Financial Freedom Nigeria


Weekly Financial Summary

By Comfort Barida

Highlights of major Financial Events

  • The Launch of 4G LTE technology across the networks of telecoms operators

Nigerians, last week, witnessed the launch of the fourth generation long term evolution (4G LTE) in MTN, Globacom and Etisalat. The three operators launched in various capacities within a space of one week. The entry into the 4G LTE space has turned out to be a game changer in Nigeria towards achieving broad band target.

  • Profit by Nigerian Airspace Management Agency

The management of the Nigerian Airspace Management Agency stated that about N1.5bn has been saved in the last two years by engaging indigenous engineers in the maintenance of airport facilities.

  • Price of Rice

The Federal Government of Nigeria declared that the price of rice would start to fall from November this year. It stated that more Nigerians have returned to their various farms, adding that by the next harvesting season month, the price of rice would start to crash

  • Job Losses

The Federal Government fired about 20 senior officials of the Federal Airport Authority Nigeria (FAAN). Those affected included directors, general managers and deputy general managers.

  • Problems with Forex

The Central Bank of Nigeria has raised concerns about what it called the indiscriminate and suspicious manner some bank customers were spending dollars and other foreign currencies abroad through naira debit cards. Consequently, the regulator said it had through the Bankers’ Committee concluded that bank customers who spent above $50,000 annual forex limit the CBN imposed would be barred from the foreign exchange market.

  • Conclusions from the NESG summit

Investors and state governors at the just concluded Nigerian Economic Summit Group (NSEG) in Abuja, have outlined some measures to facilitate job creation in the country. Some investors like Aliko Dangote of Dangote Group and Jay Ireland of GE Africa, were of the view that investment in agriculture, infrastructure and power are key factors that would open up job opportunities and job creation for the country.

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