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Power Generation Drops By 19%
Nigeria power generation has dropped by 19.23 percent to 3,089.30 Megawatts during the Easter festivities. This development left most parts of the country without electricity supply for the festive season. According to data from the Independent System Operator (ISO) portal, a semi-autonomous unit at the Transmission Company of Nigeria (TCN), the drop is against the…
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Development Transportation Analysis (2010 – 2018)
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Nigeria’s Economic Growth Slowed In February
According to the Central Bank of Nigeria’s report, the economy recorded slow growth in February. The CBN’s Monetary Policy Committee report showed that in February, the Manufacturing Purchasing Managers’ Index recorded slow growth, with the Non-Manufacturing PMI also contracting. It stated that, “The Committee, however, noted that although the Manufacturing Purchasing Managers’ Index, remained above…
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In 2020, 477,405 Complaints Were Unresolved In Four Banks
Within a period of one year spanning January 1 to December 31, 2020, four top banks in Nigeria recorded a total of 477,405 unresolved customer complaints. The banks are Zenith, Guaranty Trust Bank, United Bank for Africa and Access Bank. The figures were arrived at after analysing the 2020 annual financial reports of the banks.…
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Assets Of 882 Microfinance Banks Hit N1.35tn
According to a report by the Central Bank of Nigeria on ‘Microfinance Banks’ Account Assets’ quarterly, the total assets of Nigeria’s microfinance banks increased to N1.35 trillion by the end of September 2021. This is from N856.3 billion recorded in September 2020. Also, figures obtained from the CBN on ‘List of Licensed Microfinance Banks’ showed…
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External Reserves Loses $313m
According to figures obtained from the Central Bank of Nigeria, Nigeria’s external reserves fell by $313 million in March 2022. The CBN’s figures showed that the foreign exchange reserves, which commenced March 1, 2022, at $39.86billion, fell to $39.55billion as of March 30, 2022. Following the invasion of Ukraine by Russian forces, crude oil prices…
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Nigeria’s imports rise by N12.11tn
According to the Central Bank of Nigeria and the National Bureau of Statistics data, between 2016 and 2021 Nigeria’s import bill rose from N8.73 trillion to N20.84 trillion. This means that within the five-year period, imports into the country rose by N12.11tn or 129.10 percent. The CBN data show that the nation’s imports have been…
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E-payments Rise By 45% In Two Months
According to data from the Nigeria Inter-Bank Settlement System portal, about N54.98 trillion was processed through Nigeria’s electronic channels in the first two months of 2022. This is a 45.49 percent increase from the corresponding period of 2021 when N37.79 trillion was processed through the nation’s electronic channels. The NIBSS tracks payment volumes and value…
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Inside Industry Leader’s Strategy To Revive Tourism In Africa
Considered one of the fastest-growing industries in the pre-pandemic era, the tourism industry contributed US$9.2 trillion or 10.4%, to global GDP. Fast forward to 2022, and the industry is still struggling to recover from the Covid-19 pandemic. The African Union estimated that Africa lost nearly 55 billion US dollars in tourism revenues, with a global loss estimated…
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Air Passengers Grow By 34% In Africa
The International Air Transport Association says air travel in African countries grew by 34.7 percent in February 2022. The Geneva-based trade association representing over 230 international/global airlines said Africa posted a strong rebound in February 2022 compared to January 2022 while Omicron-related impacts moderated outside of Asia. However, it added that the war in Ukraine…