Category: Business

CBN, Inflation and The Poor By Adefolarin A. Olamilekan

Emporium Reporters

In one of my apperance on a national Television station lately. The TV program anchor humorously asked me what is my take on the current state of the ecomy? l responds by saying the economy is not smiling.   He boost into laughter, but agreed with me after my expository on why the economy is not smiling. Without any doubt,the world today is witnessing a retrogressive economic growth crisis that’s is not palatable for the poor.   Especially, with the global inflation trends.That analyst are attributing to the Russian –…

Energy crisis in Nigeria and the attendant economic losses By Aliyu Ilias

Emporium Reporters

Energy plays the most crucial role in economic progress, growth, and development, as well as poverty eradication. Uninterrupted energy supply is not a problem for many countries in Africa except Nigeria which has the dam and gas to produce it but has leaders whose business is to service their pocket at the expense of the Nigeria citizens, present and future economic growth crucially depends on the long-term availability of energy from sources that are affordable, accessible, and environmentally friendly. 2022 energy crisis has surpassed the preceding years of president Muhammad…

Fear grips Nigerians over CBN’s proposed forex stoppage to bank

Emporium Reporters

The mention of foreign exchange in Nigeria has always been one that generates interest. So, it was not surprising that when the Central bank of Nigeria (CBN) announced that it would stop allocation to banks by the end of the year, there was so much talk about it. In this piece, BENJAMIN UMUTEME examines the implications of the apex bank’s proposed action.   The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, recently said to bank chiefs present, including Herbert Wigwe of Access Bank and Segun Agbaje of Guaranty…

CBN and DMBs Unrevealing the Threads of Forex By Adefolarin A. Olamilekan

Emporium Reporters

It no more news that the Nigerian economy cannot be isolated from the perennially prone exogenous and vicissitudes of global economic developments.In this wise both her fiscal and monetary policies are subject to international economy dynamic. Although, it is expected that national economic interests,we mean what has been regarded as ‘economic nationalism’ tenets should guard our decision.   Poignantly, our number one sources of revenue is crude oil,off which we are at the mercy of it international market price flunctuation and if it drop below $50/barrel or any shock due…

Why Nigerians Evade Tax

Emporium Reporters

The issue of tax payment in Nigeria has over the years elicited different reactions amongst the citizens. This is because many have come to believe that they do not enjoy the benefits of paying tax; BENJAMIN UMUTEME writes.   It was not surprising to many when the Director-General of the Budget Office, Dr. Ben Akabueze, lamented that over 30 million Nigerians who are generating taxable incomes are not paying tax. According to him, this was compounding the country’s efforts to broaden its revenue.   Speaking last year at…

Dangote launches vehicle assembly plant in Nigeria

Emporium Reporters

Dangote Peugeot Automobiles Nigeria Limited (DPAN) has started assembling vehicles in Nigeria, beginning with the Land Trek, 3008, 5008 and the new 508. The assembly of Peugeot vehicles comes nearly four years after joint owners Dangote Group received approval from the Nigerian regulator after previously expressing interest in the former Peugeot plant, now known as PAN Nigeria Ltd, The Sun reported. According to the Nigerian automaker, the newly built Green Field Assembly Plant in Nigeria’s northwestern region can assemble 120 vehicles per day across two shifts. The management further added that the…

CBN monetary policy address persistence By Adefolarin Olamilekan

Emporium Reporters

The aftermath of the COVID-19 pandemic is still a subject of caution to global economic projection especially as the latter part of the year 2021 experienced a fourth wave causing economic shocks. Nonetheless, nations are now gearing purposeful ways to curtain any eventuality. This is to keep inflation tidings and other related economy headlines, most especially local currency, from turbulences as production is uncertain in a pandemic era. Paradoxically, what can monetary policies offer? Recently, the monetary policy committee (MPC) of Nigeria’s apex bank held its first meeting for the…

Gov Sule to host Nasarawa inaugural investment summit in May

Emporium Reporters

Nasarawa State Governor, Engineer Abdullahi Sule, has revealed plans to host the state’s inaugural investment summit in May. Managing Director/CEO of the Nasarawa Investment Development Agency (NASIDA), Barrister Ibrahim Abdullahi, disclosed this on Tuesday. According to Barrister Abdullahi, the inaugural Nasarawa investment summit, which has the theme “Diamond in the Rough, The Making of a New Investment Frontier,” will see world class business leaders and captains of industry, brainstorm on how to achieve the state’s vision to become Nigeria’s top investment hub. “We are pleased to announce the Inaugural Nasarawa…

CSO tasks AMCON over delay in publishing names of Debtors

Emporium Reporters

Renew Nigeria, a non governmental and rights group has asked the Asset Management Corporation of Nigeria AMCON to publish names of obligors to Nigerian Banks after the expiration of January 5th , 2022 deadline.   The civil society organisation in a statement released by Jim Oweto on Sunday night challenges AMCON not to water down or rescind the planned to make public it’s debtors amounting to over N4.4 trillion.   Oweto said the delay weeks after the deadline given to Nigerian debtors to come forward for a repayment or payment…

Dangote oil refinery to commence production this year

Emporium Reporters

Nigeria’s giant new Dangote oil refinery will start processing crude in the third quarter of this year. Mechanical work on the refinery is complete and “hopefully before the end of third quarter we should be in the market,” Aliko Dangote, chairman of Dangote Industries Limited, said in a briefing at the plant site in Lagos. The plant will start with a processing capacity of 540 000 barrels a day, Dangote said. “Full production can start maybe, by the end of the year or beginning of 2023,” he said.…