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AfDB To Invest $3bn In Africa’s Pharmaceutical Industry
The African Development Bank (AfDB) has said it would invest 3 billion dollars to build Africa’s pharmaceutical industry in the next 10 years. AfDB added that it was also supporting the Africa Center for Disease Control (Africa CDC) with 28 million dollars to strengthen its capacity to tackle the issue of vaccines President of the…
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E-payment Transactions In Q1 2021 Hit N66trn
The financial system of Nigeria has recorded a surge in the value of electronic payment transactions to N65.6 trillion in the first quarter of the year (Q1’21). This indicates an increase of 82 percent Year-on-Year, YoY, from N36.02 trillion in the corresponding period of 2020 (Q1’2020). Industry analysts have indicated that the development is connected…
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ATM Transactions Decline By N67bn In Q4’20
The value of Automated Teller Machine transactions, on a quarterly basis, dropped by N67 billion to N4.82 trillion in the fourth quarter of 2020. This is a decline from N5.49 trillion recorded in the previous quarter, Q3’20. However, the volume of transactions rose by 21 percent to 242.3 million in Q4’20 from 200.94 million in…
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Stock Market: Investors Withdraw N339.06bn In 3 Months
Foreign and domestic investors pulled out a total of N339.06bn from the Nigerian stock market in the first three months of the year 2021. According to data from the Nigerian Exchange Limited, the foreign portfolio investors sold Nigerian stocks worth N90.12bn in the first quarter while domestic investors withdrew N248.94bn from the market. The foreign…
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CBN: Nigeria Fiscal Deficit N485.51bn In January 2021
The Federal Government of Nigeria has recorded a N485.51bn fiscal deficit in January 2021 according to statistics obtained from the Central Bank of Nigeria. According to the monthly economic report for January released by the apex bank, the low revenue performance in January was due to the decline in non-oil receipts. This is following the…
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2021 Week 17: Covid-19 Cases Drops
Nigeria, in the seventeenth week of 2021, recorded a total of 467 cases of COVID-19. On average, the country had over 66.7 daily records of cases between April 23th and April 29th, 2021. According to Nigerian Center for Disease Control, the country had recorded a total number of 45 cases on Friday, 23th of April.…
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‘270 million Facing Starvation Globally’
A worldwide coalition of non-governmental organisations and Civil Society Organisations has raised concerns over the increasing number of people, estimated at 270 million, facing starvation globally. The group under the aegis of the International Council of Voluntary Agencies (ICVA) wrote in an open letter to leaders of nations across the world endorsed by 260 NGOs…
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Nigeria To Account For 23% Of New Projects In Africa
A data and analytics firm, Global Data, has projected an increasing revenue in Nigeria by 2025 as the country would account for 23 percent of new projects in the oil and gas industry. The firm said these projects within the next five years, would boost the revenue of the country. In the report entitled: ‘Africa…
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Customs Revenue Hits N466.1billion In 3 Months
The Nigeria Customs Service has generated N466.1 billion revenue between January and March, the first quarter of 2021. The statistics obtained from the office of the Public Relations Officer of the service, Mr Joseph Attah, yesterday, showed that the revenue was generated within three months. The data indicated that the NCS realized the highest revenue…
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OPEC: Nigeria’s Rig Count Drop In 3 Months
According to data from the Organization of Petroleum Exporting Countries, the rig count of Nigeria has dropped by 55.34 per cent in the first quarter in 2021 to 19. The rig count, a major index of measuring activities in the upstream sector, had stood at 65 in the corresponding period of 2020 before sliding to…