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Nigeria To KickOff Currency Minting Deal With Gambia
The Central Bank Of Nigeria has agreed on a currency minting deal with the Central Bank of Gambia. CBN Governor, Mr Godwin Emefiele, agreed to the currency minting proposal from the Governor of the Central Bank of the Gambia, Mr Buah Saidy, who led a delegation to visit him on Tuesday, June 15. According to…
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38 Million Nigerian Adults Financially Excluded
A survey has reported that 36 percent of Nigerian adults, or 38 million adults, remained completely financially excluded at the end of 2020. According to a new report by Enhancing Financial Innovation & Access, titled ‘New data from EFInA’, said financial inclusion grew, adding that there was a need for more action. Part of the…
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Onion Marketers Threaten To Cut Supply To The South
The Onion Producers and Marketers Association of Nigeria (OPMAN) has announced it will stop the supply of onions to southern Nigeria beginning from today (Monday) if government fails to respond to their demands to guarantee security of their goods and merchants. OPMAN President, Aliyu Isa, while speaking to journalist in Sokoto State revealed that members…
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Foreign Stock Investors Withdraw N99.94bn
Foreign investors from the Nigerian stock market pulled out a total of N99.94bn in the first four months of 2021. According to data from the Nigerian Exchange Limited, the foreign portfolio investors injected N78.31bn into the market from January to April. Foreign portfolio investment outflow includes sales transactions or liquidation of portfolio investments through the…
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Shoprite Leaves The Nigerian Market After 16 Years In Business
South Africa-owned chain of stores, Shoprite, has bid its final farewell to its biggest market Nigeria after 16 years of operation in the country. The grocery retail brand first announced its plans to exit the Nigerian market in 2020 after recording a decline in sales since 2018. According to the report, its international supermarkets (excluding…
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FG Receives 75 Bids For 12 Roads Concession
No fewer than 75 firms have submitted bids to serve as concessionaires for 12 federal roads mapped out for concession by the Federal Government of Nigeria. Bid documents submitted by the companies as well as the names of the firms were officially announced at the headquarters of the Federal Ministry of Works and Housing in…
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FG Revenue Agencies Remit N1.54tr In Q1
The Revenue Mobilisation Allocation and Fiscal Commission has disclosed that a total of N1.54 trillion revenue was remitted by the revenue-generating agencies of the federal government of Nigeria. In a statement by the RMAFC, the revenue was remitted into the federation account in the first quarter of 2021. The Chairman of the Commission, Engr. Elias…
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41% Family Businesses To Decline In Sales Growth
Findings by PricewaterhouseCoopers global family business survey for 2021 has revealed that about 41 percent of family businesses in Nigeria are expected to decline in sales growth in the year. The survey examined the views of 2,801 family business leaders and decision-makers across 87 territories. The report is targeted at building on PwC’s long-time involvement…
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Pension Assets Rise To N12.4trn
The total pension fund assets of the Contributory Pension Scheme increased by 0.8 percent Month-on-Month, to N12.4 trillion in April 2021. This is according to the unaudited report on pension funds industry portfolio for the period ended 30 April 2021 released by the National Pension Commission PenCom. The data showed that the funds rose to…
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World Bank To Boost Nigeria’s Water Supply With $700m
The World Bank has approved $700 million credit for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Programme. The credit, from the International Development Association, is to ensure that six million people can access basic drinking water services and 1.4 million people can access improved sanitation services. The SURWASH programme, which would…