First Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and sustenance of various businesses in the country. The products: Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF), and Commercial Mortgage will…
NESF records N151.37m profit
Nigeria Energy Sector Fund its profit rose by 100.88 per cent to N151.37m at the end of the financial year ended March 31, 2022 from N75.35m in the corresponding period of 2021. A statement on the financial year ended 31st…
FAO Calls for Increased Investments in Agriculture, Resilient Agrifood Systems
The Food and Agriculture Organisation (FAO) has urged governments across the globe to prioritise increased investments into the agricultural sector and resilient agrifood systems. The Director-General, FAO QU Dongyu, said the alarming signs of growing acute food insecurity should make…
Nigeria’s low tax revenue undermines ability to tackle global shocks, says IMF
The International Monetary Fund (IMF) has asked the Nigerian government to improve domestic revenue mobilization to withstand global economic shocks. Paulo Medas, division chief, of the fiscal affairs department, IMF, said this on Wednesday in Washington at a session on…
Dangote’s 650,000bpd refinery 97% completed, says NMDPRA
‘Naira will become stronger once the refinery starts production The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that Dangote Petroleum Refinery is now 97 percent completed and will pump out fuel any moment soon. The agency also…
Dangote refinery to boost forex earnings
The Nigerian Midstream and Downstream Petroleum Regulatory Authority have expressed optimism that the 650,000 barrels per day capacity refinery being built by Dangote Industries Limited will significantly help strengthen the Nigerian naira once it is fully operational. The NMDPRA said…
Nigeria’s economy to grow by 3% in 2023- IMF
Nigeria’s economic growth is expected to slow down from 3.6% in 2021 to 3.2% in 2022 and 3.0% by 2023 The International Monetary Fund, in its latest economic outlook, has stated that Nigeria’s economic growth in 2022 is expected to…
CrossBoundary, Engie sign $60m minigrids contract
Access Nigeria has announced the signing of a mini-grids contract worth $60m. A statement on Tuesday said the project finance agreement which was meant to build a $60m portfolio of mini-grid would connect over 150,000 people to electricity in Nigeria.…
CBN risking financial instability with rate hikes — IMF
The International Monetary Fund has warned that Nigeria and other emerging economies risk financial stability by continuously raising benchmark interest rates. In a new report entitled, “Interest Rate Increases Volatile Markets Signal Rising Financial Stability Risks,” the global lender noted…
Pillow wants to make crypto saving and investing easy for new users
Pillow aspires to be an all-in-one platform that says it helps even newbie users save, spend and invest in cryptocurrency. The Singapore-based startup announced it has raised $18 million in Series A financing co-led by Accel and Quona Capital, with participation…