Buzz Feed Africa

Category: Economics

  • CBN unveils online platform for submission of MfBs license application

    The Central Bank of Nigeria, CBN, has unveiled a new online platform for the submission of Microfinance Banks (MfBs) license application also known as CBN Licensing, Approval and Other Requests Portal (CBN LARP). According to the regulator, the new platform, which would replace the current manual process, was created to improve accessibility, reduce paperwork, and…

  • FG still practicing quasi-subsidy, expect fuel price hike – Oil marketers

    This is as a result of the rise in the cost of crude oil, coupled with the depreciation of the naira against the United States dollar. Oil marketers explained that the cost of crude oil and the exchange rate of the dollar accounted for over 80 per cent of the cost of PMS. Brent crude,…

  • CBN orders banks to save FX revaluation gains

    The Central Bank of Nigeria, CBN, has ordered banks to save gains from foreign exchange (FX) revaluation as a buffer against emerging economic shocks. The regulator in this regard stopped banks from using FX revaluation gains to pay dividends or meet operating expenses. The apex bank disclosed this in a letter to all banks titled:…

  • This Is The Best Time To Invest In Nigeria, Elumelu Tells Indian Investors

    Chairman, Heirs Holdings Group, Tony Elumelu, has urged the Indian investors that this is the best time for them to embrace the opportunity of investing their businesses in Nigeria. Elumelu made this known during the Nigeria-India Presidential Roundtable and Conference on Wednesday, September 6th, 2023, in New Delhi, India. The conference was jointly organised by…

  • Gas revenue drops by N3tn in 12 months – Report

    The Federal Government, last year, lost the sum of N3.3tn gas revenue last year, as a result of drop in export due to low production, according to data obtained from a global professional body for the energy sector, the Energy Institute.l The Institute in its latest report on Statistical Review of World Energy published in…

  • FG loses N335m to oil spill, says report

    Nigeria lost about N335m to oil spilled between January and August 2023, according to estimation from data released by the National Oil Spill Detection and Response Agency. NOSDRA, in its oil spill data for the period under review, said a total of 168 incidents of oil spill incidents, which cost the country a loss of…

  • Dollar debts: CBN repays banks next week, naira may rebound

    The Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has said the apex bank will repay banks all outstanding forward contract debts in the next one to two weeks. Although he did not disclose the total amount of the outstanding dollar debts, a report by JPMorgan, a United States-based bank in a recent…

  • AfDB commits $25bn to African climate fund

    As part of efforts to accelerate action on climate adaptation, the President of African Development Bank, Akinwunmi Adeshina, on Tuesday, said the finance institution has committed to providing $25bn to climate finance by 2050. He stated this on the second day of the African Climate Summit, being held at The Kenyatta International Convention Centre, Nairobi,…

  • UBA holds business series on financial fitness

    United Bank for Africa (UBA) Plc, will tomorrow organise another edition of its UBA Business Series designed to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) on the continent. The UBA Business Series is a regular Workshop organised by the bank as a capacity building initiative, where leading business leaders and…

  • Gas Flaring: Nigeria loses N34.1bn as oil firms flare 12.7 mscf

    DESPITE Nigeria’s dwindling revenue, oil and gas companies operating in the country flared 12.7 million standard cubic feet (mscf) of gas in July 2023, according to the latest data from the National Oil Spill Detection and Response Agency (NOSDRA). This represents a 35 percent increase when compared to 9.4 mscf of gas flared in the…

  • NSIA commits $500m to infrastructure Devt

    The Managing Director & Chief Executive Office, Nigeria Sovereign Investment Authority (NSIA), Mr Aminu Umar-Sadiq, yesterday disclosed that the Authority has committed $500 million to domestic infrastructure, whilst also enabling third party investments of over $1 billion. He said this at an investigative hearing held at the Ad hoc committee constituted by the House of…

  • Azman sends staff on compulsory leave

    Azman Air has asked all members of its staff to proceed on leave except for eight, This comes barely a month after the resumption of scheduled flight operations following a shortage of aircraft. In a memo sighted by The BUZZFEEDAFRICA, which was signed by Azman Air’s Human Resource Manager, Magaji Misau, the management of the…

  • GSK: Experts fear more coys may exit Nigeria

    Operators have expressed fears of more foreign companies leaving the country, following the recent announcement of GlaxoSmithKline Consumer Nigeria Plc to shut down its operations in the Nigeria. Findings by The BUZZFEEDAFRICA revealed that some other multinationals were substituting foreign for local resources, as they explored survival strategies to remain in business. GSK, a company…

  • United Kingdom commits $10m to SDG outcomes fund in Africa

    Established as a partnership with UBS Optimus Foundation as lead investor and Bridges Outcomes Partnerships, a specialist not-for-profit entity, as fund manager, the Fund uses an innovative blended finance structure to invest in impact bonds and similar outcomes-based contracts that support the UN Sustainable Development Goals. It targets essential healthcare, education, employment, child protection and…

  • Oduduwa Youths Berate DSS For Defying Court Order On Emefiele’s Release

    A Socio-cultural Group, Oduduwa Youths has called on President Bola Ahmed Tinubu to immediately sack the Director General of Department of State Services (DSS) Yusuf Bichi for disobeying court order for the release of the suspended Central Bank of Nigeria, governor Godwin Emefiele. The group in a statement by its leader, Comrade Yomi Oladimeji, cited…

  • Dangote cement completes first tranche of share buyback

    Dangote Cement has completed the first tranche of its share buyback programme announced in early July. In a corporate notice filed on the Nigerian Exchange Limited on Thursday, Dangote Cement said the first tranche commenced on Monday and was completed on Tuesday via the open market on NGX. The total number of shares repurchased was…

  • Strong dollar decreases economic output in Nigeria, others — IMF

    The International Monetary Fund has said a 10 per cent appreciation in the dollar, linked to global financial market forces, decreased economic output in emerging market economies including Nigeria by 1.9 per cent. It noted that this decline persisted for two and a half years. The IMF announced that the US dollar strengthened to a…

  • Fuel hike: Pro-Tinubu protesters storm National Assembly

    Protesters in support of the fuel removal on Thursday cause a bit of disruption at the National Assembly’s main entrance popularly known as Mopol gate. The protesters noted that they decided to hit the street to show solidarity with the President, Bola Tinubu, over the removal of fuel subsidy. According to the protesters, the president…

  • Marketers adjust pumps as fuel price hits N617/litre

    The pump price of Premium Motor Spirit, popularly called petrol, was raised from N537/litre to N617/litre at some filling stations operated by the Nigerian National Petroleum Company Limited in Abuja on Tuesday. Independent oil marketers confirmed the increase in the cost of the commodity, as they stated that any shift in price by NNPCL stations…

  • CBN raises corporate governance bar to boost market confidence

    During his May 29 inaugural speech, President Bola Tinubu gave a clear indication of the economic direction his administration would go. It was not surprising when the Central Bank of Nigeria (CBN) quickly adjusted to the new direction. Swiftly, the apex bank floated the foreign exchange rate at the Import and Export (I&E) window, which…

  • Oil marketers have begin fuel importation — NMDPRA

    Oil marketers have commenced the importation of petrol into Nigeria. The chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, disclosed this at a crucial meeting of stakeholders in Lagos. He said of the 56 oil marketing companies that applied for licences, 10 have demonstrated commitment while three have…

  • Investors lose N672bn as stock market records first decline in H2’23

    Investors yesterday lost N672 billion as the stock market recorded its first day decline in the second half of the H1’23. This came as the Nigerian Bar Association, NBA Section on Business, on Tuesday were honoured to close the trading session with the historical ringing of bell. Another major stock market indicator, NGX All Share…

  • UBA partners AfCFTA, invests $6bn to finance SMEs in Africa

    United Bank for Africa (UBA) Plc has signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to US$6.0bn over the next three years to eligible small and medium enterprises, SMEs, across Africa. The bank signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual…

  • NNPCL, marketers fuel vessels arrive next week – IPMAN

    Large consignments of Premium Motor Spirit, popularly called petrol, being imported by major oil marketers, are to hit Nigeria from next week and may force down the price of the commodity, both major and independent dealers stated on Sunday. It was also gathered that crude oil refiners were currently releasing refined petroleum products on credit…

  • Fuel subsidy removal: FG saves N400bn in four weeks – Operators

    Operators within the downstream oil and gas sector have said the federal government has raked in N400 billion due to fuel subsidy removal in the last 30 days On Friday, Chinedu Okonkwo, National President of the Independent Petroleum Marketers Association of Nigeria, disclosed this in an interview with DAILY POST. Recall that in a meeting…

  • Buhari hands over N974bn uncompleted road projects

    President Bola Tinubu’s administration inherited 38 uncompleted road projects worth N979bn from the Muhammadu Buhari government, findings by The BUZZFEED have shown. The projects were identified through an analysis of the 2023 budget and cross-checked with the national monitoring and evaluation platform, EYEMARK, which was launched by Buhari in December last year. The BUZZFEED reports…

  • World Bank backs FG’s subsidy removal, exchange rate unification

    The World Bank has expressed its support for the Federal Government’s decision to remove subsidies and unify the country’s exchange rate. This follows President Bola Tinubu’s recent speech advocating for these measures. During an event organised by the World Bank to assess Nigeria’s economy over the past six months on Tuesday, Country Director, Dr. Subham…

  • Forex scarcity persists as CBN resumes intervention

    Banks ignore CBN’s directive on domiciliary accounts Exchange rates converge around N770/$ There are indications that banks are ignoring the Central Bank of Nigeria, CBN, directive that they should grant their customers unfettered withdrawal of foreign currencies from domiciliary accounts. Meanwhile, Nigeria’s foreign exchange market has recorded a drastic change following the market reforms introduced…

  • CBN directs banks to obtain social media handles of customers

    The Central Bank of Nigeria CBN has directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence, CDD, regulations. The directive was contained in the CBN, Customer Due Diligence Regulation 2023 issued over the weekend via a circular signed by the Director, Financial Policy and Regulation Department, CBN,…

  • NPA raises alarm over smear campaign against management

    The Nigerian Ports Authority, NPA, has raised the alarm over what it called a campaign of calumny against the organisation, saying the public should be wary of the development. It particularly called on the media to avoid being used by those it said are out to discredit some personnel of its management. A statement by…

  • UK organisers rate Russia’s companies high at food, beverage exhibition

    The BtoB Events has commended the Russian contingents to the just-concluded Food and Beverage West Africa exhibition, stating that exports from the country are estimated at $22 million. The exhibition was held at the Landmark Centre, Victoria Island, Lagos. This year’s Food and Beverage West Africa was a major food exhibition in sub-Saharan Africa. It…

  • CCHub founder engages Bill Gates on youths’ economic role

    The Co-chair of the Bill and Melinda Gates Foundation, Mr Bill Gates, has said investments from and the participation of youths are crucial to the growth of the Nigerian economy, He stated this during a conversation with the Chief Executive Officer of Co-Creation Hub Nigeria, Dr ‘Bosun Tijani, at the Pan-African Youth Forum 2023. According…

  • Adidas Posts Loss As Kanye West Split ‘Hurts’ Business

    Adidas ended its partnership with Kanye West after a series of anti-Semitic outbursts by the controversial rapper. German sportswear giant Adidas reported Friday a hefty first-quarter loss, acknowledging its split from controversial US rapper Kanye West was “hurting” its bottom line. The company booked a net loss of 39 million euros ($43 million) from January…

  • ‘Budget Deficits, Promissory Notes’: Why Nigeria’s Debt Stock Is Growing – DMO

    The Debt Management Office (DMO) on Wednesday explained that Nigeria’s debt stock is growing due to a combination of three major factors. The DMO Director-General, Patience Oniha, who was a guest on Channels Television’s Sunrise Daily, said Nigeria has been running a budget deficit for many decades. She added that several loans have been contracted…

  • ‘We have been pushed to the wall’ — NLC to embark on nationwide strike over naira scarcity

    The Nigeria Labour Congress (NLC) has directed public sector workers in the country to embark on strike. The strike is billed to commence on Wednesday next week. Joe Ajaero, the NLC president, gave the directive at a media briefing in Abuja on Wednesday. He also directed that affiliate unions constituting the NLC should be on…

  • FG earns N10tn in VAT under Buhari’s government

    The Federal Government has earned N10.1 trillion in revenue from the Value Added Tax, VAT, under President Muhammadu Buhari’s administration. The latest National Bureau of Statistics report showed that VAT earnings continued to rise annually throughout the eight years. The country earned N759.4bn in 2015, N777.5bn in 2016, N972.4bn in 2017 and N1.1tn in 2018.…

  • FG raises fuel supply to avert price hike

    The Federal Government, through its Nigerian National Petroleum Company Limited, has increased the supply of Premium Motor Spirit, popularly called petrol, to independent oil marketers, in a bid to avert a further hike in the pump price of the commodity. Oil marketers confirmed on Friday that the national oil company listened to their demands for…

  • Reactions In Warri As CBN Finally Breaks Silence On Usage Of Old Naira Notes(VIDEO)

    The directive of the Central Bank of Nigeria to commercial banks to dispense and receive old naira notes as legal tender across the country has continued to generate reactions from Warri residents. They said it is disheartening that the Presidency And the Central Bank Of Nigeria did implement the Supreme court judgment on the new…

  • Two problems with naira redesign – Moghalu

    Governor, Kingsley Moghalu, has expressed dissatisfaction over the series of crises created by the naira redesign policy of the apex bank. Moghalu noted that the terrible suffering and economic loss Nigerians experienced as a result of the faulty implementation of the CBN’s naira redesign policy and the entry of the judiciary into central banking functions…

  • 10 States In Nigeria With Low Poverty Rate

    The heartland of Africa, Nigeria, controls the continent’s highest revenue. This is large because Nigeria has a massive oil reserve and has exploited this resource for decades. However, the country’s massive wealth has not entirely reflected in the living conditions of numerous Nigerians, 63% of which are living below the poverty line. This in turn…