Inflation maintains moderate curve at 17.93% in May – NBS

Inflation maintains moderate curve at 17.93% in May – NBS

Inflation maintains moderate curve at 17.93% in May – NBS     The Consumer Purchasing Index (CPI) otherwise known as Inflation rate in Nigeria maintained its steady moderation on the curve in May reading 17.93% year on year. This is 0.19 percent points lower than the rate recorded in April 2021 (18.12 percent). Increases were recorded in all COICOP divisions that yielded the Headline index. On month-on-month basis, the Headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded in April…

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NITDA unveils policy to drive digital innovation, entrepreneurship

NITDA unveils policy to drive digital innovation, entrepreneurship

NITDA unveils policy to drive digital innovation, entrepreneurship     The National Information Technology Development Agency (NITDA), under supervision of Federal Ministry of Communications and Digital Economy, has publicly unveiled the Nigeria Digital Innovation, Entrepreneurship and Startup Policy (NDIESP). The NDIESP recently launched in Abuja, is in line with the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria – an initiative the federal government is leveraging to grow Nigeria‘s economy through digital technologies. “The reason we gathered here today is to present a draft National Digital Entrepreneurship…

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ANALYSIS: Bitcoin and Nigeria

Bitcoin and Nigeria

By Coronation Research   Bitcoin has taken the world by storm over the past year, but Nigerians were alert to the opportunities early on, and data suggests that they are among the most active Bitcoin traders in the world. At the same time, numerous central banks take a dim view of cryptocurrencies and would like to control them. What is the way forward? Bitcoin is the most commonly traded cryptocurrency in the world, accounting for about 60% of the global cryptocurrency market. It is created as a reward for a…

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MTN says rising insecurity threatens its operations in Nigeria

MTN Nigeria to inject $1.5bn into broadband expansion plans

MTN says rising insecurity threatens its operations in Nigeria       The local unit of MTN Group in South Africa has raised the alarm that its services in Nigeria could be disrupted due to the rising insecurity in the country. MTN Nigeria became the first company to acknowledge possible disruption to its services due to insecurity in the country. Nigeria faces increased insecurity, ranging from banditry, mass abduction of students at schools, kidnappings for ransom, armed conflict between herdsmen and farmers, armed robberies to an insurgency that has affected…

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Tony Elumelu Foundation trains over 200k African entrepreneurs across 54 African countries

Tony Elumelu Foundation trains over 200k African entrepreneurs across 54 African countries

Tony Elumelu Foundation trains over 200k African entrepreneurs across 54 African countries     The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering young African entrepreneurs from all 54 African countries, has successfully trained over 200,000 entrepreneurs in core business management skills as part of its 2021 TEF Entrepreneurship Programme. The entrepreneurs have completed the business management training globally likened to an MBA The Business Management training was conducted exclusively on TEFConnect, the Foundation’s proprietary digital platform that provides capacity-building support, advisory and market linkages to over 1 Million Africans…

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SEC licenses NG Clearing as first CCP in Nigeria

SEC issues new framework for central securities depositories

SEC licenses NG Clearing as first CCP in Nigeria     Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC) has granted NG Clearing Limited (NG Clearing) registration to perform the function of a central counterparty with effect from June 7, 2021. This registration now permits NG Clearing to clear and settle exchange traded derivative products – making NG Clearing the first CCP in Nigeria. Speaking on the issuance of the licence, the Chairman of NG Clearing, Mr. Oscar Onyema, said: “NG Clearing will deliver an unparalleled CCP…

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Three premium banks raked in N65bn gain on stocks in May

Three premium banks raked in N65bn gain on stocks in May

Three premium banks raked in N65bn gain on stocks in May     Shareholders in three banks quoted on the premium board of the nation’s stock market reported a cumulative gain of about N64.512 billion during the month of May 2021following positive market sentiment the local bourse witnessed during the month. The market sentiments for the banks, which include Access Bank Plc, Zenith Bank Plc and FBNH Plc, have remained resilient in the face of the pandemic. Checks by our correspondent revealed that the lenders recorded a gain of N64.512…

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Nigeria begins construction of its $7bn NLNG Train 7 project

Nigeria begins construction of its $7bn NLNG Train 7 project     Nigeria has flagged off construction of its Nigeria LNG Limited’s (NLNG) Train 7 project with the groundbreaking by President Muhammadu Buhari at the gas Company’s plant site on Bonny Island, Rivers State. The development forms part of early positive steps by the Africa’s top oil producer to realizing gas liquefaction effort. The project is expected to increase NLNG’s current six-train plant capacity by about 35 per cent from an extant 22 Million Tonnes Per Annum (MTPA) to 30…

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Service disruption looms as telecoms workers begin strike today

Service disruption looms as telecoms workers begin strike today

Service disruption looms as telecoms workers begin strike today   Data and call services may face disruption from today, Wednesday June 16, following a strike threatened to commence today by the Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN). The General Secretary of the association, Okonu Abdullahi, said in an interview on Monday that its members were embarking on the strike to protest arbitrary sack of workers and casualisation. He said subcontracting or outsourcing which had bedeviled the industry could no longer be allowed to continue as it…

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Muda Yusuf drops hints on how to fix inflation

Muda Yusuf drops hints on how to fix inflation

Muda Yusuf drops hints on how to fix inflation     Muda Yusuf, the Director General of the Lagos Chamber of Commerce and Industry (LCCI) has advised that for Nigeria to tackle inflation, it needs to fix supply-side challenges. He emphasised that to achieve desired results, fiscal deficit monetizationproblem must be fixed by the Central Bank of Nigeria (CBN). Dr Yusuf gave the hints in an interview in Lagos after the National Bureau of Statistics released the latest inflation figures. The renowned economist revealed that CBN’s deficit financing, which has…

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