The Chief Executive Officer of the Lagos Free Zone (LFZ)-the first private free trade zone in Nigeria, Dinesh Rathi, has declared that the newly commissioned Lekki Deep Sea Port will boost Nigeria’s economy by increasing the volume of trade and attracting more foreign direct investment (FDI) to Nigeria, through the Zone. Rathi said this while delivering his goodwill message at the official commissioning of Lekki Deep Sea Port by the President, Federal Republic of Nigeria, President Muhammadu Buhari, held at the port site on Monday, January 23, 2023. In his speech, he disclosed that with the integration of the Lekki…
Author: NG Breaking News
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Nigeria’s fortunes have been dwindling over the decades, with the country’s debt stock currently the highest ever in its history at N44 trillion. It could rise further to N77 trillion this year. Nairametrics caught up with Dr Ayo Teriba, the CEO of Economic Associates and the Vice-Chairman of the Technical Committee of the National Council on Privatization. We asked him, among other things, what must Nigeria do to reverse Nigeria’s dwindling fortunes. Enjoy the conversation. NAIRAMETRIC: What is your view about the government’s debt profile? Ayo Teriba: The government is proposing this year to borrow N11 trillion more, and proposing to…
Data from the Central Bank of Nigeria has shown that the apex bank has discontinued its intervention programme for the real sector of the economy which had hit N4.81 trillion as of November 2022. According to the communique of the recently concluded monetary policy meeting held on the 23rd and 24th of January 2023, the real sector intervention as of January 2023 remained unchanged compared to November 2022. This followed the move by the CBN to aggressively combat the rising inflation by mopping up excess liquidity in the Nigerian economy. Breakdown of CBN’s intervention: The apex bank has disbursed a…
According to Arewa for Asiwaju, Nigerians should thank the All Progressives Congress (APC) presidential candidate, Bola Tinubu, for extending the deadline for the use of old naira notes. Recall that Tinubu said last week at a rally in Abeokuta, the capital city of Ogun state, that the scarcity of petrol and the redesign of the naira were part of a plot to derail the upcoming election and his victory. However, following several requests for an extension of the deadline, the Central Bank of Nigeria (CBN) extended it to February 10 from January 31. In a statement issued on Monday, Aliyu…
A throwback photo of the popular skit maker, Chukwuemeka Emmanuel Ejekwu alias Sabinus or Mr Funny and his friend has stirred reactions from cybercitizens. The content creator who turned 28 years old today, 30th January 2023 is being celebrated by friends, family and fans all over the world. In the spirit of celebration, Sabinus’ colleague and friend who often features in his skits took to his Facebook page to wish the comedian a happy birthday while sharing some photos they took together. See the post below: He included an old picture of himself and Sabinus, the latter in the picture…
The exchange rate between naira and the US dollar fell sharply to N752/$1 on Monday, 30th January 2022, representing a 0.94% depreciation compared to N745/$1 recorded last week Friday. This is according to information from black market FX traders who spoke to Nairametrics. Similarly, the exchange rate at the cryptocurrency P2P exchange depreciated on Monday morning to trade at a minimum of N752.4/$1, a 0.83% downturn compared to N746.2/$1 recorded as of the same time last week Friday, 27th January 2023. In the same vein, the exchange rate at the investors and exporters (I&E) window closed at N461.75/$1 on Friday, 27th January 2023,…
The Fiscal Policy Partner and Africa Tax Lead at PwC, Mr. Taiwo Oyedele, has said that encouraging Nigerians to use e-payment channels for transactions may not necessarily address the current scarcity of naira notes in circulation until the government makes e-payment easier and safer for the people. According to him, many countries that have embraced electronic payments and minimal use of cash are doing so not because their currencies are scarce or to avoid penalties. Instead, they do so because their economies run on credit even as e-payment is more convenient, safer, and incentivized than cash. Many countries embrace electronic…
This is not a doomsday prophecy, but the reality is right in our faces: 2023 could potentially be a challenging one for the labor market. The extent and consequences of the disruptions caused by global economic downturns, shrinking investment in businesses and ongoing market adaptation to the impact of COVID-19 and the Ukraine-Russia war in 2022 will be evident on the global market this year. The International Monetary Fund predicts economic growth decelerating to 2.7 per cent in 2023 compared to 3.2 per cent in 2022 and 6.0 in 2021 — the first pandemic-struck year in five decades. The forecast…
The cast of Netflix’s rave-of-the-moment show, “Shanty Town,” sat down with Actress Bimbo Ademoye for some of the best and most juicy bits from behind the scenes of the set. Chidi Mokeme (Scarr), Ini Edo (Inem), Nancy Isime (Shalewa), Mercy Eke (Jackie), Ali Nuhu (The Accountant), and producer of the show, Chichi Nworah all gave fans a bit of what it was like being on the set. They answered questions on meeting and working with role models in the industry, most ready on set, most reserved on set, the food prefect, most interesting part about being part of the show,…
Nollywood Actor, Junior Pope Odonwodo was recently a victim of a terrifying robbery attack. The movie star took to his Instagram page to narrate the ordeal, which has left him and some of his colleagues devastated. Jnr Pope said he was on his way home from work last night, Jan. 29, when he and his colleagues were robbed at gunpoint around Ubulu Okiti in Delta State. According to him, the Actor was in his car with actress Georgina Ibeh and another colleague when he saw a roadblock made with tree stumps. He noticed a group of men coming out of…