purchasing Managers Index (PMI) for January 2020 said the PMI…
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PEOPLE's Bank of China has announced plan to inject 1.2 trillion yuan ($173.8 billion) worth of liquidity into the markets via reverse repo operations on Monday. The total liquidity in the banking system will be 900 billion yuan higher…
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NIGERIA is yet to record any case of the coronavirus, but the impact of the coronavirus is gradually being felt on the Nigerian economy. The outbreak and the spread of the novel virus has affected Nigerian stock market as well as the sales…
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REGISTRAR of public companies in Nigeria has returned all unclaimed dividends, which have been in their custody for 15 months and above to the paying companies in compliance with the directive by the Securities and Exchange Commission…
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Governor of Lagos State, Babajide Sanwo-Olu signing the issuance of N100 billion Lagos State bond on Wednesday said ''we are celebrating the biggest sub-national bond issuance today''. A total of 315 bids were submitted during the offer…
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MEMBERS of the Senate on Thursday confirmed the nomination of Dr. Kingsley Obiora for the position of Deputy Governor of the Central Bank of Nigeria (CBN) forwarded by President Muhammadu Buhari on January 16. The CBN also confirmed the…
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AFRICAN Development Bank (AfDB) President Akinwumi Adesina has reminded students at the Federal University of Agriculture, Abeokuta that agriculture is the most important profession and business in the world. “I am delighted to see so many…
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NIGERIANS have oversubscribed the Federal Government January 2020 bond auction by more than 300 percent amounting to N626.33 billion. A statement by Debt Management Office (DMO) said the auction was conducted on Wednesday during which it…
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THE Central Bank of Nigeria (CBN) from the economic report on its website confirms it sold $9.98 billion to authorized dealers in the fourth quarter of 2019. This was contained in the CBN’s economic report for the fourth quarter released…
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NIGERIA’s debt profile will jump to N28.2 trillion from initial N26.2 trillion with the recent decision of the Federal Government to borrow N2 trillion from the pension’s fund to finance infrastructural development. As of last Thursday,…
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THE Central Bank of Nigeria (CBN) on Friday raised the Cash Reserve Ratio (CRR) from 22.5 percent to 27.5 percent by 500 basis point as inflation rate continues to increase and slow liquidity. This was part of the decisions taken at the…
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THE Securities and Exchange Commission (SEC) has encouraged investors to look into the capital market for opportunities. Speaking in Lagos yesterday at the 2020 ThisDay Awards, Mary Uduk, acting Director-General said Nigerians should take…
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HERBERT Wigwe Chief Executive Officer Access Bank disposes of 28.86 million units of shares worth N297.82 million, representing 2.33 per cent of his total shares in the bank. And different questions linger on shareholders' minds on why the…
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World Bank president, David Malpass, has said that three of Africa’s biggest economies – Nigeria, South Africa and Angola weak performance since the start of the year has affected foreign investment flow into Africa at large. Malpass said…
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THE United Kingdom's Prime Minister, Boris Johnson  yesterday invited African leaders at Africa- UK summit to forge closer partnership with his country and build stronger economy together. In his  speech,  he referenced succcessful…
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WORLD billionaires including Bill Gates, Warren Buffet, Aliko Dangote, Jeff Bezos, Mark Zuckerberg and others controlled more wealth than 4.6 billion people in the world combined in 2019, a report released on Monday by Oxfam has revealed.…
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Not fewer than 70 Nigerian companies will participate at the maiden UK-Africa summit which begins on Monday, January 20th in London. The meeting is organised to create collaborative investment opportunities for both Nigerian and British…
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THE Federal Government on Friday announced plans to replace an existing debt obligation with another debt obligation under different terms (Refinance) of up to N3.6 trillion local debt this year,  according to Debt Management Office (DMO).…
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THE implementation of the new value-added tax rate (VAT) would take effect from February 1, giving Nigerians 16 days to prepare for the spike in the new tax rate of 7.5 percent. According to the Finance Act, this VAT increase is meant to…
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THE National Bureau of Statistics (NBS) says Nigerians spent more on food items, hospital services and other goods and services in the year 2019 because of inflation. In a report released on Thursday, the NBS explained that the consumer…
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THE recently passed finance bill by President Muhammadu Buhari has raised a lot of tension and hope, one major point being the increase in the rate of Value Added Tax from 5 percent to 7.5 percent. Firstly, the finance law would directly…
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ALIKO DANGOTE, the wealthiest man in Africa has said in an interview with David Rubenstein of Bloomberg TV that he would be diversifying part of his wealth to the US and later Europe, which he has started by launching plans to open an…
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OBVIOUSLY, the forex market in Nigeria should remain one of the top priorities for the Federal Government to sufficiently address in order to avoid a consistently double-digit inflation rate in Nigeria. Nigeria’s deep hunger for imports…
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INVESTORS in recent times has lost confidence in the Nigerian capital market due to what was described by experts as the worst crisis to hit the Nigerian stock market in the first half of 2008. Investors’ wealth was reduced by a…
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PACE in the Nigerian economy remained soft in 2019 after the general elections. In 2020, the outlook for the Nigerian economy hangs on a framework of a well-intended but slightly uncoordinated policy outline. Notably, the recent Central…
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