The National Bureau of Statistics, NBS, reports that banks’ credit to the private sector fell by N140billion in the first quarter of 2018, dropping to N15.6trillion in the period.
The Bureau, in its latest banking sector report titled “Sectorial Breakdown of Credit, e-payment Channe [...]
The Federal Government has said it would mobilise more revenues to drive its growth plan for the economy, by increasing it tax payers’ base beyond the current 19million.
The Minister of Finance, Mrs. Kemi Adeosun, stated this at a meeting with a World Bank Mission of 10 executive director [...]
The National Insurance Commission, NAICOM, has dismissed insinuations of a looming collapse of five insurance companies operating in the country, insisting the listed companies are financially strong and solvent
The commission’s rebuttal comes after a media report that solvency ratio of f [...]
Since the establishment of the Contributory Pension Scheme, CPS, over a decade ago, only 11 states including federal capital territory are said to have fully complied with the scheme.
Though the scheme is at different stages of implementation in 23 other states, CPS seem to have been completely [...]
The Central Bank of Nigeria, CBN, has signed a $2.5billion bilateral currency swap agreement with the Peoples Bank of China.
According to the CBN, the deal seeks to reduce the difficulties encountered in the search for third currencies, by providing adequate local currency liquidity to industri [...]
Despite Nigeria’s celebrated exit from economic recession in 2017, the World Bank Group reveals that the country’s poverty and unemployment rates rose during the period.
The bank, in its ‘Nigeria Bi-annual Economic Update,’ reports that the rates of unemployment and unde [...]
An estimated $170billion is needed annually to meet Africa’s infrastructure requirement and to enable the continent exploit its development potentials in the global space, the African Development Bank, AfDB, has said.
The Secretary General of the bank, Prof. Vincent Nmehielle, who disclos [...]
Four years after the introduction of its Bank Verification Number project, the Central Bank of Nigeria said it has successfully captured over 31million account customers and linked close to 44million bank accounts in the BVN project.
The BVN was launched in February 2014 to revolutionise bankin [...]
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