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Unsold Inventory Dips By 33.4% In 2021
Available data obtained from the Manufacturers Association of Nigeria shows that the inventory of finished but unsold manufactured products dropped by 33.4 percent to N384.58 billion in 2021 from N577.61 billion recorded in 2020. MAN said that manufacturing inventory of unsold finished products in key segments dipped to N169.75 billion in the second half of…
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11 ECOWAS Countries In Debt Distress
A new report by the Nigerian Economic Summit Group and the Open Society Initiative for West Africa has disclosed that the eleven economic communities of west african states countries are currently in debt distress based on debt sustainability analysis. The countries are Nigeria, Benin, Burkina Faso, Cabo Verde, the Gambia, Ghana, Guinea Bissau, Liberia, Niger,…
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Mobile Transactions Hit N8.07tn In Five Years
According to the Nigeria Interbank Settlement System and Nigerian Communications Commission, mobile transactions in Nigeria have jumped by 4,009.58 percent to hit N8.07tn within a five-year period as the number of telecommunication subscribers rises by 34.91 per cent to 195,128,265. Reports on the mobile inter-scheme transaction data tracked on the NIBBS portal revealed that mobile…
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Trading In Fixed Income, Currency Markets Drop By 31.2%
A January 2022 report released by the FMDQ Exchange has revealed that trading in the fixed income and currency (FIC) market has slumped back to 31.21 percent after the December 2021 uptick. The report said that Nigeria’s financial markets trading platform has put transaction volume at N14.13 trillion, down from N20.54 trillion recorded in December,…
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What Is Driving The Worsening Food Crisis In South Sudan
A new report by the United Nations revealed that up to 7.7 million people in South Sudan – some 63 percent of the population – are currently facing a food crisis. Since its independence in 2011, the oil-rich state has suffered instability, driven by extreme weather conditions, and internal armed conflict. Now the UN’s reports share…
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Several Civilians Killed As Air Raid Hits Ethiopia’s Tigray
A television station controlled by regional authorities has reported an air raid on Mekelle, the capital of northern Ethiopia’s Tigray region, despite adamant denials by the government. The broadcast shared that several civilians were wounded in the recent air raid which is the first of its kind in Mikelle since the conflict erupted last year.…
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60 African Migrants Arrive Italy A Week After Their Rescue
60 African migrants arrived in Italy on Wednesday, just over a week after they were rescued in the Mediterranean Sea off conflict-stricken Libya, according to a charity operating the vessel said. The Geo Barents, a rescue vessel operated by Doctors Without Borders, docked at Augusta late on Tuesday after Italian authorities gave it permission of…
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Benin Confirms Outbreak Of H5N1 Avian Flu
The Ministry of Agriculture in the Benin Republic has confirmed an outbreak of the highly contagious H5N1 avian flu in two districts near the capital Porto Novo. On Wednesday, Benin became the latest West African country to declare an avian flu outbreak, after Ivory Coast identified the disease last week near its commercial capital Abidjan.…
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FG Hikes Driving Licence Rate By 50%
The Joint Tax Board has announced the implementation of over 50% raise on the rates for vehicle number plates and driving licences across the country. Nigerians will now pay N18,750 for standard private and commercial number plates against the old rate of N12,500. Fancy number plate previously N80,000 is now N200,000; motorcycle number plate is…
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UK To Support Female Nigerian Tech Entrepreneurs
The UK has pledged its support to 30 Nigerian female tech entrepreneurs with 12-week coaching sessions with industry experts through its Green Tech programme. According to a statement issued yesterday by the Press and Public Affairs Officer of the British Deputy High Commission in Lagos, Ndidiamaka Eze, these coaching sessions would seek to boost the…