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 review of Nigeria’s banking industry and the near-term expectation for the Industry.
It said, “Agusto & Co. notes…
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 management of Dangote Sugar Refinery Plc has said it is set to reduce the importation of sugar into the country by 40 per cent.
The President, Dangote Group, Aliko Dangote, said in a statement that it was embarking on Phase II of its sugar project, which would cover over…
N19.76tn budget proposal: N12tn deficit worries FG, debt may hit N54tn
August 30, 2022
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
If the deficit settles at N12.41tn in 2023, the Federal Government may need to borrow to finance it, which could raise Nigeria’s total debt to a record N54.01tn.
Nigeria’s current debt is N41.6tn, according to the 2022 first quarter…
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…
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…
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 calculated based on current basic prices. They are taxes paid to the government by a producer or retailer and later passed on…
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…
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who made this known in Abuja on Monday…
Nigeria’s Grey raises $2M for cross-border payments play and regional expansion
August 29, 2022
The availability of digital overseas financial institution accounts has turn into a standard technique for fintechs to allow Nigerians and Africans to facilitate worldwide transfers. Within the newest improvement, Grey, a fintech on this class that gives digital worldwide financial institution accounts to African freelancers and distant staff, is saying that it has raised $2 million in seed…