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Articles by Says CBN
Oil Pushes FG’s Revenue Up By 54% To ₦2tn Q3 2024
Oil revenue rose by 53.59 per cent to ₦2 trillion relative to the level in the third quarter of 2024, occasioned by higher receipts from oil revenue. The Central Bank of Nigeria’s 2024 fourth quarter economic report, however, said the earnings fell short of the quarterly target by 62.19 per cent.
Power Generation Faces Downturn, Falls By 1.64% , Says CBN
The Nigerian electricity sector slowed in the fourth quarter of 2024 (Q4 2024), with the electricity production index declining by 1.64% year-on-year (y-o-y). Data from the Central Bank of Nigeria (CBN) says this marks a reversal from the 5.55% growth recorded in the third quarter of 2024 (Q3 2024). Average estimated electricity generation rose by 2.34% to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024.
Nigeria’s Gas Output To Remain Flat In Second Quarter - Report
Nigeria’s gas production will likely remain flat in the second quarter of this year, the Society of Energy Editors (SEE) has projected in its Second Quarter 2025 Outlook for the Nigerian Energy Sector. Gas flaring penalties might tighten, forcing operators to invest more in gas utilisation, as the Second Quarter Outlook also predicted.
Power Generation Faces Downturn, Falls By 1.64% , Says CBN
The Nigerian electricity sector slowed in the fourth quarter of 2024 (Q4 2024), with the electricity production index declining by 1.64% year-on-year (y-o-y). Data from the Central Bank of Nigeria (CBN) says this marks a reversal from the 5.55% growth recorded in the third quarter of 2024 (Q3 2024). Average estimated electricity generation rose by 2.34% to 4,206.50 megawatts per hour (MW/h) from 4,110.47 MW/h in Q3 2024.
Naira Falls 35.53% Against Dollar In Q1 Amid Increased Forex Inflow- CBN – Prime Business Africa
The Central Bank of Nigeria (CBN) has released its economic report for the first quarter of 2024, revealing a significant decline in the naira’s value against the US dollar. According to the CBN, the average exchange rate of the naira at the Nigerian Foreign Exchange Market (NFEM), fell by 35.53% to N1,304.72 per US dollar, compared to N841.15 in the fourth quarter of 2023.
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 22nd August 2024 – Prime Business Africa
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, also known as black market, especially the Aboki fx as of 22nd August 2024 is N1,610 for 1 USD. This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators. Because of the dynamics of supply and demand in the informal foreign exchange market, the Central Bank of Nigeria (CBN) official rates often differ significantly from those on the black market.
Gabon President Restricts Government Officials From Overseas Holidays, Allows Only 1 Week Leave
Gabon’s interim president, General Brice Oligui Nguema, has imposed strict new restrictions on the members of his transitional government. These measures, announced on Monday via press release 064, include a ban on overseas holidays for all cabinet members and a limit of one week of holiday leave. The move has sparked discussions about whether Nguema is preparing to solidify his hold on power ahead of the country’s next presidential election.
Nigeria's Equity Market Dips as Oando, Nascon, Others Pull Back on Key Stocks
The Nigerian equity market witnessed a slight decline on Wednesday as investors opted to sell off shares in some major companies, causing the All-Share Index (ASI) to dip by 0.07 percent. This drop was largely driven by the sell-off in stocks like University Press, Oando, Nascon, May & Baker, and C&I Leasing. The equity market, which had shown strong performance earlier in the year, faced a setback as University Press led the pack of declining stocks.
10 YouTube Channels With The Highest Subscribers
YouTube has evolved into one of the most popular platforms for content creation, with billions of users and countless channels vying for attention. As reported by Prime Business Africa, Cristiano Ronaldo’s newly launched YouTube channel, “UR Ronaldo,” has set an unprecedented record by becoming the fastest channel to reach one million subscribers in just 90 minutes.
Credit For Importation Of Goods Dropped By 62% In Q1 2024, Says CBN
Nigeria recorded $204 million as letters of credit payments in the first quarter of 2024. According to the Central Bank of Nigeria, CBN, the figure recorded in Q1 represents a decrease of $344 million or 62 percent, when compared to the $549 million reported in the same quarter in 2023. The apex bank’s data also showed letters of credit payment stood at $58 million in January, compared to $107 million in the same month last year.
FX Market Volatility Caused By Seasonal Demand, Says CBN
The monetary policy committee, MPC, of the Central Bank of Nigeria, CBN, says the volatility in the foreign exchange market is caused by the seasonal demand for forex. Speaking on Tuesday during the press briefing of the committee’s 295th meeting in Abuja, Olayemi Cardoso, CBN’s governor, said the committee urged the CBN to sustain its focus on the gradual growth of foreign reserves after noting the marginal increase in the external reserve balance between March and April.
Delta Governor Oborevwori Warns Traditional Rulers Against Hiding Soldiers’ Killers, Seeks Collaboration - Arise News
Delta State Governor Sheriff Oborevwori has, on Thursday, warned traditional rulers in the state against hiding persons involved in the killing of three military officers and 13 soldiers in Okuama community, Ughelli South Local Government Area of the state, saying those covering criminals are inviting trouble to themselves.
NLC President Ajaero Dismisses Political Ambition Allegations Amid Labour Party Feud
President of the Nigerian Labour Congress (NLC), Comrade Joe Ajaero, has dismissed insinuations by the Labour Party National Chairman, Julius Abure, that he was inching towards declaring a political aspiration, using the platform of the party. Both factions of the Labour Party led by Julius Abure and the Lamidi Apapa had had accused Ajaero of wanting to use the platform of the Labour Party to actualise his political aspiration for the presidency.
Violence Rises In Haiti, Gang Leader Killed As Transition Council Close To Being Established
Haitian gang leaders have threatened retaliation on politicians and their families if they engage in the transition council. In Haiti’s capital Port-au-Prince, violence erupted on Thursday as political factions moved closer to establishing a transition council to govern in lieu of an absent government. The clashes included a shootout resulting in the death of a prominent gang leader.
Solid Minerals Minister Alake Unveils Mines Marshals to Secure Mining Sites Nationwide
In fulfilment of his pledge to create a new security architecture to secure mining sites, the Minister of Solid Minerals Development, Dele Alake, has charged the 2,200-strong Mines Marshal to smoke out illegal miners and all those who flout the nation’s mining laws. Formally receiving the marshals drawn from the Nigeria Security and Civil Defence Corps (NSCDC) from the Commandant-General, Abubakar Audi, representing the Minister of Interior, Hon.
Terrorists Abduct Passengers in Katsina, Police Rescue 14
Terrorists armed with sophisticated weapons attacked a commercial bus belonging to the Katsina State Transport Authority on Thursday. The Katsina State Police Command has confirmed the abduction of passengers by terrorists at Gidan Kifi village along Marabar Kankara road in Kankara Local Government Area of the state.
Withdraw All Cases Within Seven Days, APC Orders Benue Chapter
Benue State APC has been in turmoil since the purported suspension of Austin Agada as the State Chairman. The All Progressives Congress (APC) has issued a one week ultimatum to members of its chapter in Benue State to discontinue their internal crisis and withdraw all ongoing cases filed in court. The National Working Committee (NWC) of the APC issued the order in its resolution after a meeting which held in Abuja on the crisis in its Benue state chapter.
Eyitayo Jegede Withdraws from Ondo Governorship Race
A two-time governorship candidate of the opposition Peoples Democratic Party (PDP) in Ondo State, Eyitayo Jegede (SAN), on Thursday announced his withdrawal from the forthcoming governorship election in the state. Recall that Jegede, was the candidate of the PDP in 2016 and 2020 elections, respectively, but lost to late Oluwarotimi Akeredolu of the All Progressives Congress.
Lagos to Partner With Mastercard on Technology, Innovation
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday, indicated interest in a mutually beneficial partnership between the state government and Mastercard for technology, digitalisation and innovation. The governor said the development of backend infrastructure by the Lagos state government will help Mastercard’s investment drive in the State.
NCDMB, NLNG in South Korea to Monitor Progress of Train-7 Project - Arise News
The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Liquefied Natural Gas Limited (NLNG) are currently carrying out an onsite out-of-country monitoring visit to South Korea to inspect facilities in the ongoing Train 7 project. They include fabricating Pressure Vessels, Columns, Heat Exchangers, and Filters for the Train 7 project awarded to the consortium of SAIPEM, Chiyoda and DAEWOO (SCD JV).
Anambra Governor Soludo To Flag Off 32.2km Ibadan Circular Road on Friday - Arise News
Oyo State governor, ‘Seyi Makinde, will on Friday receive the Anambra State governor, Prof. Charles Soludo, to flag off the road infrastructure component of the Ibadan Circular Road project.
US Invested $200m in Nigeria's Food Security in Last 5 Years, Envoy Says
The United States government has said it has invested $200 million in food security in Nigeria in the last five years. The US government also said another $150 million was given as grants to 33 private sector companies in Nigeria. The revelation was made by the US Acting Ambassador to Nigeria, David Greene at the 2024-2029 Global Food Security Strategy Launch. He also revealed that another $22 million, has been invested in Nigeria’s cocoa value chain, spanning across seven states.
Arewa Consultative Forum Hails Tinubu For Reopening Nigeria-Niger Border
“Tinubu deserves accolades for the latest move and acting in Africa’s interests, a heroic step forward against neo-colonial manoeuvres.” The Arewa Consultative Forum (ACF) has commended President Bola Tinubu for reopening the Nigeria – Niger air and land borders and the lifting of economic sanctions. Nigeria had closed its borders against Niger Republic in the wake of the coup that sacked Mohamed Bazoum as democratically elected president on July 26, 2023.
Diphtheria Kills 4 Children in Kano
Apart from four deaths, another 28 children were infected by Diphtheria in Minjibir LGA of Kano State. Four children have been confirmed dead while 28 others infected with Diphtheria in the Minjibir local government area of Kano State. A press statement signed by the Information Officer of the local government, Tasiu Yahaya confirmed the incident on Thursday. According to him, apart from the death, another 28 children were also infected by the disease in the local government area.
Tinubu To Meta: Nigeria Ready With Gifted Youths To Lead Africa In Digital Technology - Arise News
President Bola Tinubu has disclosed that his administration is sustaining investments in digital technology to enhance the sustainability of small businesses, expand opportunities across sectors, and propel Nigeria to become the lodestar of information and communications technology in Africa.
Super Eagles, Black Stars Duel in Marrakech in Preparation For World Qualifiers
Nigeria and Ghana will clash in a prestigious international friendly match in Morocco on Friday with the minds of players of both teams attuned to their Matchday 3 and 4 encounters in the 2026 FIFA World Cup African qualifying campaign in the first week of June. The Super Eagles, with only two points from a possible six in their first two matches, entertain South Africa’s Bafana Bafana in Uyo before squaring up to the Cheetahs of Benin Republic away in the Matchday 3 and 4 games.
Muktar Muhammed Commends Nigeria's National Patronage Reward Programme
Recently, a collaborative effort between the CashToken Rewards Africa and the Nigerian Lottery Regulatory Commission led to the proposal of a national patronage reward programme that seeks to reward all consumers who patronize businesses operating within the country. The CEO of Financing with Muktar, Muktar Muhammed, spoke with ARISE NEWS on Thursday regarding the benefits of this reward programme, commending it as a great initiative.
Nigeria Reports New Lassa Fever Cases
In the period of one week, from February 26 to March 3, the Nigeria Centre for Disease Control and Prevention (NCDC) has reported new Lassa virus cases, along with 20 deaths across 16 states. The NCDC saw an increase in confirmed cases during the ninth week of 2024. The previous week recorded 96 cases. Lassa fever is transmitted to humans via contact with contaminated food or objects, usually from infected rodents or individuals.
Mohbad’s Autopsy Result To Be Released In Three To Four Weeks
The autopsy results of late singer Ilerioluwa Oladimeji Aloba, popularly known as Mohbad, would be ready in three to four weeks according to the director of Lagos State DNA and Forensic Centre, Richard Somiari. The assurance was given on Wednesday by Somiari while testifying during a coroner’s inquest into the death of the singer. Due to the controversy surrounding his death, the state government of Lagos demanded a coroner’s inquest.
US Justice Department Accuses Apple of ‘Illegal Monopoly’ in Competition Lawsuit
EXCERPT: The DOJ has accused Apple of engineering an illegal monopoly in smartphones that boxes out competitors and stifles innovation. The US Justice Department on Thursday announced a sweeping antitrust lawsuit against Apple, accusing the tech giant of engineering an illegal monopoly in smartphones that boxes out competitors and stifles innovation.
Brazilian Court Rules Robinho Must Serve Nine-Year Rape Sentence In Brazil
Former Manchester City and Real Madrid forward, Robinho, has been ordered by a court in Brazil to serve a nine-year prison sentence for rape. The ruling comes after an Italian court found him guilty in 2017 of participating in the gang rape of a 22-year-old Albanian woman in 2013. Despite the Italian court’s verdict, Robinho, now 40, has been residing in Brazil, which does not extradite its citizens.
Okuama Killings: We'll be Professional in Our Operations, Says Major General Abdulsalam
The General Officer Commanding (GOC), 6 Division, Nigerian Army, Major General Jamal Abdussalam has assured that troops conducting operations, over the murder of officers and soldiers at Okuama community in Ughelli South Local Government Area would be firm, decisive and professional in the cause of the operations in the area.
Nigeria Targets 7 Frontline States for Pulako Approach, Sets Aside N50bn to Tackle Banditry, Rustling - Arise News
Nigeria’s Federal Government is accelerating the Kinetic Approach to the fight against terrorism and banditry with the establishment of the N50 Billion Pulako Initiative, targeting seven frontline states in the battle against banditry and cattle rustling. The Minister of Information, and National Orientation, Mohammed Idris disclosed this to Newsmen during Iftar (breaking of Fast) on Wednesday evening in Kano.
At Least 21 Dead In Suicide Bombing At Bank In Afghanistan - Arise News
Afghan government officials waiting in line for their salaries were caught up in a suicide bombing tragedy. At least 21 people have lost their lives in a devastating suicide bombing that rocked the southern Afghan city of Kandahar, as reported by a doctor at the regional hospital. The Taliban government, however, has disclosed a significantly lower death toll, citing three casualties. Police officials have confirmed numerous injuries resulting from the attack.
Alfred Kemapado: We Cannot Confirm Reports Of Casualties In Igbomotoru, Bayelsa, Because Nobody Can Access the Community - Arise News
The former Head of Reintegration of the Presidential Amnesty Program, Alfred Kemapado, has said that the reports of people being killed, and houses being razed in the Igbomotoru community in Bayelsa State are yet to be verified or substantiated because the military has not granted access to the community.
Ogbodo: Military Ambush In Okuama Not Caused By Communal Crisis But Tied To Illegal Oil Bunkering - Arise News
Former Editor of Guardian Newspaper and Niger Delta leader of thought, Abraham Ogbodo, has said that the ambush and murder of the troops from the 181 Amphibious Battalion is not connected to the communal crisis between Okuama and Okoloba, but instead connected to illegal oil bunkering in the Niger Delta.
Nigeria To Incorporate Financial Literacy In Schools’ Curriculum By October, Says CBN - Arise News
The Central Bank of Nigeria (CBN) said it is working to ensure that the final copy of the National Financial Literacy Curriculum is included in schools’ academic calendar by October this year. The central bank stated that though the document was still being drafted, the curriculum should be integrated into academic programmes in the next school sessions.
Non-oil Revenue Soars By 67% To N4tn, Says CBN
The Federal Government has grown its non oil revenue by 67 per cent to approximately N4tn quarter-on-quarter, according to the Central Bank of Nigeria’s third quarter report. The report also showed that the Federal Government’s collected revenue increased by 50.1 per cent in the third quarter of 2023.
Power: Nigeria, Germany Reinvigorate Gasping Siemens Power Project Agreement To Save Face
…as Industry stakeholders are asking what has happened to the previous agreement President Bola Tinubu meets with the German Chancellor Olaf Scholz on December 1, 2023, in Dubai, United Arab Emirates on Friday Reinvigorate the gasping Siemens Power project through another signing of agreement after all the Muhammed Buhari administration did. Nigeria and Germany on Friday signed the Presidential Power Initiative agreement to improve electricity supply in Africa’s most populous nation.
Over N500bn Loan Repaid By Farmers Under Anchor Borrowers Programme, Says CBN
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FG Borrows N2.45tn From CBN Amid Fiscal Risks
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months.
Photo News: Chartered Insurance Institute of Nigeria, Visits Sovereign Trust Insurance Plc
L-R: Sanni Oladimeji, DGM, Risk Management and Compliance, Sovereign Trust Insurance Plc, Segun Bankole, DGM Corporate Communications and Investor Relations, Abimbola Tiamiyu, Director General, Chartered Insurance Institute of Nigeria, CIIN, Olaotan Soyinka, MD/CEO, Sovereign Trust Insurance Plc, Edwin Igbiti, 51st President & Chairman of Council of the Chartered Insurance Institute of Nigeria, CIIN, Ugochi Odemelam, Executive Director, Marketing and Business Development, Sovereign Trust...
LIRS Set To Launch Whistle-Blower Initiative August 5
The Lagos State Internal Revenue Service (LIRS) is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state on Friday, August 5, 2022.
Boosting Customers’ Holiday Experience With Stanbic IBTC Travel Insurance
Anselem Igbo, Chief Executive Stanbic IBTC Stanbic IBTC Insurance Brokers Limited, a subsidiary of Stanbic IBTC Holdings has reiterated its resolve to boost its customers’ experiences while they enjoy their holidays with the Stanbic IBTC Travel Insurance policy. Anselem Igbo, Chief Executive Stanbic IBTC Insurance Brokers Limited, disclosed this while emphasising the importance of having a travel insurance cover.
Capital Express Grows Profit By 34% To N90.68million FY21
BY NKECHI NAECHE-ESEZOBOR— Capital Express Assurances Limited, on Friday said it’s Profit for the year grew by 34 percent to N90.68million in the financial year ended December 2021 from the N67.88 million recorded in 2020. The result in 2021, which was recovery year from COVID 19– follows with a profit before tax growth of 32 percent from N69,567million recorded in 2020 to N91,549 million in same period of 2021.
Manufacturers Adopt Survival Strategies Amid Worsening Environment - Report
The Manufacturers Association of Nigeria has said that unemployment and the business climate of manufacturing firms worsened in the second quarter of the year. The association stated this in its “Manufacturers CEO’s Confidence Index,” in which it noted that its members had to resort to adopting survival strategies to improve production.
Stanbic IBTC Pension Managers Pledges Commitment To Enhancing Organisations’ Welfare
Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings has reiterated its commitment to the well-being of its customers. Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers stated this at the 2022 edition of the Stanbic IBTC Pension Managers Employers Forum.
Non-remittance of Dollars By NNPC Behind Naira Crisis, Says CBN
Godwin Emefiele,CBN Gov. Non-remittance of dollars to foreign reserves by the Nigeria National Petroleum Corporation (NNPC) is responsible for naira’s free fall in the official and parallel markets, the Central Bank of Nigeria (CBN) has said. As at the close of work yesterday, the naira traded for N700/$1 at the parallel market and N415.96/$1 at the official market. The CBN explanation was given in report that was released yesterday.
Seplat Energy Records 71% Rise In Q2 Revenue To $527 Million
Declares US$ 2.5 cents Dividend per share July 28, 2022/Seplat Energy Plc Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has reported a rise of 238% in its half year 2022 profit before tax (PBT) to $209.9m from $62.1m year-on-year. The company also maintained a strong balance sheet with $350m cash at bank.
Inflation May Hit 16.84% By May, Says CBN - InsideBusiness - Business News in Nigeria
Nigerians are in for a very difficult time following a forecast by the Central Bank of Nigeria (CBN) that inflation might quicken to 16.84 per cent by May 2022. Inflation was 15.92 per cent in March from 15.70 per cent recorded in February 2022 and the frequent rise in prices of goods and food items have given a clue to a higher inflation rate for April when the National Bureau of Statistics (NBS) announces the new figure any moment from now.
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