Business News

CBN Seeks Increased Local Production In Agric Sector To Enhance Growth, Boost Employment

by Seun Adeuyion June 30, 2020
Central Bank of Nigeria (CBN) is stimulating local production in the agriculture business to enhance growth and boost employment in the country. This is according to the apex bank’s, Director of Development Finance Department, Yila Yusuf, in a statement. According to the statement, some of the CBN’s agribusiness initiatives are the Agricultural Credit Guarantee Scheme […]

South African Retailer, Mr Price To Exit Nigeria

by William Ukpeon June 27, 2020
South African Clothing retailer, Mr Price Group ltd announced plans to close shop in Nigeria and focus more on its domestic South African market. The Company already closed four of its five stores in Nigeria and will close the last one in the coming months. Nigeria will be the 3rd Country After Australia and Poland […]

Nigerian Banks At Risk As Recession Nears – World Bank

by William Ukpeon June 25, 2020
The World Bank warns that the Nigerian Banking System faces a destabilisation risk due to the effects of Coronavirus which might lead to Nigeria’s worst recession in 40 years. The World Bank had earlier warned if Nigeria stops the spread, the economy would dip by 3.2%, but if not contained by later this year it […]

George Floyd: DSTV To Withdraw Movies With Racist Content

by William Ukpeon June 22, 2020
Following the international protests sparked by the killing of George Floyd by Police officers leading to discussions on racism and discrimination. Media companies are reviewing their policies for content that could contain materials people will view as racist and offensive. South African PayTv operators, Multichoice which owns the DStv Cable Network in Anglophone Africa and […]

CBN Debits Banks N126bn In Bid To Strengthen Naira

by Seun Adeuyion June 22, 2020
As part of measures to strengthen the naira, the Central Bank of Nigeria (CBN), has debited N216bn from banks with excess cash holdings. Last week, Reuters reported that the naira had come under intense pressure in recent months during the coronavirus pandemic. A sharp fall in the price of oil – Nigeria’s main export – and […]

Nigeria To Concession 10 Major Highways

by William Ukpeon June 18, 2020
The Nigerian Government will raise N163.32 Billion and create over 20,000 jobs in a bid to concession 10 highways in the country. Minister of Works, Babatunde Fashola revealed this to the joint senate and House Committee on Wednesday. Mr. Fashola revealed that there has been joint meetings with the private sector on standardizing federal road […]