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CBN Introduces Initiative To Generate $200bn
The Central Bank of Nigeria has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves. The initiative ‘Race to $200 billion in FX Repatriation (RT200FX) Programme’ will stimulate non-oil exports with a $200 billion FX income target in the next three to five years, according to the apex bank.…
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NIMASA Paid N37.69bn In 2021
THE Nigerian Maritime Administration and Safety Agency has contributed N37.69 billion to the Consolidated Revenue Fund (CRF) in 2021. NIMASA Director-General Bashir Jamoh said that the N37.69 contribution was higher than N31.83 billion contributed by the agency in 2020. “In 2020, the agency contributed to the consolidated revenue account by paying N31,839,917,978.20k. We went ahead…
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Nigeria Attracts $23bn Investments Announcement In 2021
The Nigerian Investment Promotion Commission has said that Nigeria attracted an upward swing in its investment announcements in 2021, with a record $23. 3 billion. The Acting Executive Secretary of the commission, Mr. Emeka Offor, disclosed this saying, “the 2021 Investments Announcement Report indicated that US$23.30 billion was tracked during the year, representing about 39%…
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How Start-ups Raised $1.25bn In 2021
A Deals-book report has shown that startups operating in the Nigerian economy raised a sum of $1.25 billion deals in 2021. The report showed that the start-ups raised this sum through seed and series fundings across 91 deals within the year–with the tech sector attracting a significant portion of the funding. According to Nairametrics, The…
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Over 48,000 Switched PFAs In 2021
A total of 48, 543 contributors switched pension fund administrators (PFAs) in 2021, valued at about N171.7 billion. The National Pension Commission said, in a bulletin published by the commission, in November 2020, it launched the RSA Transfer System (RTS), also known as Transfer Window, to record a total of 48,543 accounts in 2021. The…
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Nigerian Refineries Rehabilitation Gulped N100bn In 2021
The Nigerian National Petroleum Company Limited has said it spent N100bn on refineries’ rehabilitation in 2021. In a report disclosed by the agency, the funding performance of the oil firm from January to December 2021, NNPC noted that the funds were pumped into revamping the facilities on a monthly basis last year. Although no refinery…
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North-East Loses $6.9 billion To Insecurity
The Borno State Governor, Babagana Zulum has placed the total losses suffered by the North East as a result of terrorism at about $6.9 billion. Zulum said the losses so far included over 5000 destroyed classrooms, 900,000 homes burnt beyond repairs, 713 damaged energy distribution sources, as well as 1600 destroyed public water sources, among…
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Investors Commit N3.36tn To FG Bonds In 2021
According to an analysis of the FGN Bond Auction results by the Debt Management Office, investors committed about N3.36tn to Federal Government bonds between January and December 2021. Bond oversubscriptions hit N1.61tn within the period under review. Breakdown Analysis The Federal Government bonds for January worth N150bn were oversubscribed by N88.28bn. The total subscription received…
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External Reserves Drop To $39.98bn
Figures from the Central Bank of Nigeria have revealed that the external reserves have fallen below the $40bn mark to the lowest point in over three months . The reserves dropped to $39.82bn on February 2, 2022 from $40.53bn as of December 30, 2021. According to CBN data, the country’s external reserves had jumped from…
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How Turnover In I & E Rose In January 2022
The Investors and Exporters window of the foreign exchange market rose sharply by 152 percent, Year-on-Year (YoY), to $2.16 billion in January 2022 from $906.44 million in January 2021. An analysis of weekly turnover in the window for January 2022 showed that $337.65 million was traded in the first week of January. The…