Senate Lauds NSE’s Contributions to National Development

By Adedapo Adesanya Ahead of next week’s Monetary Policy Committee (MPC) meeting scheduled for Monday, September 25 and Tuesday, September 26, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to pause its interest rate hike. In a statement signed by the Director-General, Mrs Chinyere Almona, the group said this was necessary to relieve Nigerians of the pressure on the supply side following a further surge in the inflation rate. The National Bureau of Statistics (NBS) revealed last Friday that the average cost of goods and services rose by 25.80 per cent

By Adedapo Adesanya The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020. This upward trajectory has been on for the past five years, according to a report from the agency. The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy. He said this while presenting the solid minerals sector report in Abuja, noting that

A recent report from TU experts offers deep insights into Nigeria’s Forex trading scene, with a special focus on the importance of the New York session Forex time. In the first quarter of 2023, the US Forex Market witnessed a surge in daily volume, reaching $966.7 billion. The growth is an impressive 27% jump from past years, further solidifying the global Forex market’s role as a bustling currency trading center. With the FX market in operation 24 hours a day, transactions worth billions of dollars are made. Building on this global trend, Nigeria, with its robust economy boasting an annual

By Dipo Olowookere Renewed buying interest in consumer goods stocks saved the Nigerian Exchange (NGX) Limited from collapsing on Tuesday, as it finished higher by 0.71 per cent at the close of trading activities. The trading session saw Ellah Lakes ending as the best-performing stock after its value rose by 10.00 per cent to N3.63, leading the gainers’ chart of 35 members. Berger Paints rose by 9.95 per cent to close at N11.60, eTranzact grew by 9.93 per cent to N8.08, Oando improved by 9.92 per cent to N13.30, and Chams also jumped by 9.92 per cent to N1.33. Business

By Modupe Gbadeyanka In barely a month since the beginning of December, WFP has delivered food or cash to more than a million Nigerians in conflict-affected zones in the Northeast. This means that over half of those in need of urgent humanitarian assistance have now been reached. The milestone came as WFP ramped up its response in Borno and Yobe States, where as many as four million people are food insecure. The region has been devastated by years of violence linked to the Boko Haram insurgency: in some areas, more than half of all children under five suffer from acute

By Modupe Gbadeyanka On Saturday afternoon, Vice President Yemi Osinbajo was involved in an air mishap, which caused a scare. A chopper carrying the nation’s number two citizen crash landed in Kogi State, but those on board the helicopter survived. After incident, Mr Osinbajo confirmed that he was fine and thanked everyone who expressed concern over the incident. “We are safe and sound! Thank you to everyone who has expressed concern and thank you to the crew who managed the situation well. “We believe that God will continue to keep us and Nigeria safe even as we go higher. We

By Modupe Gbadeyanka The suspension of Twitter in Nigeria has been condemned by the United States government, which described the action as a slap on democracy. In a statement issued by the Department of State on Thursday, the directive to television and radio stations in the country to deactivate their Twitter accounts was also kicked against. The American government said it was wrong for its Nigerian counterpart to restrict citizens from having access to information through any platform, noting that it was dangerous to democracy. Last Friday, the Minister of Information and Culture, Mr Lai Mohammed, announced that operations of

By Modupe Gbadeyanka Trading activities on the floor of the Nigerian Stock Exchange (NSE) finished in the positive territory on Thursday with the market breadth closing positive unlike the previous days. Also, the equities market finished 0.24 percent higher, while the Year-to-Date (YtD) gain end at 10.50 percent. Furthermore, the All-Share Index (ASI) rose today by 100.46 points to close at 42,258.78 points, while the market capitalisation appreciated by N36.1 billion to settle at N15.165 trillion. However, the volume and value of equities transacted by investors depreciated today with a total of 342 million shares exchanging hands in 4,943 deals

By Sodeinde Temidayo David The total number of taxpayers in Nigeria has risen to 41 million, with N4.2 trillion remitted to the Federal Inland Revenue Service (FIRS) as of September 30, 2021. This information was revealed on Friday by the Executive Chairman of FIRS, Mr Muhammad Mamman Nami, during the public presentation of the breakdown of the N16.39 trillion 2022 budget presented to the National Assembly on Thursday by President Muhammadu Buhari. At the event attended by Business Post, the taxman said the federal government was making efforts to expand the tax net so as to boost the nation’s dwindling

By Aduragbemi Omiyale For the second straight year, Ecobank Nigeria has won the Best Retail Bank in Nigeria award, beating other notable financial institutions in the country to reclaim the prize. The award was issued by the Asian Banker at the Middle East and Africa Regional 2021 awards ceremony held recently in Johannesburg, South Africa. The Asian Banker Excellence in Retail Financial Services and Technology Innovation Award is acclaimed as the most rigorous, prestigious and transparent country level award programme for consumer financial services and technology in Middle East & Africa. The awards committee assesses banks and non-banks in Middle

By Adedapo Adesanya The federal government has unveiled plans toward being part of the global digital economy that will help boost national development in 2020. Minister of Communications and Digital Economy, Mr Isa Pantami, rolled out these strategies at a media parley in the nation’s capital, Abuja, last Friday, where he reiterated Nigeria’s commitment towards transitioning to a digital economy. He stated that starting with the new year, the ministry would be working effectively towards the eight pillars of the policy which are: Developmental Regulation, Digital Literacy and Skills, Solid Infrastructure, Service Infrastructure, Promotion of Digital Services, Software Infrastructure, and

By Adedapo Adesanya As part of the response to contain the outbreak of Lassa fever, the Nigeria Centre for Disease Control (NCDC), closely working with the World Health Organization (WHO) and partners has activated a national Lassa fever multi-partner, multi-sectoral Emergency Operations Centre (EOC) to coordinate response activities at all levels. In combating this year’s outbreak, WHO is supporting the Nigerian government to coordinate technical assistance and operational support of partners including deployment of OneHealth Rapid Response Teams (NRRTs) to most affected LGAs. WHO has also mobilized experts to intervene in investigations, contact tracing, risk communication, and plans are underway