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E-payment Transactions Rise By Over 300% In 2020
The value of electronic payment transitions rose to N704.04 trillion at the end of 2020. This is a year-on-year increase of 325 percent from N165.8 trillion in 2019. Also, the volume of e-payment transactions rose YoY by 142 percent to 7.16 billion in 2020 from 2.96 billion in 2019. Analysis of data from the National…
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Nigeria Spends N568.5bn Annually On Electricity Shortfalls
The World Bank has said the Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount is speculated to increase if the country fails to take the right action. The bank also disclosed that…
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Uganda To Recommence Production Of Electric Cars
The Ugandan government has announced June 2021 as the new date for the recommencement of production of electric cars after having failed to hit the 2018 deadline. The manufacturing company, Kiira Motors took to its Twitter handle writing, “Expect us to start manufacturing Ugandan made vehicles from our Vehicle Plant by June 2021.” To further…
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Nigeria’s Investment Rise to $8.41 In Q1 2020
The Nigerian Investment Promotion Commission said that the total investment in Nigeria rose to $8.41 billion in the first quarter of 2021. The report added that Balyesa and Delta states emerged as top investment destinations during the period adding that the investment in Q1 2021 is 75 percent more than the value in the same…
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Nigeria Leads Bitcoin P2P Trading Across Africa in Q1 2021
Despite the suspension of crypto trading in Nigeria, amidst regulatory works, Nigeria is leading the Bitcoin P2P trading in Africa in the first quarter of 2021. Between January and March, Nigeria posted a peer-to-peer (P2P) Bitcoin trading value worth $99.1 million, Kenya followed with $38.4 million,( $61 million less than Nigeria’s). Ghana and South Africa…
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Foreign Reserves Rise To $34.85 Billion
The foreign reserves, on April 1, stood at $34.85 billion, representing $404 million increase compared to $34.41 billion on March 11. This rose has been attributed to the Central Bank of Nigeria ‘Naira for Dollar’ policy which led to positive accretion to the foreign reserves exactly one month after takeoff. The policy has seen dollar…
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PenCom: Over 9,000,000 Workers Have Pension Accounts
The total number of workers with pension accounts under the Contributory Pension Scheme rose slightly to 9,265,141 as of the end of February 2021. Figures obtained from the National Pension Commission on its February monthly report on Friday said the cumulative Retirement Savings Account registrations grew from the 9,147,039 recorded in Q3, 2020 to 9,215,788…
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Nigeria Debts Stock Hits N32.9tr
The Director General of the Debt Management Office (DMO), Patience Oniha, has said the Federal and State cumulative debt has hit a sum of N32.9 trillion . According to her, “It is useful to state that the Public Debt figures published by DMO are the Debt Stock of the FGN, the 36 states and the…
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Hyundai and KIA To Set-Up Assembly Plants In Ghana By 2022
Ghana’s minister for trade, Alan Kyerematen announced that South Korean car manufacturers, Hyundai and KIA would set up their assembly plants in Ghana by the end of 2022. Kyerematen revealed that the manufacturers would be joining the likes of Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck that are already operating in the country. “By the end…
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Four States Debt Surpass Net Revenue
The Fiscal Responsibility Commission has said that the debts of four states exceeded their net revenues by more than 400 per cent. The states include Lagos, Osun, Cross River and Ogun. FRC in its report ‘Debt sustainability analysis of state governments’ for 2019 also showed that the debts of all the 36 states and the…