Nigeria’s Diaspora Remittances To Hit $22bn         Nigeria’s diaspora remittances have been projected to rise by five per cent to $22bn by the end of 2021. Agusto Consulting Limited, a wholly owned subsidiary of a rating agency, Agusto & Co. Limited, disclosed this in its report titled...

AfDB To Invest $3bn In Africa’s Pharmaceutical Industry         The African Development Bank (AfDB) has said it would invest 3 billion dollars to build Africa’s pharmaceutical industry in the next 10 years. President of the AfDB, Dr Akinwumi Adesina, said this at a virtual Finance in Common...

Banks Slash Dollar-cash Deposits to $5,000 Monthly       Nigerian banks have reduced the amount of United States dollars customers can pay into their domiciliary accounts from the previous $10,000 to $5,000 monthly. A top bank official who craved anonymity confirmed the new policy yesterday. However, the new policy...

Nigeria Rebalances OPEC Quota Compliance, Cuts Output By 7%       Nigeria has been forced to rebalance its oil output, effecting about 7.0 percent cut back on its oil output to re-align with the quota imposed by the Organisation of Petroleum Exporting Countries, OPEC. The nation’s output in...

NSIA Revenue Increases By 343% To N160bn       The Nigeria Sovereign Investment Authority, manager of Nigeria’s sovereign wealth fund, on Tuesday announced its audited results for 2020 financial year, reflecting a 343 per cent growth in income to N160bn. It said this was disclosed in its Audited...

Trade Deficit Increases To $2.51bn After Border Reopening         Nigeria’s exports declined while imports increased in January despite the opening of the land borders. Nigeria’s trade deficit rose from $1.69bn in December 2020 to $2.51bn as of the end of January 2021 despite the reopening of the...