Five Tier-1 Banks Raked in N1.74trn Profit in Nine Months   United Bank for Africa Plc (UBA), Zenith Bank Plc, and three other financial institutions generated N1.74 trillion profit in 9 months ended September 30, 2023, representing an increase of 168 per cent over N648.84 billion...

Naira Devaluation Boosts Govt Revenue by N713bn   The government has made a N713.1bn revenue windfall from the devaluation of the naira, an analysis of the government’s earnings has shown. The devaluation of the naira in June was meant to boost the country’s foreign exchange earnings and...

NNPCL Unveils New Crude Grade   The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday said it had launched a new crude oil grade ‘Nembe’, and had shipped its first cargo in October consisting of two 950,000 barrels. A report by Reuters quoting the executive director of...

In Six Months, Nigeria’s Foreign Trade Hits N12.74trn   Nigeria’s import and export trade as of June 2023 stood at N12.74 trillion. This was contained in the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) prepared by the Budget Office of the Federation and...

Oil & Gas, Manufacturing Sectors Get 55.5% of Loans in H1, 2023   Two sectors, Oil and Gas, and the manufacturing sectors dominated banks’ lending in the first half of the year, H1’23, accounting for 55.5 per cent of the N8.03 trillion increase in loans during...

FG Generates N1.45trn From Subsidy Removal   The federal government has so far saved about N1.45tn from earnings generated from the removal of subsidy on Premium Motor Spirit, popularly called petrol between June and September. This is according to FAAC allocation documents obtained from the website of...