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The Central Bank of Nigeria (CBN), yesterday, extended a financial lifeline to struggling Unity Bank Plc and gave clearance for its planned merger with Providus Bank Limited in what is seen as a potential end to end of months of apprehension over the fate of the lender. The approval came after months of speculation on…
1 hour ago
IN the face of rising costs, low sales and worsening business confidence, stakeholders are calling for urgent actions to raise the bar of industrialisation, TOBI AWODIPE writes. Business activities in the private sector are off to a poor start in the second half of the year, showing a contraction in key indices. A recent purchasing managers’ index (PMI) revealed…
1 hour ago
With several government initiatives designed to curb the activities of extortionists in the maritime industry, the impact on the haulage sector has remained unabated as the number of extortion checkpoints has doubled since 2022, ADAKU ONYENUCHEYA writes. The growing number of extortion points in the maritime haulage has continued to stall both the sector and…
3 hours ago
Stakeholders have called for the creation of Special Economic Zones (SEZs), saying they drive industrialisation, anchor economic growth and facilitate trade. Speaking on the sidelines of the just concluded SADC Industrialisation Week and Exhibition, Director of the Economic Commission for Africa (ECA) Sub-Regional Office, Eunice Kamwendo, highlighted that SEZs are an important policy tool to support…
3 hours ago
(FX) rate benchmark to N1,618/$1, stoking concern about the sincerity of the government in addressing the challenges facing manufacturing. The increase, manufacturers said, is extremely insensitive to their plight, especially at this time when they are asking for concessions. They lamented that despite the hardship they are forced to go through, the government has turned…
