Fertiliser Imports Rise By 84% To N117bn       Despite various measures to encourage local production, a total of about N117 billion (or $247.91 million) was expended on fertiliser importation in the past year. Fertiliser imports increased by $37.71 million in 2019 to $247.91 million last year, representing...

67 Aggrieved Depositors Lodged N11.7bn Complaints Against Banks – CIBN       The Chartered Institute of Bankers of Nigeria has said it received 67 petitions from depositors against banks in 2020, with claims totalling amounted to N11.7bn. The CIBN disclosed this in its 2020 annual report, which was...

Free Zones Reform: Investors Threaten Divestment     Leading investors in Nigerian Free Trade Zones have threatened to commence divestment from the zones and have called on the board of Nigeria Export Processing Zones Authority(NEPZA) to summon a stakeholders' meeting. A leaked draft report from the Federal Ministry of...

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...

Panel To Probe NPA's Suspended MD For Inauguration Today       The Federal Government may on Monday (today) inaugurate a panel to investigate Nigerian Ports Authority under suspended managing director, Hadiza Bala-Usman. Economic Confidential had earlier reported that President Muhammadu Buhari was probing the alleged non-remittance of N165.32bn...