INFLATION: Analysts divided over MPC decision on policy rate
Investment analysts are divided on whether the Central Bank of Nigeria, CBN will at the end of the meeting of its Monetary Policy Committee, MPC, raise the Monetary Policy Rate, MPR, following the three-month consecutive increase in the inflation rate. The inflation rate rose to 16.82 per cent in April,
Lagos airport shut temporarily, flights diverted over mangled corpse on runway
The international wing of the Murtala Muhammed International Airport, Lagos, was temporarily shut in the early hours of Thursday after the mangled body of a dead man was found on Runway 18R of the nation’s flagship airport. The identity of the corpse could not be ascertained as of press time.
World Bank to fund $30bn projects in Nigeria, others
The World Bank has said it is set to disburse a total of $30bn to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. According to the bank, it is working with countries on a $12bn
Nigeria’s Q1 trade deficit rose by 175%, hit $764m – CBN
The value of Nigeria’s international trade deficit rose by 175.13 per cent from $152.94m in January 2022 to $420.79m in March 2022, according to data from the Central Bank of Nigeria. The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in
FCMB, Mastercard Foundation partner to uplift 100,000 MSMEs in Nigeria
Nigeria – 11 May, 2022 – First City Monument Bank (FCMB), a member of FCMB Group Plc, has partnered with the Mastercard Foundation to provide subsidized loans to 100,000 Micro, Small, and Medium Enterprises (MSMEs), to scale their operations to create work opportunities for young Nigerian women and men. The
Taraba residents knock Chinese firm over poor road rehabilitation
Residents of Mararaba, Ananum and Donga communities in the Donga Local Government Area of Taraba State on Friday decried what they called the poor quality of asphalted Mararaba -Donga road. The residents, who spoke in separate interviews with our correspondent when he visited the area on Friday, said the asphalted
Nigeria’s oil production falls over poor maintenance, says World Bank
The World Bank has said that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. It added that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said
Siemens, Finnish utility Fortum quit Russia over Ukraine war
Germany’s Siemens and Finnish utility Fortum will halt all business in Russia due to the war in Ukraine, the latest in a long list of mostly Western firms that have quit the country over the conflict. Siemens has begun winding down its industrial operations and related activities in Russia, the
Fuel queues persist in Abuja, black marketers sell for N300/litre
Fuel queues persisted in the Federal Capital Territory on Monday as filling stations struggled to control desperate drivers waiting to buy the Premium Motor Spirit, PMS, at the official price. Racketeers had a field day, selling a litre of PMS at N300 in different parts of the FCT. In Kubwa,
Fuel scarcity looms as petrol marketers decries delay in N500bn claims
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned Nigerians of the looming fuel scarcity in the country on the back of the N500 billion claims the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) owes its members. Bashir Danmalam, chairman, IPMAN, Kano State chapter, said the failure of