The total loans to customers from seven commercial banks in Nigeria rose to N22.9 trillion in the first half of 2023, the highest in at least six years, analysis of data from their financial statements show. Their combined customer loans…
The recent coup d’état in Niger has sent shockwaves through the region, with the World Bank warning of potential consequences for food markets in Nigeria and other West African countries. This political upheaval has raised concerns that an additional seven…
By Sodiq Adelakun Nigeria’s currency, the naira, has reached a record low exchange rate of N983/$1 at the black market, according to quotes received on Wednesday. This represents a 2.93 per cent drop compared to the previous day and a…
…Zenith Bank, GTCO, UBA lead way with strong financial performance In a promising development for the Nigerian banking sector, eight Deposit Money Banks (DMBs) have collectively generated approximately N3.9tn in gross earnings during the first half of the 2023 financial…
Nigeria is currently managing a significant amount of debt owed to the World Bank. According to data obtained from the World Bank’s website, Nigeria is servicing approximately $14.12 billion worth of loans. These loans are spread across 108 approved projects,…
By Sodiq Adelakun Nigeria’s pension assets managed by Pension Fund Administrators (PFA’s) have reached N17.67 trillion at the end of July 2023, according to data from the National Pension Commission (PenCom). This marks an increase from N16.11 trillion in May.…
By Matthew Denis The Nigeria Deposit Insurance Commission (NDIC) is set to pay liquidation dividends to depositors and ex-staff of defunct merchant bank. This was contained in a statement signed by the Director, Communication & Public Affairs, Mr. Bashir Nuhu…
By Sodiq Adelakun In a concerning development for Nigeria’s economy, the naira, the country’s currency, weakened to an all-time low of N960 against the dollar on Monday. This represents a 0.52 per cent loss compared to the N955 per dollar…
By Sodiq Adelakun Despite the persistent fall of the naira, twenty-three Nigerian states have seen a significant increase in bilateral loans, growing by 64.26 per cent to reach $462.81 million as of June 2023. These loans, primarily sourced from countries…
…Urges implementation of cost reduction strategies The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns over the rising inflation rate in Nigeria and the impact it will have on businesses. In a statement released on Monday, the LCCI…
