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PMI Dips In January 2022
The Stanbic IBTC Purchasing Power Index has dropped to 53.7 per cent in January 2022 from 56.4 in December 2021. The drop, which reflected a four-month low, was attributed to the cost pressures that remained sharp in January, but purchase price inflation eased notably from December’s previous peak. The survey report from Stanbic IBTC shows…
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Inter-city T-fare Increase By 283%
The National Bureau of Statistics has said in its report that intra-city transport fares in Nigeria have increased by 283% between January 2017 to December 2021. The average cost of bus transportation within Nigerian cities rose from ₦122.83 in January 2017 to ₦470.83 in December 2021. Abuja had the highest intra-city bus transport cost at…
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Aliko Dangote’s Automobile Company Begins Car Assembling In Nigeria
Aliko Dangote’s automobile company has begun operations in Nigeria, starting with the assembling of the Land Trek, 3008, 5008 and the new 508 models. The Dangote Peugeot Automobiles Nigeria Limited (DPAN) begins operations nearly four years after joint owners Dangote Group received approval to take over the non-functional Peugeot plant, now known as PAN Nigeria…
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Bank Credit To Private Sector Rises In December
Credit to the private sector reached its highest level in December 2021, reaching ₦35.73 trillion from ₦30.15 trillion recorded as of December 2020. This represents a ₦5.58 trillion increase in one year. The development is attributed to a combination of the Central Bank’s policies, innovation in technology and the surge in the number of FinTechs…
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Currency In Circulation Rises By N1.15tn
According to data from the Central Bank of Nigeria, the currency in circulation in the country rose by ₦1.15 trillion in 2021 to ₦3.33 trillion as of December 2021. The development, the highest level to be recorded in the year, is on the back of several monetary policies adopted by the financial regulator to increase…
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Domestic Airlines Airlifted 12.05m Passengers In 2021
According to the summary of flights operation obtained from the Nigerian Civil Aviation Authority, 10 domestic airlines operated 74,537 flights conveying 12,050,264 passengers in 2021. The authority revealed that out of the 74, 537 flights, 41,328 flights which represents 55 percent were delayed while 542 flights were canceled. The report also showed that there were…
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Outlook On Africa’s Gaming Industry’s Value And Trends From 2020 -2025
In the heart of Nigeria’s economic capital lies a suburb popularly known as Mushin Olosha. A well-known street in the neighbourhood has four video gaming centres. Young boys between the ages of 12 to 18 are seen walking in casually now and then to spend a minimum of N100 on soccer games or other games…
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Africa’s First Electric Bus Begins Operations In Kenya
Africa’s first locally designed and manufactured electric bus has begun operations in Kenya’s capital, Nairobi. The Swedish-Kenyan start-up Opibus first launched in 2017, with the hope that its first model would begin operations in 2022. With its first model now up and running, the start-up would be able to boost the development of green transport…
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African Startups To Look Out For In 2022
In 2021, African tech startups surpassed their mark with collective funding worth over $2 billion. This year, the trend is not slowing down. With collective funding of over $200 million, according to Business Insider, in just the first month of 2021, these startups are making it very clear that they are not slowing down. Here…
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Diaspora Remittances Drop In 10 Months
Data from the Central Bank of Nigeria has shown that money sent home by Nigerians living abroad dropped by 62 percent. The drop in diaspora remittances, according to CBN website, showed that the total direct remittances stood at $1.96 billion in the first 10 months of 2021 compared to the $5.21 billion the country recorded…