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Contributory Pension Gains N640bn In Four Months
According to figures from the National Pension Commission, the total assets under the Contributory Pension Scheme rose by N640 billion in four months to N14.06tn in April. This was contained in the National Pension Commission’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 April 2022; Approved Existing Schemes,…
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NNPC Got N1.7tn From Crude Sales In 12 months
The Nigerian National Petroleum Corporation has said that it made N1.7 trillion as revenue from crude oil sales in one year. The corporation’s latest monthly and financial report for August said the sum was earned from March 2020 to March 2021. This came after the corporation lifted a total of 108 million barrels of crude…
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Mobile Transactions Hit N4.86tn In Four Months
According to data from the Nigeria Interbank Settlement System, Nigerians’ use of mobile channels for payment transactions has risen by 3,454.46 percent. This is an increase from N136.85 billion within the first four months of 2019 to N4.86 trillion in the corresponding period of 2022. This growth follows a 13.98 percent increase in the number…
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China to Nigeria : Imports Rise By 183.91%, Debts Hit $3.67bn
According to the National Bureau of Statistics data on foreign trade, Nigeria’s import from China rose by 183.91 percent from N530.98 billion in the first quarter of 2018 to N1.51tn in Q1 2022. NBS said China is responsible for most of the imports into Nigeria. In the five quarters under review, China was the number…
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Nigeria’s Public Debt Climbs By N2.04tn In Q1
The Debt Management Office said that Nigeria’s total public debt stock increased to N41.60 trillion in the first quarter of 2022 from N39.56 trillion as of December 2021. This shows an increase of N2.04 trillion within a period of three months. The public debt stock covers the total domestic and external debt of the Federal…
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Crude Oil Exports Jump by 194%
Figures from the Foreign Trade Report of the National Bureau of Statistics had said that Nigeria’s crude oil exports jumped to N5.6 trillion in the first quarter of 2022. This reflects nearly 200 percent increase when compared to the same period in 2021. NBS said that Nigeria’s total merchandise trade stood at N13 trillion in…
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Nigeria’s Renewable Energy Investment Potential Hit $104bn
The United Kingdom High Commission has said that climate-smart investment potential in Nigeria, particularly in the renewable energy sector, is worth over $104bn. In his address at the Carbon Chamber Conference of the Abuja Chamber of Commerce and Industry, the Head of Climate Change and Energy West Africa, UK High Commission, Sean Melbourne, said the…
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Mapping Ondo Attacks In Six Months
Insecurity in Nigeria has become a grave concern to citizens living in the country. Attacks by gunmen, kidnappers, militants and separatist groups have become too sudden, expanding from the northern region of the country, where it had much dominance, into other states in the southern region. The consistent security attacks have dampened the country’s economic…
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DisCos revenue surges by 47% to hit N757bn
The Association of Nigerian Electricity Distributors’ 2021 report has said that the revenue collection by the 11 distribution companies increased by 47 per cent to N757bn in 2021. In the association’s report on the Commercial Key Performance Indicator for its members, it said NESI’s revenue collection in 2021 set a new record of N757bn, which…
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Local, Foreign Companies Withdraw 69.32% Of Investment Projects
The Nigerian Investment Promotion Commission has disclosed in its report that investment commitments declined from $8.41bn in the first quarter of 2021 to $2.58bn within the same period in 2022. This shows that investment commitments declined by 69.32 per cent from Q1 2021 to Q1 2022. According to the Report of Investment Commitments in Nigeria…