The Federal Government is developing a resurgence plan for the cotton, textile and apparel industry in Nigeria in collaboration with development partners and the private sector. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this while reviewing the activities of the ministry in the last one year, adding that about $3.5 billion investments were…
The government of the United Kingdom (UK) has helped to attract $85 million investment into Nigeria’s manufacturing sector through its Manufacturing Africa programme since 2020. Deputy British High Commissioner to Nigeria, Jonny Baxter, disclosed this at a ceremony to announce the funding of three Nigerian-based clean energy companies to expand renewable energy access in the…
The naira appreciated against the dollar in the foreign exchange market. According to FMDQ data, the naira was exchanged at N1,481.49 for a dollar on Thursday, compared to N1,488.60 on Wednesday. This represents a slight N7.11 appreciation. Similarly, in the parallel market section, the currency appreciated to N1,485 against the dollar on Thursday from N1,500…
The newly appointed President of the Institute of Chartered Accountants of Nigeria, ICAN, Davidson Alaribe, yesterday, said that working with the Federal Reporting Council, FRC for effective financial reporting in Nigeria, will be top priority during his tenure. He said this in his acceptance speech at his Investiture as the 60th President of ICAN, held…
The Central Bank of Nigeria, CBN, has revoked the operating licence of Heritage Bank. The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement. She said: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers…
Credit to the government rose month-on-month, MoM, by 2.0 percent to N19.98 trillion in April from N19.58 trillion in March. Data from the Central Bank of Nigeria, CBN, Money and Credit Statistics for April showed mixed trend in credit to the government since January where it stood at N23.5 trillion. How i went from selling…
United Bank for Africa (UBA) Plc has emerged as the Best Regional Bank – West Africa at the prestigious African Banker Awards 2024. The annual African Banker Awards, organised by the African Banker Magazine, took place at the JW Marriott Hotel in Nairobi, Kenya, on the side-lines of the African Development Bank Annual Meetings. The…
Federal High Court sitting in Lagos has authorised Guaranty Trust Bank to temporarily take over funds and assets of Afex Commodities Exchange following its N17,808,452,467.107 Central Bank of Nigeria (CBN) Anchor Borrowers’ Loan debt. Justice Chukwujekwu Aneke granted the bank an interim Global Standing Instruction (GSI) injunctive relief, following its application on May 27. The…
The naira on Tuesday traded at the same rate of N1,339.33 to a dollar at the official market. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, NAFEM, revealed that the naira remained static. This indicated that the local currency neither gained nor lost…
Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, on Monday, disclosed that the ministry injected an estimated value of N309 billion into the economy within the last one year. Kyari gave the hint while making his presentation during the ongoing Ministerial Sectoral Update, a platform President Bola Ahmed Tinubu’s cabinet members are using…
