Witty Global blog

  Governor Sanwo-Olu Has Called On Both The Executive And Legislative Arms Of The Government To Work Together Towards the Development Of The Blue Economy During a courtesy visit by members of the Senate Committee on Marine Transportation led by its chairman, Senator Wasiu Eshinlokun-Sanni at Lagos House, Marina, Lagos State Governor, Mr Babajide Sanwo-Olu, emphasized the need for the executive and the legislature to invest more in the development of the blue economy sector in Nigeria. He urged everyone to work together to reduce bottlenecks and create an enabling environment for businesses to thrive in Lagos State, particularly in the blue economy sector. The Governor lauded the visit of the Senate Committee on Marine Transportation to Lagos State for oversight functions, saying it was timely and strategic. He urged them to provide adequate recommendations and suggestions to the Red Chamber on advancing the country through the blue economy. The first step is to thank Mr President (Bola

  The Special Investigative Panel on Oil Theft/Losses in Nigeria report was submitted to the National Security Adviser (NSA), Maj-Gen. Babagana Monguno (Rtd), on Monday, attributed the cause of crude oil racketeering to a lack of proper reporting of crude oil production, illegal refining, theft from the wellhead, and diversion from sophisticated pipelines network.  According to a statement signed by the Head, Strategic Communication, Office of the National Security Adviser (ONSA), Mr. Zakari Usman, yesterday, the panel engaged critical stakeholders within and outside the oil and gas industry, including state governments, Ministries, Departments, and Agencies (MDAs); security agencies; regulatory agencies; international and indigenous oil companies; traditional institutions; host communities and artisanal refiners.  The statement also noted that, in discharging the panel's responsibility, it received and reviewed several memoranda and reports on oil theft and losses. It reads: "

  Vice President Harris pledges aid to Ghana amid security and economic concerns ACCRA, Ghana — With fears of terrorism and Russian mercenaries rippling through West Africa, Vice President Kamala Harris on Monday opened her  weeklong trip to the continent  by vowing support for Ghana, a democratic pillar in the region that's being squeezed by an economic crisis and security concerns. The visit was a high-profile show of support for Ghanaian President Nana Akufo-Addo, who faces rising discontent over inflation after previously overseeing one of the world's fast-growing economies. "Under your leadership, Ghana has been a beacon of democracy and a contributor to global peace and security," Harris said during a joint press conference at the Jubilee House, the presidential palace in Accra. Harris announced $100 million in assistance for the region and pledged that the United States would be "strengthening our partnerships across the continent of Africa." The admi

  An exchange rate of N462.50 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.67. The Naira on Thursday depreciated against the dollar at the investors’ and exporters’ window, exchanging at N461.67. The rate represented a decrease of 0.04 per cent compared to the N461.50 for which it exchanged to the dollar on Wednesday. The open indicative rate closed at N461.25 to the dollar on Thursday. An exchange rate of N462.50 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.67. The Naira sold for as low as N460 to the dollar within the day’s trading. A total of 80.03 million dollars was traded at the official investors’ and exporters’ window.

The marketplace capitalisation of the Nigerian Exchange Limited continued to comprehend at the close of trading on Wednesday. The All-Share index moved 30 base factors to 54,936.Eleven from 54, 906.68 recorded on Tuesday. The marketplace cap moved to N29.927tn at the close of buying and selling, a zero.06 according to cent appreciation A total of 134,150,558 stocks well worth N1.330bn have been exchanged in 2,479 deals on the buying and selling ground. Despite the appreciation inside the market cap and ASI, the market sentiments have been poor with 14 stocks at the losers’ desk in comparison to nine at the gainers’ table. Atop the losers’ table had been NCR with a 9.69 in keeping with cent loss in its market price to close the day at N2.61, and FTN Cocoa misplaced 6.Ninety in keeping with cent to shut at N0.27 according to share. Third, at the gainers’ table was JapaulGold whose share misplaced 6.67 consistent with cent in its share value to shut at N0.28. On the gainers’ table had bee

  The global banking turmoil over the past two weeks following a series of lovely bank collapses in Europe and America, has proven that Nigerian banks need to be more vigilant and shield towards screw ups, a new report through Agora Policy, an Abuja-primarily based think tank, has said Despite a series of rescue programs for troubled lenders and the assurances of governments and economic regulators, worries about the fitness of the global economic gadget persist in the aftermath of the March 10 crumble of Silicon Valley Bank (SVB). Financial experts stated what came about to SVB is in a extensive sense very much like what's happening with Credit Suisse. According to the report, the worries inside the worldwide banking device aren't confined to SVB and Credit Suisse as many traders are asking comparable questions on many different banks. As a signal of those nerves, the Nasdaq bank index, an index which tracks the inventory costs of a number of the biggest banks, turned into dow

 The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 18 per cent from 17.5 per cent. T he CBN governor, Mr Godwin Emefiele said this on Tuesday when he read the communique issued at the end of the 290th meeting of the MPC. At the last MPC meeting in January, it was increased by 100 basis points, from 16.5 per cent to 17.5 per cent. According to Emefiele, 10 out of the 12 committee members present at the meeting voted for a moderate rise in the MPR. He, however, said that all other parameters remained constant. The Asymmetric Corridor of +100/-500 basis points around the MPR, the Liquidity Ratio of 30 per cent and Cash Reserve Ratio (CRR) of 32.5 per cent were thus retained. According to Emefiele, the committee debated whether to continue the rate hike to further check inflation. He said that the MPC also considered whether to hold the rate to observe emerging developments and allow for the impact of the last five rate