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 in July from 5.18 per...

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 over $1 billion. He said this...

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 in its latest report. The NBS...

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 has been at the receiving...

CBN Loan To Manufacturer, Power Firms Soars To N5.6trn   The Central Bank of Nigeria (CBN) intervention in the power, manufacturing and aviation sectors have risen to N5.6tn in three years. The soft loans were advanced amid the continued and varied challenges facing the key sectors of...

CBN Releases N38bn Loans To Mortgage Banks   The Central Bank of Nigeria (CBN) disbursed loans and advances worth N37.6bn to mortgage banks in 2022; the audited financial statement of the apex bank has shown. The mortgage banks that received the loans from the CBN include the...