The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered banks to pay ₦212.5 billion—85per cent of a ₦250 billion debt owed to telecom operators for USSD charges—by December 31, 2024, to a December 20 memo.USSD stands for Unstructured Supplementary Service Data, a communication protocol that allows a phone to connect…
Global oil prices inched upward on Tuesday, rebounding slightly from earlier losses as an optimistic market outlook offered support despite subdued trading ahead of the Christmas holiday. Brent crude futures rose by 42 cents, or 0.6 per cent, settling at $73.05 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 38 cents, or 0.6…
The Nigerian crypto landscape is fast evolving with the country becoming the second globally in adoption. This adoption comes with huge potential for economic growth. Co-founder and Chief Executive Officer of Quidax, Buchi Okoro, speaks on digital assets and crypto industry in Nigeria, the new regulatory frameworks of the Security and Exchange Commission (SEC) and…
Monies paid by the Federal Government as electricity subsidies increased to N199.64 billion in December 2024, according to the Nigerian Electricity Regulatory Commission (NERC) data. According to the newly released report, ‘December 2024 Multi-Year Tariff Order,’ electricity subsidies rose by 2.76 per cent to N199.64 billion this month from N194.26 billion in November. NERC explained…
The trade volume between Nigeria and the United States (U.S) has reached $11.2billion, an improvement from the $10.04billion it was last years, U.S. Ambassador to Nigeria, Richard Mills Jr has said. The envoy spoke when he delivered welcome remarks to the attendees of a forum hosted for over 450 Nigerian companies for the Networking with…
President Bola Tinubu’s economic reforms, if sustained, have the potential to pull through critical deliverables for the economy to return to a growth path, the Lagos Chamber of Commerce and Industry (LCCI) has said. The group added that the country would witness more impact of the reforms on fundamental indicators such as inflation, interest rates…
The Nigerian Air Force (NAF) is exploring strategic partnership with Zinox Technologies, Africa’s foremost integrated ICT solutions company. The partnership is with a view to exploring avenues to strengthen the Air Force’s operational and technological infrastructure and make them more resilient. According to company sources, a high-level delegation from NAF, led by Air Vice Marshall…
Nigeria’s data agency, National Bureau of Statistics (NBS) has said the rise in the costs of food, energy, and other items, inflation rate rose from 34.60 per cent in November 2024 from the 33.88 per cent recorded in October 2024. Statistician-General of the Federation, Prince Adeyemi Adeniran disclosed this in a statement. According to him,…
MTN Group has reaffirmed its dedication to advancing digital transformation and fostering inclusive growth during the 11th South Africa-Nigeria Bi-National Commission held in Cape Town, South Africa. This event highlighted the enduring partnership between the two largest economies in Africa and provided a platform to accelerate collaboration in critical areas. Group President and CEO Ralph…
