DAILY BUSINESS HEADLINES
VANGUARD
CBN Raises Monetary Policy Rate To 17.5%
In its efforts to restrain inflation through monetary tightening, the Central Bank of Nigeria (CBN), has further raised the Monetary Policy Rate (MPR) by 100 basis points to 17.5 percent from 16.5 percent. Speaking at the end of this year’s first meeting of the Monetary Policy Committee, MPC, held in Abuja yesterday, Governor of CBN… Read More
NEW TELEGRAPH
Market Outlook Positive Amid Election Uncertainties
Despite uncertainty surrounding the outcome of the presidential election next month, the overall oulook of stock market remains positive. Rhoda Ogunseye writes. Depending on expectations, the stock market take unpredictable shape on build up to а national election. Annoncement on election postponement could generate a negative reaction… Read More
Afdb, African Union Commission Hold Session On Driving Development
The African Development Bank Group (AfDB) and the African Union Commission (AUC) have concluded a technical session on how to conduct an upcoming joint study on driving development in Africa. According to a press release, the goal of the study, titled, “Key Actions to Drive Inclusive Growth and Sustainable Development in… Read More
THE NATION
Cash withdrawal limit vs Banks Neutral Cash Hubs
The Central Bank of Nigeria (CBN) and Bankers’ Committee recently directed Deposit Money Banks and licensed processing firms to establish Banks Neutral Cash Hubs to reduce cash management costs in the financial system. The policy shift is expected to, through technology, reduce cash-induced spendings in the industry as cash… Read More
ECONOMY HEADLINES
VANGUARD
Nigeria To Spend N6trn On Fuel Subsidy This Year — El-Rufai
Governor Nasir El- Rufa’i of Kaduna State said yesterday that Nigeria planned to spend N6 trillion on fuel subsidy for six months, N4 trillion to subsidize the naira and N300 billion to subsidise electricity in 2023. The governor, who spoke during the 12th Kaduna State Council on Health Meeting in Kaduna, said the N6 trillion on fuel subsidy, which… Read More
PUNCH
Interest Rate Hike: Job Losses, Crisis Loom, Warns OPS
Members of the organised private sector have described the latest hike in the nation’s benchmark interest rate as an unfortunate development, saying it will worsen business crisis, job losses and slow down economic growth. They spoke against the backdrop of the Monetary Policy Committee’s hike of the Monetary Policy Rate… Read More
THIS DAY
Edo Refinery Begins Production, To Expand Capacity To 21,000bpd In March
The Edo State government-backed Edo Modular Refinery has begun production at its 6,000bpd plant in Ologbo, Ikpoba Okha Local Government Area. The facility with its feedstock can produce 50 per cent of diesel (500,000 litres), 25 percent of naphtha (300,000 litres) and 20 per cent of Low Pour Fuel Oil (LPFO) (200,000) litres… Read More
POLITICAL HEADLIINES
INDEPENDENT
Why Nigeria’s Democracy Is Suspect
Once again, the country is agog frantically preparing for an election upon which much of their hope has been hinged but which, I am afraid, may not be realised once more because those currently promising ‘heaven and earth’ have no intention, much less, the means to fulfil them. Every camp in the acidic and acrimonious political… Read More
THE GAURDIAN
2023 Election: UNICEF Tasks Presidential Candidates On Investment In Education
Ahead of next month’s presidential election, the United Nations International Children’s Fund (UNICEF) has challenged candidates of the political parties to prioritize education if voted into power. The United Nations agency reminded President Muhammad Buhari of his commitment to end the global learning crisis in Nigeria… Read More
TECHNOLOGY HEADLINES
THIS DAY
Pantami: Federal Government Will Use 5G Technology to Tackle Insecurity Minister of Communications and Digital Economy, Isa Pantami, has said the federal government would use the 5G technology in tacking insecurity in the country. Pantami spoke Tuesday in Abuja at the official launch/roll out of 5G network service by MAFAB Communications. He said there were many economic benefits from the 5G… Read More