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
Fuel pump price jumps by 91% in six years
The cost of fuel pump increased from N87 per litre as of December 2015 to N165.77 by December 2021, showing an increase of 90.54 per cent. This is according to the Fuel Pump Price Per Litre – Average (PMS) data from the Central Bank of Nigeria. The Nigerian National Petroleum
Fintechs to explore eNaira for investment options
There are indications Nigerians will be able to leverage eNaira for investment purposes in the near future even though the central bank digital currency (CBDC) was created solely for financial transactions. At the sensitisation and activation session with Oshodi market leaders, the Central Bank of Nigeria (CBN) team leader, Yusuf
Seafarers lament unemployment, blame Cabotage Act
Seafarers, under the auspices of the Nigeria Merchant Navy Officers and Water Transport Senior Staff Association, say lack of enforcement and implementation of the Cabotage Act by regulatory agencies has resulted in unemployment in the industry. The President of the union, Bob Yousou, in a statement, blamed influx of foreign