Business Archives - Page 22 of 24

Dec

07

2022

133 million poverty index: Twists, turns as FG, States trade blame

Business, Economy, Lifestyle, Metro, News, Opinion, PoliticsBusiness, Economy, Lifestyle, Metro, Next Level, Nigeria, Opinion, Politics, Security

The recent report by the Nigeria Bureau of Statistics (NBS) that about 133 million Nigerians live in poverty is generating serious controversy, with the Federal and State governors now trading words. Recall that in the early month of November, NBS disclosed that 133 million Nigerians were multi-dimensionally poor, saying that the figure represents 63 percent of the country’s population. The report blamed the country’s rising poverty on poor access to education, living standards, health, employment, and security. It further indicated that 65% of the country’s poor people (86 million) live in the North, whereas 35% (nearly 47 million) live in…

Nov

25

2022

By Amos Oge Kalu

AEDC announces fresh blackout in Abuja

Business, Economy, Lifestyle, MetroAbuja, AEDC, Business, Economy, Lifestyle, Metro, Nigeria

Abuja Electricity Distribution Company (AEDC), has announced that there will be power interruption in some parts of the Federal Capital Territory (FCT) starting from Friday, 25th to Saturday, 26th of November 2022. AEDC, in a public notice signed by its management, noted that the interruption would enable the Transmission Company of Nigeria (TCN) to carry out maintenance exercises at Suleja – Katampe 132kv transmission line from 7 am to 6 pm daily. According to the company, the affected areas are Dawaki Village, Dawaki Extension, Sokale Village, part of Dutse, part of Kubwa, and the environs. The company, however, assured that…

Nov

17

2022

By Amos Oge Kalu

Presidency: Peter Obi envisages generating over $1bn by 2025.

Business, Economy, Opinion, PoliticsBusiness, Economy, Next Level, Nigeria, Peter Obi, Politics

The 2023 presidential candidate of the Labour Party, Dr Peter Obi has explained how Nigeria can get her economy back on track . First, our focus will be on agriculture and production-centered growth for food security and export, with more emphasis on exporting finished products instead of commodities and raw materials. This relates mainly to food and textiles. Nigeria has over 84 million hectares of arable land. Nigeria has over 84 million hectares of arable land. And barely 40% of our arable land is cultivated today. Nigeria’s arable land is her new oil and gold. We will incentivize the resuscitation…

Nov

12

2022

By Amos Oge Kalu

Bureau De Change operators frustrating naira growth – Expert

Business, EconomyBusiness, CBN, Economy, Money, Nigeria

A consultant, Dr Boniface Chizea, said the activity of Bureau De Change operators is frustrating the growth of the Naira against foreign currencies. Naira recorded an appreciable rise against the dollar in the parallel market, standing at 730/$ from 900/$ a week ago. Speaking in a chat on Friday while reacting to the latest Naira rise against the Dollar, Chizea said the operation of some BDC is a significant blow to the country’s local currency. He disclosed that the Nation’s economy benefits nothing from the activities of BDC operators. He said the noticeable growth in the Naira after the clampdown…

Oct

29

2022

By Kalu Odinakachi

Naira in another record drop as CBN moves to replace naira notes

Business, EconomyBusiness, Economy, Nigeria

Naira depreciated significantly against the US dollar in both the official and unofficial markets on Friday. This is less than 48 hours after the Central Bank of Nigeria announced the replacement of naira notes. Official market rates published on the websites of FMDQ, where the currency is officially traded, showed the naira closed at N444.75 per dollar on Friday, the lowest rate it has ever traded in the segment. This represents a 0.06 percent devaluation of the previous market value with $61.89 million recorded as foreign exchange turnover within this period. In the unauthorized street market of the Nigerian states,…