Daily Juice
FX scarcity and fuel hike push inflation to 21.09%
Herconomy Update
On the 1st of October, Herconomy called on women to change the narrative.
In the Herconomy Each Woman Bring One Campaign, we want to get 50,000 women to start saving by December 2022.
Not yet saving with us? Join the movement with these 3 easy steps;
Download the Herconomy app from the buttons below.
Start saving with as little as N100
Share your referral link with all the women you know to join you.
Together we can achieve a culture of savings for women. What is your number?
Tech Update
FTX loses financial service license in South Africa
South African cryptocurrency market maker Ovex has cancelled and removed FTX as a juristic representative, cutting off its access to its local Financial Service Provider (FSP) licence. Read more…
A day of chaos brings Twitter closer to the brink
Two weeks after Elon Musk completed his acquisition of Twitter, the future of the company has never looked less certain. Read more…
Business Matters
Ship berthing cost down by 86%, says the group
The Convention on Business Integrity has said that the partnership with the management of the Nigerian Ports Authority, through the Maritime Anti-Corruption Network, has reduced the cost of a ship berthing in Nigeria by 86 per cent – from $150,000 per vessel to about $20,000. Read more…
AfDB invests $20m in Africa’s renewable energy
The Board of Directors of the African Development Bank Group today approved an equity investment of $20m in Evolution Fund III, a pan-African clean and sustainable energy private equity fund that is mobilising about $400m into renewable energy and resource-efficiency assets across sub-Saharan Africa over a 10-year period. Read more…
FX scarcity and fuel hike push inflation to 21.09%
The increase in fuel price, scarcity of foreign exchange, and disruption in the food supply chain pushed headline inflation to a new record high of 21.09 per cent in October, according to the National Bureau of Statistics. Read more…
7000 firms, MDAs owe FG N5.2tn –Report
Eleven ministries, departments and agencies of the government as well as over 7000 corporate and private entities currently owe the Federal Government the sum of N5.2tn, a new report by the Federal Ministry of Finance has shown. Read more…
Forex crisis hits truckers, slows operations
As the effect of the high exchange rate bites harder, truckers operating in the nation’s maritime sector have lamented the reduction in activities at the ports. Read more…
Insurance firms report higher claim expenses as inflation, exchange rate bites
Claims paid out by Nigeria’s top insurance companies surged to N94 billion in the first 9 months of 2022. This is on the back of a high inflationary period in 2022 which has seen the cost of goods and services rise across the country. Read more…
Bank of Industry increases its solar energy fund to N6 billion
The Bank of Industry (BoI) has increased its Solar Energy Fund to N6 billion, according to a statement on its website. Read more…
FG disburses $700m Abacha loot to 1.9m vulnerable households in six years
The Federal Government, through the National Social Safety-Nets Coordinating Office (NASSCO), says it has disbursed about $700 million from the repatriated Abacha looted funds to over 1.9 million poor and vulnerable households across the country in the last six years. Read more…
Quote of the Day
"Believe it can be done. When you believe something can be done, really believe, your mind will find the ways to do it. Believing a solution paves the way to the solution."
—David Joseph Schwartz