Figures released by the Nigerian Upstream Petroleum Regulatory Commission, have shown that the country’s oil reserves increased by 0.136 billion barrels to 37.046 billion barrels as of January 31, 2022. Nigeria’s gas reserves also grew by 2.09 trillion cubic feet to 208.62TCF as of January 31, 2022, according to data released by the NUPRC. Announcing […]Read More
Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency, the World Bank has said, adding that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report titled ‘Migration […]Read More
The National Bureau of Statistics has said that Nigerian residents spent N108.47 trillion on household consumption in 2021 in nominal terms. The figure is 11 percent higher than the N97.72tn recorded in 2020. This is an increase amid double-digit inflation of 15.92 recorded in march 2022. The NBS, which disclosed this in its recent Expenditure […]Read More
A new report by the Nigerian Economic Summit Group and the Open Society Initiative for West Africa has disclosed that the eleven economic communities of west african states countries are currently in debt distress based on debt sustainability analysis. The countries are Nigeria, Benin, Burkina Faso, Cabo Verde, the Gambia, Ghana, Guinea Bissau, Liberia, Niger, […]Read More
Figures obtained from the Central Bank of Nigeria have revealed that Nigeria’s total direct remittances dropped by $119.4 million. This is a drop to $130.12 million as of January 2022 from $249.52 million as of December 2021. The development indicates a 48 percent increase over a period of one month. Breakdown Analysis According to the […]Read More
Nigeria’s agricultural imports continued to take an upward trajectory, hitting N2.7tn in 2021. This is coming despite spending no less than N129.084bn on agriculture loans to farmers. According to findings by our correspondent, the Central Bank of Nigeria and the Federal Government, through the Agricultural Credit Guarantee Scheme Fund (ACGSF), has guaranteed a total of […]Read More
Figures obtained from the Central Bank of Nigeria revealed , banks’ demand deposits rose by N1.1tn in three months to N16.89tn as of the end of March 2022. According to the CBN, the figure, which stood at N15.81tn as of the end of January, rose to N16.17tn as of the end of February. Currency in […]Read More
According to analysis and computation of data from Nigerian telecoms operators, the cost of powering telecommunication services with diesel has jumped by at least 233.33 percent in recent months to N30 billion monthly. The development brings the annual cost of powering telecoms services with diesel to N360 billion. The operators under the aegis of the […]Read More
According to the Central Bank of Nigeria data, the debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021. This is coming amidst the lingering problems plaguing the sector since it was privatized over eight years ago. According to figures obtained […]Read More
About 71 percent of Nigerian organizations were hit by ransomware in 2021 while 44 percent of the affected firms were forced to pay ransoms to get their data back. This is according to a new report by Sophos, a United Kingdom-based cybersecurity solutions firm. The report titled, ‘The State of Ransomware 2022,’ said the number […]Read More
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