Despite the myriad of binding constraints plaguing the manufacturing sector in Nigeria, it recorded a growth of 1.5 percent while the manufacturing output in Africa contracted -0.7 percent in the last quarter of 2023 (Q4’23). This was revealed from data obtained from the UN Industrial Development Organization (UNIDO), reflecting the resilience of Nigerian manufacturers. The UN agency… Read more

The International Monetary Fund (IMF) has cautioned the Federal Government against the proposed amendment of the Act establishing the Central Bank of Nigeria (CBN), calling rather for the strengthening of the apex bank. The position of the Fund was contained in the Article IV Staff Consultation Report of the Board of Governors of the global organization,… Read more

As Nigeria’s fuel scarcity lingers, the Chairman, Senate Committee on Petroleum (Downstream), Senator Ifeanyi Ubah, said two refineries – Port Harcourt and Warri – would be fully operational by the end of 2024. He said plans have already been put in place to achieve the target, adding that the Kaduna Refinery would also be operational before the end… Read more

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday,… Read more

The naira on Tuesday depreciated at the official market, trading at N1,416.57 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira lost N62.36. This represents a 4.60 per cent loss when compared to the previous trading… Read more

The drive by the government to raise its non-oil revenue may have come under threat as no less than 4,817 containers fully loaded with export goods are currently trapped at the Lagos port. Vanguard findings show that out of this, 616 have been abandoned for over three years, thereby worsening the fate of small and medium… Read more

The Naira yesterday depreciated to N1,410 per dollar in the parallel market, from N1,395 per dollar last weekend. However, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,354.21 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,354.21per dollar from N1,400.4 per dollar last week Friday,… Read more

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The Nigeria Customs Service, NCS, on Monday in Kano/Jigawa Area Command, in collaboration with other security agencies, intercepted a passenger at the Mallam Aminu Kano International Airport, making a seizure of hard drugs. A statement from the Public Relations Officer, Saidu Nuruddeen, said that the successful operation was a testament to the effectiveness of inter-agency collaboration… Read more