Business

Nigeria has emerged as the second preferred investment destination in Africa, only second to Egypt, after attracting $2.6 billion Foreign Direct Investment (FDI) in 2020, this is according to data obtained from the United Nations Conference on Trade and Development (UNCTAD).

UNCTAD, in its 11-page ‘Investment Trends Monitor,’ which focused on global FDI flows, however, stated that inflows to Nigeria in 2020 declined to $2.6 billion, lower than the $3.3 billion the country recorded in 2019.

Egypt was the top recipient of FDI, despite a significant decline in inflows (-39%), to an estimated $5.5 billion recorded …

Britain’s unemployment rate hit 5.0 percent at the end of 2020, the highest level for more than four-and-a-half years, as coronavirus lockdowns destroyed jobs, official data showed Tuesday.

The rate for the three months to the end of November compares with 4.9 percent in the quarter to October, the Office for National Statistics said in a statement.

At 5.0 percent, the figure is 1.2 percentage points above the same period a year earlier, to reach the highest level since April 2016, the ONS added.

‘This crisis has gone on far longer than any of us hoped — and every job

In Russia, where state-controlled media outlets co-exist in stark contrast with online platforms popular among the opposition, authorities have ramped up efforts to contain and even replace sites that are seen as a threat.

YouTube has become the primary source of news for many young Russians. The videos of web star Yuri Dud, known for his interviews with celebrities, or anti-graft campaigner Navalny are enjoying more and more success.

Read Also: US: Russia Warns Of ‘Scary Consequences’ Over Trump Ban

Soon after Navalny’s arrest, his team published a two-hour investigation into a lavish palace on the Black Sea allegedly …

The Nigerian Communications Commission (NCC) has disclosed that telephone subscribers in Nigeria are now 208 million.

NCC’s Executive Vice Chairman, Prof Umar Danbatta, stated this in Abuja during a media briefing.

He said the nation’s broadband penetration also peaked at 45. 07 percent as at November 2020.

Read Also: Active Data Subscribers Rise To 196,379,542 In 3rd Quarter Of 2020

He spoke during a load down of new developments in the telecommunications industry to the Permanent Secretary in the Ministry of Communications and Digital Economy, Mr. Festus Daudu.

The Nigerian Communications Commission says telecom operators received 47.8 million National Identification …

Alibaba founder, Jack Ma, suspected to be missing has reappeared.

Yahoo Finance had reported that Ma was last seen on October 24, 2020, when he called for economic reform in a speech in Shanghai.

However, he appeared for the first time since the end of October in a video message distributed by Chinese state media on Wednesday.

In the video message, the 56-year-old was seen addressing 100 teachers in rural areas.

Ma also announced plans to engage in philanthropic endeavours, more than he had before.

‘In these

A US-based Nigerian billionaire – Dr. Oluleye Adigun, has revealed ongoing efforts to invest three billion naira ($6.8million) in Fidelity Bank through shares acquisition.

Adigun told the News Agency of Nigeria (NAN) in a telephone interview, on Wednesday, that the acquisition was part of his planned investment in the Nigerian economy, adding that the process of buying Fidelity bank was almost done, attributing the little delay to the COVID-19 pandemic.

‘The Fidelity bank purchase is almost done.

‘COVID-19 delayed the process a little due to everything closing down, but the process just picked up again.

‘I was told I have …

President-elect Joe Biden unveiled a proposed stimulus package in light of the ongoing novel coronavirus (COVID-19) pandemic on Thursday.

The $1.9 trillion proposal aims to combat the economic downturn brought on by the virus and would include $350 billion in state and local aid, $1,400 direct payments to Americans, expanded unemployment benefits and institute a higher federal minimum wage.

Read Also: Good News For Americans, Stimulus Check 2 Could Be Bigger

In a speech delivered Thursday in which Biden outlined his American Rescue Plan, the president-elect signaled optimism that it would ultimately pass after he takes office.

‘I’m convinced we

The Consumer Price Index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in
December compared to 14.48 percent in the preceding month, according to the National Bureau of Statistics (NBS).

According to the CPI figures for December published Friday by the statistical agency, food inflation rose by 19.56 percent in December compared to 18.30 percent in November.

The increase in the food index was caused by rise in the prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish, and oils and fats.…

The National Bureau of Statistics, NBS, says Nigeria’s total foreign and domestic debt stood at ₦32.22trn in the Q3 of 2020. The bureau in its Nigerian Domestic and Foreign Debt for Q3 2020 published on its website said Nigerian States and Federal Debt Stock data as of 30th September 2020 reflected that the country’s total public debt portfolio stood at ₦32.22trn in the Q3 of 2020.

The survey indicates that Nigeria’s total public debt showed that ₦12.19trn or 37.82% of the debt was external, while ₦20.04trn or 62.18% of the debt was domestic. Further disaggregation of Nigeria’s foreign debt …

Nigeria’s GDP is expected to grow between 1.7 and 2 percent in 2021 this could be possible Following the increase in economic activities and improving oil market conditions

This was the view of analysts at United Capital in its just-released report titled, ‘Nigeria’s Outlook 2021 – A shot at recovery‘. According to the report, the reopening of the borders in the fourth quarter (Q4) of 2020 should ease pressures on food prices, other structural factors such as FX market illiquidity, potential increases in petrol price, amongst others may keep general prices elevated.

The report added that, as a …

No fewer than 96 companies from Nigeria and overseas have indicated interest in undertaking the rehabilitation of the Nigerian National Petroleum Corporation’s (NNPC) downstream infrastructure.

The jobs to be done include rehabilitating pipelines, depots, refineries and terminals through the Build, Operate and Transfer (BOT) financing model.

This was disclosed at a virtual public bid opening exercise which held at the NNPC Towers, Abuja for the pre-qualification of companies for the contract.

Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, said the public opening of the bids for the contracts was in keeping with the NNPC …