BankingEconomyMarket

BoI to finance climate-friendly investments with €100m

The Bank of Industry on Monday said it has accessed a €100m credit under the Transforming Financial Systems for Climate programme of the agency, in collaboration with the Green Climate Fund. In a statement, the Managing Director, BOI, Olukayode Pitan, said this at the 2nd regional roundtable on ‘Creating world class sustainable development financial institutions through embracing holistic…
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Markets

kerosene price rises by 99%, families lamented

Consumers of household kerosene, also known as cooking kerosene, paid 99 per cent more to purchase a gallon of the product in the last one year. This is according to data from the Nigerian Bureau of Statistics, NBS. The statistics agency said the average retail price per…
Banking

Agusto & Co forecasts 16.5% banking sector loan growth

Agusto & Co. Limited, a pan-African credit rating agency and business information provider, has projected loans in the banking sector to rise by 16.5 per cent. It disclosed this in its annual ‘2022 Nigerian banking industry report’, which provided a comprehensive…
Economy

Nigerian economy shrinks by N63bn, 28 sectors struggle

Twenty-eight sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49bn quarter-on-quarter. While real GDP grew by 3.54 per cent year-on-year in Q2 2022, it declined by 0.37 per cent from the N17.35tn that was recorded in the first quarter of 2021 to N17.29tn in Q2, 2022, according to data from the National Bureau of Statistics, NBS. The NBS…
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EconomyMarkets

World Bank excludes Nigeria from $315m food security cash

Nigeria is missing from the list of beneficiary countries for the $315 million World Bank fund for African countries to support food security. The second phase of the West Africa regional Food Systems Resilience Program (FSRP-2) approved yesterday in International Development Association (IDA) financing will benefit an additional two million Africans- from Chad, Ghana and Sierra Leone. Nigeria…
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Real Estate

Firm begins 236 luxury housing project in Abuja

Property World Africa Network has commenced the construction of a luxury estate located in the Centenary City of the Federal Capital Territory, Abuja. PWAN’s Max Grove Estate is a 9.1 hectare cosmopolitan residence encompassing 236 units of four to five-bedroom…
EconomyMarkets

FG rakes in N1.09tn from indirect taxes

The Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022, according to data from the National Bureau of Statistics. This represents a 10.29 per cent increase from N984.33bn obtained in the first two quarters of 2021. Indirect taxes are…
Economy

Ten Nigerian states bigger than African countries – VP Osinbajo

The Vice President, Professor Yemi Osinbajo, SAN, said it was unfitting to compare the realities of the Nigerian economy with those of other smaller African states. He argued that at least 10 Nigerian states “have bigger GDPs than those countries.” Osinbajo also noted that the violent reports emanating from the country did not reflect the reality of the entire country which, he said, was too…
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