Naira falls by 17% to N951/$
The naira fell by 17.91 per cent to N951.22/$ on the official Investor and Exporter forex window on Wednesday. This was as the dollar supply fell by 4.94 per cent to $135.58m from $142.63m. Data from FMDQ Securities Exchange revealed that the naira lost N144.49 against the dollar after closing trading on Tuesday at N806.73/$. […]
AfDB invested over $10bn in Nigeria in 52 years
The African Development Bank Group has invested over $10bn in Nigeria since 1971. The development bank made this disclosure in a statement, during the visit of the seven newly elected North West state governors, to strengthen cooperation and unlock the country’s vast agricultural potential. According to the AfDB, its active portfolio in Nigeria includes 48 […]
Tinubu to present 2024 budget November, says Senate
President Bola Tinubu will present the 2024 budget to the National Assembly in the next two weeks. The President will also submit the supplementary budget for 2023 to the National Assembly for consideration. The Chairman, Senate Committee on Appropriation, Senator Solomon Adeola, who made this known during the inaugural meeting of the committee on Wednesday, […]
Nigeria, EU sign over €900m agreements for developmental projects
Nigeria and the European Union, on Thursday, signed finance agreements worth over €900m for development projects. The agreements were signed at the EU-Nigeria Strategic Dialogue in Abuja. It formed a central part of the EU-Nigeria cooperation to advance the country’s green, resilient, digitally inclusive transition under Government Priorities and Global Gateway. Developed jointly between the […]
FG gets $98m Islamic bank education grant
The Federal Government, through the Universal Basic Education, has secured a grant of $98m from the Islamic Development Bank to fund “Bilingual Education Project,” in nine states. The beneficiary states are Adamawa, Borno, Gombe, Kaduna, Kano, Kwara, Nassarawa, Niger and Osun. A notice of procurement issued by UBEC and sighted by our correspondent in Abuja […]
Google announces N75m grant for 15 Nigerian SMEs
Google has announced the opening of applications for its Hustle Academy SMB Fund. It stated that the N75m equity-free fund, which was dedicated to Nigerian Small and Medium-sized Businesses, would offer N5m to 15 Nigerian small business owners. In a statement, the firm noted that small businesses form the backbone of the country’s economy but […]
Nigerian Senate confirms Cardoso as CBN governor, four other deputies
The Nigerian Senate has confirmed the appointment of Dr Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria (CBN), alongside his deputies days after they had resumed office. The nominees confirmed by the Senate on Tuesday for the deputy governorship positions are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. […]
External debt rises to N13tn over naira depreciation
Nigeria’s weak naira has pushed the country’s external debt up by N13.38tn; findings by The PUNCH have shown. Although the total external debt increased by $490m between the first quarter of 2023 and the second quarter of 2023, the value in naira increased significantly, according to data from the Debt Management Office. The main reason […]
I’ll find solution to Oil, Gas challenges, says Tinubu
President Bola Tinubu on Tuesday assured international investors that he is poised to solve the challenges in Nigeria’s oil and gas industry having worked in the sector himself. Consequently, he said Nigeria is open for business now more than ever. “We know the industry. We grew up in it. We are positioned to solve the […]
SPECIAL REPORT: How Aliko Dangote’s Businesses, Innovations Revolutionize Nigerian Economy, Africa
Alhaji Aliko Dangote, a name synonymous with economic prowess and philanthropic fervor, stands as a beacon of hope and innovation in Africa. His meteoric rise from modest beginnings to becoming the continent’s wealthiest individual is a testament to his unyielding vision and unwavering determination. This special report by Caracal Reports Nigeria delves into the profound […]