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FIRS Generates N6.4 trillion Revenue In 2021
The Federal Inland Revenue Service raked in ₦6.4 trillion as revenue in 2021. The agency said, the highest in its history surpassing the ₦5.3 trillion generated in 2019 when Babatunde Fowler was the head. FIRS chairman Muhammad Nami said in a statement that despite the limitations faced in 2020/2021, the agency surpassed its collection target.…
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Forex Inflow Hits $55.5bn In Seven Months
Data obtained from the Central Bank of Nigeria have shown that the country recorded a foreign exchange inflow of $55.5bn in seven months. The rise in forex inflow was attributed to increased non-oil receipts and proceeds from Eurobonds, among other factors. In its economic reports, the apex bank said the country earned $18.3bn in the…
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IMF Forecasts 2.7% Growth Rate For Nigeria In 2022
The International Monetary Fund in its January World Economic Outlook has predicted a growth rate of 2.7 percent for Nigeria in 2022. The institution made the forecast in the summit titled “Rising Caseloads, a Disrupted Recovery, and Higher Inflation” released in Washington. The growth projection is 0.1 percent higher than the 2.6 percent IMF’s forecast…
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Nigeria’s New Refinery To Start Processing Crude Oil in 2022
On Saturday, Nigeria’s foremost businessman Aliko Dangote announced the Dangote refinery would begin operations by the third quarter of 2022. The refinery located in the Lekki Free Zone near Lagos, Nigeria is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility with a presumed processing capacity of 650,000 barrels per day…
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Nigeria Attracts $31.82bn Six Countries In 33 Months
From January 2019 to September 2021 the capital inflows from the United Kingdom, the United States, South Africa, the United Arab Emirates, the Netherlands, and Mauritius hit $31.82 billion in three years. According to data from the National Bureau of Statistics, the six countries accounted for 83.32 percent of the total capital of $38.18bn imported…
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Price Of Diesel, Petrol Rise In January
There are indicators that the prices of Automotive Gas Oil (diesel) and Premium Motor Spirit (petrol) are increasing in January 2021. The National Bureau of Statistics (NBS) said that the average price of Automotive Gas Oil (diesel) is N289.37 per litre as at December 31, 2021. However there are indications that the price of diesel…
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Net Forex Inflow Falls 30% To $2.69bn
Report by the Central Bank of Nigeria has shown that Nigeria’s Net foreign exchange inflow fell year-on-year (YoY) by 30 percent to $2.69 billion in October 2021. This was a decrease from $3.87 billion in the corresponding period of 2020. The latest Monthly Economic Outlook by the bank indicated that the decline in net inflow…
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A Look Into The Hike Of Diamond Price And Demand In 2022
Leading diamond exploration and retailing company De Beers recently raised their prices by 8%, according to a report by Bloomberg. De Beers raised prices of rough diamonds throughout much of 2021 as it sought to recover from the first year of the pandemic when the industry came to a near halt. Yet most of those…
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In Nine Months, Import Bill Rose To $8.92bn
Between January to September 2021, Nigeria’s total import bill for the period rose to $8.92bn from $4.29bn in the same period of 2020. This was disclosed by an economist and Chief Consultant, B. Adedipe Associates Limited, Dr Biodun Adedipe, while presenting the report titled ‘National economic outlook: Implications for businesses’, during an event organized by…
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In Seven Months, Cash-strapped Banks Borrow N9.17tn
Figures obtained from the banking sector regulator has shown that Deposit Money Banks and merchant banks have borrowed the sum of N9.17tn from the Central Bank of Nigeria. The banks borrowed this through its Standing Lending Facility window within a period of seven months. Banks often access the CBN’s SLF window to borrow funds, subject…