Some stakeholders have urged African countries to mobilise more domestic capital to finance development and reduce reliance on external financing. The Economic Commission for Africa (ECA) said this in a statement on Thursday. The ECA said the stakeholders made the call at the just concluded 2nd Annual Conference on Credit
The Nigerian Exchange Ltd. (NGX) All-Share Index and market capitalisation declined by 0.52 per cent and 0.50 per cent respectively, closing the week at 250,808.27 points and N162.843 trillion. The figures were lower than the previous week’s close of 252,113.41 points and N163.655 trillion. Consequently, investors lost N812 billion
The Central Bank of Nigeria (CBN) says its foreign exchange reforms and banking sector recapitalisation have strengthened Nigeria’s financial system. The CBN Deputy Governor, Corporate Services, Dr Muhammad Abdullahi, said this at the 38th Seminar for Finance Correspondents and Business Editors Association of Nigeria (FICAN) in Abuja on Tuesday. Abdullahi
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a resetting of the baseline interest rate, the Monetary Policy Rate (MPR), to 23 per cent from 26.5 per cent. The Governor of the CBN, Mr Olayemi Cardoso, made the announcement on Tuesday in Abuja, while
Group Managing Director of United Bank for Africa and Chairman of the Body of Bank CEOs in Nigeria, Oliver Alawuba, has outlined a blueprint for building a resilient Nigerian economy, calling for deliberate policies and stronger collaboration across the public and private sectors to transform economic stability into inclusive prosperity.
President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has commended the Federal Government for implementing bold and transformative economic reforms that are repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery According to Dangote, the ongoing fiscal, monetary, and regulatory reforms have
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate dropped to 15.43 per cent in July. The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July released in Abuja on Monday The report said that the July headline inflation rate showed a decrease
The Nigerian Insurers Association (NIA) has commended seven additional insurance companies for securing full recapitalisation approval from the National Insurance Commission (NAICOM). NIA Chairman, Mrs Ebelechukwu Nwachukwu, gave the commendation in a statement on Friday in Lagos. Nwachukwu said the latest approvals underscored the growing strength and resilience of the
Dangote Industries Limited and Sinoma International Engineering Co., Ltd. have signed a landmark Memorandum of Understanding (MOU) valued over $800 million for the expansion of the Dangote Cement Plant in Itori, Ogun State, increasing its production capacity to 12 million metric tons per annum. The agreement was signed by the
The Chartered Institute of Bankers of Nigeria (CIBN) has projected that the Central Bank of Nigeria (CBN) will retain the Monetary Policy Rate (MPR) at 26.5 per cent. The projection comes as the Monetary Policy Committee (MPC) begins its 306th meeting on Monday in Abuja. Dr Dele Alabi, President and