In July, Lending, Savings Rates Hit 22.14% – Report   The gap between the maximum lending rate and savings deposit rate in the banking sector widened by 22.14 per cent in July. Banks savings deposit rate rose slightly to 5.24 per cent...

Manufacturers’ Raw Material Imports Hit N8trn In Three Years   Manufacturers have spent at least N7.9tn to import raw materials in the past three years. According to manufacturers, the high raw materials imports bill is due to operators’ decision to source foreign...

NSIA Commits $500m To Domestic Infrastructure   The Managing Director & Chief Executive Office, Nigeria Sovereign Investment Authority (NSIA), Mr Aminu Umar-Sadiq, yesterday disclosed that the Authority has committed $500 million to domestic infrastructure, whilst also enabling third party investments of...

Water Transportation Fare Increases By 45%, According To NBS   The average fare paid for water transport in June 2023 rose to N1,366.22, a 44.84 per cent rise from N943.26 in June 2022, the National Bureau of Statistics (NBS) has disclosed...

MAN Says N77trn Debt May Stall Tinubu’s Economic Plan   The Manufacturers Association of Nigeria (MAN) has indicated that Nigeria’s estimated N77 trillion debt burden would likely truncate the economic plans of President Tinubu-led regime. The manufacturers also lamented that the sector...

Nigeria Oil Production Slumped To 1.08mbpd July - OPEC   Nigeria maintained 14 functional oil production rigs in July, after recording the same number of rig count/units in the preceding month of June 2023, latest data on World Rig Count and...