In One Year, Banks Laid Off 8,584 Employees

The banking sector has not been spared as companies restructure to conform to the current standard, with the number of workers in the industry falling by 8.3% in December 2019 relative to December 2019. According to the National Bureau of Statistics (NBS) Selected Banking Sector Report, the number of banking employees fell by 8,584 in the fourth quarter of 2020, to 95,026 as of December 31, 2020, compared to 103,610 in 2019. The COVID-19 pandemic had a significant effect on bank activities, with many branches closing to limit contact and many of the affected employees being temporary employees. In the […]



According To The World Bank, Inadequate Energy Costs Businesses $29 Billion A Year

According to the World Bank, companies in Nigeria lose $29 billion annually as a result of a “unreliable” electricity source, with customers unable to pay their bills as a result of the crisis. At the ‘World Bank Dialogue on Fostering Knowledge-Sharing and Dialogue on Power Sector Issues in Nigeria,’ top bank officials said this. The majority of Nigerians are hesitant to pay for electricity because bills are not “transparent and clear,” according to the World Bank’s Power Sector Recovery Programme (PSRP) fact sheet, presented by Ashish Khanna, practice manager, West and Central Africa Energy. “Unreliable electricity costs Nigerian businesses about[…]



€995 Million Loan For Agricultural Mechanisation From The Brazilian And Deutsche Bank Approved By Senate

The Nigerian Senate has approved a loan from the Brazilian Development Bank and Deutsche Bank worth €995 million for the development of Nigeria’s agriculture value chain. The federal government announced this on Wednesday evening after the Senate approved the loan, claiming that the Green Imperative Scheme would train 100,000 new extension staff, generate over 5 million jobs, and have a positive effect on over 35 million Nigerians over the next five to ten years. The Nigerian Senate today accepted the President’s proposal for €995 million in loans from the Export-Import Bank of Brazil (BNDES) and Deutsche Bank of Germany (guaranteed[…]