The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its 149th meeting on Tuesday, with a decision to raise the lending rate from 18.5 to 18.75 per cent, to curb the country’s inflation currently pegged at 22.79 per cent. The committee also adjusted the asymmetric corridor from +100/-700 to +100/-300 basis points around the Monetary Policy Rate (MPR). It retained the Cash Reserve Ratio (CRR) at 32.5 per cent and liquidity ratio at 30 per cent. Speaking at a post-MPC meeting, the acting CBN Governor, Folashodun Shonubi said 11 members attended the meeting. Shonubi in…
Author: Elvis Eromosele
Nigeria’s electricity generation experienced a significant week-on-week drop of 16.4 per cent, falling to 3,501.20 megawatts (MW) from the previous week’s 4,187.6 MW, recent reports indicate. Multiple factors contributed to this decline, including the poor condition of power plants and insufficient gas supply to thermal plants. As a consequence of the situation, the Electricity Distribution Companies (DISCOs) have resorted to load shedding, a measure taken to distribute the limited electricity among consumers at different times. In parallel developments, the Nigerian Electricity Regulatory Commission (NERC) reported that eleven electricity distribution companies have submitted applications for a rate review. These requests are…
The Federal Government has increased the school fees of new students into Federal Government Colleges otherwise known as Federal Unity Colleges. The fees which were increased to N100,000, represent a 122.2 per cent increase when compared to the previous fees of N45,000. This disclosure is contained in a circular from the Office of the Director of Senior Secondary Education Department of the Federal Ministry of Education, with reference number ADF/120/DSSE/I, dated May 25, 2023, and addressed to all Principals of Federal Unity Colleges. According to the circular titled, “Approved fees/ charges for Federal Unity Colleges (1st Term) for new students,“…
Kashifu Abdullahi, director general of the National Information Technology Development Agency (NITDA) has urged non-tech micro, small, and medium enterprises (MSMEs) to adopt digitalization and technology to accelerate growth. Abdullahi who stated this during a recent visit to GIZ/DTC Nigeria office noted that by digitising their processes, MSMEs operators will boost the country’s Gross Domestic Product by N53 billion. Citing research work, the director general said that any MSME that transforms digitally can increase its revenue by 26 per cent and cut costs by 22 per cent. “Today the MSMEs contribute 43 per cent to Nigeria’s GDP which is about…
Nigeria’s headline inflation rate accelerated for the sixth consecutive time to 22.79 per cent in June 2023, according to data by the National Bureau of Statistics released Monday. The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent in the previous month. The NBS report read, “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage…
The Society for Corporate Governance Nigeria (SCGN) recently hosted a special lecture and tribute event to honour two exceptional visionary board members, Prof. Chris Ogbechie and Prof. Juan Elegido, who are retiring from their distinguished director roles within the society. The event celebrated their illustrious contributions and recognized their profound impact on strategy, leadership, ethics, and corporate governance in Nigeria and across the African continent. The lecture, titled: “Leadership and Ethics: Ethos of Corporate Governance,” was delivered by Mr Isaac Orolugbagbe, a fellow of the Society. The lecture delved deeply into the intricate threads that connect effective leadership and ethical practices to…
The Development Bank of Nigeria has raised N23 billion in the first tranche of its N100 billion bond issuance programme to consolidate its support to micro, small and medium-scale enterprises (MSME). The instrument that will be due in 2028 is at 14.4 per cent. The bank hopes it would help in closing the huge funding gap in the MSME sector, which is critical for building inclusive growth and creating jobs. The N20 billion bond issuance, according to the executive of the wholesale lender, was oversubscribed to the tune of 15 per cent – a demonstration of the bank’s market acceptance.…
L-R: Adisa Olalekan, State Chairman, Tricycle Riders’ Association, Rajesh Kumar, 3W Sales Head, Simba TVS, Nnegiede Duke, 3S Dealer, Ibadan, Sandeep Rana, Regional Manager, Simba TVS, and Aderemi Ayoade, Mechanic State Chairman, Tricycle Riders’ Association at the Launch of New 3S Network in Ibadan, Oyo state. Simba TVS, one of Nigeria’s leading motorcycle and tricycle companies has commissioned a new Sales, Service, and Spare Parts (3S) facility in Ibadan, in collaboration with Don and Duke Ventures. The growing number of 3S centres in the Simba TVS network is a testament to the company’s commitment to delivering top-notch service and support…
Interswitch, Africa’s leading integrated payments and digital commerce company, has successfully concluded the second edition of its Technovation competition, a hackathon aimed at nurturing innovation and creativity among its employees. The initiative showcases Interswitch’s commitment to fostering innovation and creating impactful solutions that address diverse challenges across the African continent. The competition, which spanned several weeks, provided a unique platform for Interswitch employees to explore their problem-solving capabilities and devise innovative solutions to real-world problems. With a strong focus on technology-driven advancements, this program provided participants with the necessary tools, mentorship, and a platform to develop groundbreaking ideas and transform…
The Women’s Technology Empowerment Centre (W.TEC), a non-profit organisation, has trained 288 girls on electronics and renewable energy to thrive in the digital age. Its External Relations Lead, Adeyemi Odutola,, who spoke in Lagos at the weekend said the organisation was able to achieve the feat through its MakeHer Space Programme. He noted that the programme was a transformative initiative for secondary school students in Ikorodu and Surulere areas of the state. According to him, a total of 210 girls were trained in four schools in Surulere, Lagos while 78 girls were trained in two schools in Ikorodu. Odutola said…