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NDIC explains delays in compensating Heritage Bank customers due to BVN and account information discrepancies. Substantial payments were made, but verification was needed for unresolved cases. Liquidation dividends are planned for larger deposits. NDIC commits to progressive payments as assets...
Discover how rising food prices in Nigeria, including rice, beans, and tomatoes, are reshaping household budgets. Explore innovative culinary solutions amid economic challenges and learn about the factors driving these price hikes.
The rising prices of essential food commodities like rice...
Nigerian families adapt to skyrocketing tomato prices by using alternatives like cucumber, carrot, and peppers in traditional recipes. Creative cooking methods emerge as tomato costs surge over 120%. Experts cite seasonality and logistics for price increases. Social media facilitates recipe...
Nigeria removes five oil blocks from the 2024 licensing round due to legal disputes. NUPRC confirms withdrawal of PPL3008, PPL3009, PML51, PPL267, and PPL268. Decision impacts originally announced 12-block offering. The move highlights legal complexities in Nigeria's oil sector and may affect...
Nigeria's debt-to-GDP ratio has surpassed 50%, hitting N121 trillion in total debt. Moody’s predicts debt interest could consume 36% of government revenue, highlighting economic challenges amid rising borrowing and currency devaluation pressures.
Nigeria’s debt-to-GDP ratio has exceeded 50% for...
The Nigerian Naira depreciated by over 40% in early 2024, despite policy reforms and increased external reserves, reaching N1505.30 per dollar. The currency's instability continues to challenge the economy.
In the first half of 2024, the Nigerian Naira experienced a depreciation of over 40...
Nigeria
Shareholders Left Empty-Handed as PZ Cussons Nigeria Reports N96.4 Billion Loss and Negative Equity
PZ Cussons Nigeria reports a massive N96.4 billion loss in FY 2024, resulting in negative equity. Despite revenue growth, exchange losses, and macroeconomic challenges have severely impacted the company's finances. Delisting plans face hurdles as the parent company reviews Nigerian operations to...
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy, advocates for an hourly minimum wage in Nigeria, linking it to worker productivity. He also suggests allowing civil servants to hold multiple jobs. His proposal aims to balance wage adequacy with productivity for sustainable...
Nigeria
Tinubu's Executive Order Eliminates Tariffs and VAT on Healthcare Equipment and Pharmaceuticals
President Tinubu signs an Executive Order introducing zero tariffs on healthcare equipment and raw materials to boost local production. The initiative aims to enhance Nigeria's healthcare value chain, lower costs, create jobs, and reduce import reliance. NAFDAC's efforts and expanded health...
Nigeria's healthy food costs surge 32% from December 2023 to May 2024, NBS report reveals. Regional disparities show South-West and South-East face the highest costs. Food inflation hits 40.66% in May. Starchy staples and animal-source foods drive increases, raising concerns about food security...
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