Category: Business

President Muhammadu Buhari will introduce the Central Bank Digital Currency (CBDC), dubbed eNaira, on Monday, marking the official commencement of the digital version of the Nigerian naira’s operation (NGN). The e-Naira, which was supposed to be launched on October 1 but was postponed owing to Nigeria’s Independence Day, according to the Central Bank of Nigeria…

Femi Otedola, a billionaire businessman, has taken over First Bank of Nigeria Plc with his recent acquisition of about N30 billion worth of shares, making him the bank’s single largest shareholder. He had a humongous loan portfolio of N192 billion in 2012 via his then Zenon Petroleum and Gas Ltd, which was eventually passed on…

The Central Bank of Nigeria, First Bank, Polaris Bank, Sterling Bank, Nexim Bank, and Heritage Bank have been summoned by the House of Representatives Ad-hoc Committee on the Assessment and Status of All Recovered Loot, Movable and Immovable Assets to account for the monies recovered and in their possession. The committee asked the representative of…

Nigeria has generated over $20.9million from the export of rubber in 2020. This was announced on Thursday during the maiden edition of the 2021 National Rubber Conference in Abuja by Prince Igbinoson Peter, National President of the National Rubber Producers, Processors, and Marketers Association of Nigeria (NARPPMAN). According to Peter, Nigeria is currently rated 23rd…

…As Trade Volume Between Countries Hit USD2bn in 2020 On Wednesday, President Muhammadu Buhari welcomed Turkish President Recep Tayyip Erdogan to the Presidential Villa in Abuja, where a series of important bilateral agreements were inked. During the visit, both leaders discussed their shared interests and areas of mutual collaboration before signing eight key agreements/MoUs in…

President Muhammadu Buhari, Vice President Yemi Osinbajo, and Senate President Dr. Ahmed Lawal are all expected to attend the subject for this year’s Nigerian Economic Summit (NES#27) is “Securing our Future: The Fierce Urgency of Now,” and The Nigerian Economic Summit Group (NESG), a private sector-led think tank and policy advocacy group located in Nigeria,…

Nigerian and Brazilian governments would develop 117 agricultural mechanisation facilities around the country. Minister of State, Federal Ministry of Agriculture and Rural Development Mustapha Baba Shehuri made this known at a virtual high level panel discussion to commemorate 2021 World Food Day. Shehuri added that once these centres are operating, Nigerian farmers will be able…

The Federal Government announced a collaboration with BKG Exhibitions Limited to hold an International Oil Palm Technology, Agric Tech, Cassava Africa Expo and Conference, dubbed PAC Africa Expo & Conference, to unleash the potentials of oil palm and cassava products for long-term economic prosperity. Otunba Niyi Adebayo, Minister of Industries, Trade and Investment, made the…

With its exponential growth, the Executive Director/CEO of the National Film and Video Censors Board (NFVCB), Alh. Adedayo Thomas, has hinted that the Nigerian film industry is currently the largest employer of labour. While adding that in 2019, CinemaCon, the world’s largest gathering of movie theater owners, honored Nigerian Cinema with the ‘Emerging Market Award,’…

The Federal government through the Federal Ministry of Mines and Steal Development (FMMSD) has launched the National Integrated Mineral Exploration Project (NIMEP), in 2018 to de-risk the mining sector and supply Geo-Science data. This is in an ongoing effort to diversify the nation’s economy. The project was established to exploit the country’s identified metallogenic belts…