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$8.99 Billion Investment Announced For Q3′ 2021
The Nigerian Investment Promotion Commission has said it tracked $8.99 billion as investment announcements in the third quarter of 2021 (Q3 ’21). In this announcement, Lagos State accounted for 81 percent at $7.29 billion during the period. NIPC reported this on its website, adding that the investment announcements in Q3 ’21 was 130 per cent…
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Nigeria’s Foreign Investments Cut To $875m
Nigeria’s Foreign Direct Investment has dropped to $875 million in the second quarter of this year–the lowest since 2016. This is not unconnected to the consistent insecurity threat, tough policies and other important factors that the country faced within the quarter. This was contained in a presentation by the Chairman, Presidential Advisory Committee on the…
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Transport Fares Rise By 41% Across Nigerian Cities
The National Bureau of Statistics has said that the average transport fare paid by commuters across Nigeria rose by 40.56 percent between September 2020 and September 2021. The average transport fare paid by commuters in September 2020 was N309.73, while the same fare went for N435.36 in September, 2021. NBS revealed this in its Transport…
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FG Bond Subscription Drops By 25%
In the month of October 2021, the Federal Government bond subscription dropped by 25 percent from N334.32bn in September to N250.71bn. According to the Debt Management Office, the Federal Government’s bonds worth N150bn for October, which were auctioned on October 20, with a settlement date of October 22, were oversubscribed by N100.71bn. The total subscription…
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Piracy On Nigerian Waters Falls By 77%
The Nigerian Maritime Administration and Safety Agency has said the country has witnessed its lowest level of piracy since 1994, with piracy dropping by 77 percent. NIMASA disclosed this in a statement saying the decline was reported by the International Maritime Bureau. “The trend of reduction in piracy and armed robbery in Nigerian waters has…
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Gencos Lose N1.66tn In Seven Years
Nigeria’s power generation companies have suffered a loss of N1.66 trillion in seven years as a result of non-payment for deemed capacity. The Executive Secretary, Association of Power Generation Companies, the umbrella body for the Gencos, Dr Joy Ogaji, disclosed this at a stakeholders’ meeting on the Regulators Monitoring Programme on electricity organised by the…
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Kenya To Convert Oil Plants To Liquified Natural Gas By 2030
Kenya has committed to convert heavy fuel oil-fired power plants to liquefied natural gas by 2030 as the nation pursues a cleaner energy path to a 100% climate-friendly grid. State-owned Kenya Electricity Generating Co., or KenGen, is conducting a feasibility study on reconfiguring the thermal power plants that currently account for about 7% of the…
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Nigeria Becomes First African Country To Roll Out Digital Currency
Nigeria has joined the list of emerging markets betting on digital money to boost its participation in the formal financial system. The digital currency, called the eNaira, was officially launched today after the apex bank of Nigeria outlawed banks and financial institutions from transacting or operating in cryptocurrencies in February. Since the launch of the…
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In Three Months, Discos Lose N97bn To Energy Theft, Others
In the first quarter of this year, the electricity distribution companies lost a total of N97 billion to energy theft, capping of estimated billing and other factors. The Association of Nigerian Electricity Distributors, the umbrella body for 10 of the 11 Discos in the country, said the amount lost by the power firms rose by…
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How Much Are Nigerian Banks Charging For Dollar Transactions?
A new report has shown that banks in Nigeria have raised dollar charges by 45.15%, following the stoppage of dollar sales to the Bureau De Change (BDC) operators in July 2021 by the CBN. BusinessDay shared that a bank customer performed a dollar transaction and was charged N601 to a dollar for his first transaction…