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Forex Remittances Crash By 48%
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…
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Bank Deposits Rise To N16.89tn In Three Months
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…
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Telecom Firms’ Diesel Cost Jumps By 233%
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…
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Power Firms Owe Banks N861.14bn
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…
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44% Of Nigerian Firms Paid Hackers Ransom In 2021
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…
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EU-Nigeria trade rises by 25.8 %
The trade volume between the European Union and Nigeria has increased by 25.8 percent to peak at €28.7 billion in 2021. The EU’s imports from Nigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria. The Head of the European Union Delegation to Nigeria…
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10 Countries Account For 75% Global Gas Flaring
The World Bank has said that ten countries, including Nigeria, account for 75 percent of global gas flaring. The other countries include Russia, Iraq, Iran, the United States, Venezuela, Algeria, Mexico, Libya, and China. This was disclosed in the 2022 Global Gas Flaring Tracker Report published on Thursday on the bank’s website. According to the…
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Kenya’s Mobile Money Transactions Rose By 63% In 2021
The mobile money agency industry in Kenya is a fast-rising one that became very popular at the peak of the coronavirus pandemic. Unlike other businesses that thrived during the pandemic, the digital money transfer business has continued to soar, even as Kenya’s government continue to ease off the pandemic restrictions. According to data provided by…
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131,376 Retirees Withdraw N32bn
According to the National Pension Commission at least 131,376 workers, who retired from active service, cannot be placed on monthly pensions. Figures obtained from PenCom show that the affected workers have received all the contributions in their Retirement Savings Accounts totaling N32.58illion and quit the Contributory Pension Scheme. PenCom said the affected retirees had below…
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Socio-Economic Development (Governance D) 2010 – 2021