Economy

Operators of moribund oil blocks to forfeit licence – Lokpobiri

DailyTimesNGR DailyTimesNGR 2 April 2025 0

By Tunde Opalana The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has charged oil majors to sustain investment that will guarantee oil production growth while threatened that the federal Government will withdraw oil blocks from operators who have failed to energize

Economy

Nigeria’s pension fund assets rise to N22.86trn in January 2025

DailyTimesNGR DailyTimesNGR 31 March 2025 0

BY MOTOLANI OSENI Nigeria’s pension fund assets grew to N22.86 trillion as of January 31, 2025, reflecting a 1.55 per cent increase from the N22.512 trillion recorded in December 2024, according to the latest data from the National Pension Commission (PenCom). The steady expansion highlights the resilience of the pension sector despite prevailing economic challenges. […]

Economy

How soaring interest costs push global debt past $100trn

DailyTimesNGR DailyTimesNGR 24 March 2025 0

BY GODWIN ANYEBE Global debt has surged beyond $100 trillion, driven by soaring interest costs that are making borrowing more expensive for governments and corporations. Nearly half of OECD and emerging market government debt will mature by 2027, forcing nations to refinance at significantly higher rates, straining budgets and limiting future spending. The Organisation for

Economy

Rising unemployment weakens Nigeria’s UN Security Council bid, experts warn

DailyTimesNGR DailyTimesNGR 23 March 2025 0

BY TUNDE OPALANA Nigeria’s ambition for a permanent seat on the United Nations Security Council (UNSC) is being undermined by the country’s growing unemployment crisis, policy experts at Nextier have warned. In a new report titled Nigeria’s Waning Influence: Can the Giant of Africa Reclaim Its Diplomatic Might? analysts Olive Aniunoh and Khadijat Shuaibu argue […]

Economy

2024 FAAC Distribution: Lagos gets highest revenue of N531.1bn – NEITI

DailyTimesNGR DailyTimesNGR 20 March 2025 0

…as FG disbursement increases by 43% By Tunde Opalana Lagos State in 2024 received the highest allocation of N531.1 billion from the Federation Account. The Nigeria Extractive Industries Transparency Initiative (NEITI) which revealed this said the Federation Accounts Allocation Committee (FAAC) disbursed a total N15.26 trillion to the federal, state, and local

Economy

FG rolls out plans for sustainable economic development

DailyTimesNGR DailyTimesNGR 12 March 2025 0

…over $40bn foreign reserves signals confidence in financial management – Edun By Tunde Opalana The Federal Government has unveiled a comprehensive economic plans that will ensure sustainable development. This include fiscal priorities and economic direction for the coming year. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun

Economy

Naira tumbles as offshore demand outpaces FX inflows

DailyTimesNGR DailyTimesNGR 10 March 2025 0

BY TUNDE OPALANA The naira weakened significantly against the US dollar across foreign exchange (FX) markets, reversing its recent gains as offshore demand outpaced available inflows. Both the official and parallel markets felt the impact of dollar scarcity, with demand surging beyond supply. Data from the FMDQ platform showed that the naira depreciated by 0.33 […]

Economy

Remita not discarded, to be integrated into TMRAS – OAGF

DailyTimesNGR DailyTimesNGR 6 March 2025 0

By Tunde Opalana The Office of the Accountant General of the Federation (OAGF) has assured the public that Remita, the Federal Government approved payment gateway, will not be discarded continue to be operational despite the launch of the new Treasury Management and Revenue Assurance System (TMRAS). Spokesperson for the OAGF, Bawa Mokwa, in a statement […]

Economy

Non-Oil sector’s 3.96% growth bolsters Nigeria’s economic stability

DailyTimesNGR DailyTimesNGR 26 February 2025 0

BY TUNDE OPALANA Nigeria’s non-oil sector has continued to serve as the backbone of the economy, recording a 3.96 per cent growth in Q4 2024—its strongest performance in recent quarters—offering a vital buffer against oil revenue fluctuations. Experts have lauded this surge, noting that it underscores the country’s gradual shift towards a more diversified economic […]

Economy

27.5% Monetary policy rate adjustable – CBN

DailyTimesNGR DailyTimesNGR 21 February 2025 0

By Tunde Opalana The Central Bank of Nigeria’s (CBN) has raised the hope that the 27.5% Monetary Policy Rate (MPR) recently declared is adjustable. Though the CBN Monetary Policy Committee (MPC) insisted it will hold all key rates steady as it monitors inflation and exchange rate dynamics. The MPC has signaled that it will “remain […]

Economy

Nigeria’s Debt Profile Now $7.8Trillion – Moghalu

Ihesiulo Grace 21 June 2021 0

Nkiru Nwagbo, Awka Former Central Bank of Nigeria Deputy Governor Prof Kingsley Moghalu yesterday announced that the country’s debt profile has reached the sum of 7.8 trillion dollars in the last three years. Moghalu who disclosed this at Nnamdi Azikiwe University during the Kwechiri Political summit lamented that the level at which the federal government […]

Business Economy

Cut operational cost to catalyse business environment, economy –shareholders urge listed companies

Ihesiulo Grace 7 April 2021 0

The Shareholders Association, Ibadan Zone, has urged companies in Nigeria to be decisive and cut operational costs to catalyze the business environment in the face of economic challenges. The chairman of the association, Mr. Eric Akinduro, gave the advice in an interview with the News Agency of Nigeria (NAN) in Ibadan, the Oyo State capital, […]

Business Economy

Gold deposit discovered along Abuja-Nasarawa border – FG

Ihesiulo Grace 19 March 2021 0

Minister of Mines and Steel Production Olamilekan Asegbite says the recently discovered gold deposit along the Abuja-Nasarawa axis will be produced in Nasarawa state. On Wednesday, Adegbite paid Nasarawa state governor Abdullahi Sule a courtesy visit in Abuja. The mineral resources were discovered, according to the minister, during an integrated mineral exploration project

Business Economy

Naira4Dollar: MAN, LCCI laud CBN’s move to address forex squeeze

Ihesiulo Grace 9 March 2021 0

Industrialists and manufacturers on Monday said the Naira 4 Dollar Scheme, an initiative by the Central Bank of Nigeria to encourage diaspora remittances would help stabilize the forex situation of the country. They made the assertion in separate interviews with the News Agency of Nigeria (NAN) on Monday in Lagos. NAN reports that the CBN […]

Business Economy

Oil slips after hitting pandemic high above $70

Ihesiulo Grace 8 March 2021 0

On Monday, Oil prices slipped after earlier climbing above $70 a barrel for the first time since the COVID-19 pandemic began after attacks on Saudi Arabian oil facilities. Yemen’s Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to […]

Business Economy

Nigerian economy out of recession – FG declares

Ihesiulo Grace 19 February 2021 0

The Federal Government (FG) has said that the Nigerian economy is out of recession with 0.11 percent Gross Domestic Product (GDP) recorded in the last quarter of 2020. The Minister of State, Budget and Economic Planning, Mr. Clem Agha, announced this in Imo on Thursday at the commissioning of a 3.5-kilometer ring road, executed by […]

Agriculture Economy

Food security: Kogi Government Signs Two Loans Agreement

Ihesiulo Grace 12 February 2021 0

On behalf of the Kogi State Government, the Kogi State Commissioner for Economy, Budget and Economic Planning, Asiwaju Idris, concluded two separate subsidiary loan agreements yesterday in Abuja with the International Fund for Agricultural Development (IFAD) and the World Bank. The project is to be funded jointly by the World Bank, the Agency for French […]

Economy Society

Zamfara Women’s Empowerment Scheme

Ihesiulo Grace 12 February 2021 0

One thousand and eight hundred women were empowered with twenty thousand Naira each from the fourteen local government areas of Zamfara state to enable them to do business. The First Lady of the State of Zamfara, Aisha Mohammed, said that under her office, the Women’s Empowerment Scheme had adopted a new policy that would encourage […]

Economy

‘How #EndSARS, COVID-19 will push Nigeria’s BOP negatively’

Ihesiulo Grace 9 November 2020 0

By Tunde Shorunke Nigeria has been an import-dependent country and industry experts have opined that the nation’s Balance of Payment (BOP) will be negatively impacted due to the adverse effect of the #EndSars protest and the COVID-19 pandemic ravaging economic activities. Concerning different point of view from experts, Nigeria is said to be certain of […]

Economy

AfCFTA take off: We’re addressing concerns of transhipment — Mene

Ihesiulo Grace 21 September 2020 0

Philip Clement, Abuja AfCFTA – As part of measures to ensure the smooth take off of the Africa Continental Free Trade Area agreement (AfCFTA), concerns relating to transhipment and other trade barriers will be addressed, Secretary General of AfCFTA, Wamkele Mene has said. READ ALSO: Implementation of AfCFTA agreement our own stimulus, economic relief package-Mene