EU Forecast Sees Euro-Area Inflation Settling At 2.2% In 2022
Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The new European Commission economic forecasts are set to see euro-area inflation at 2.4%…
Operational Issues, Sabotage Drag Nigeria’s October Quota By 261,000bpd
Despite higher crude prices and allocation, as the Organisation of Petroleum Exporting Countries (OPEC) and its allies adjust monthly quota, Nigeria’s oil production remains below its monthly quota, according to…
Another Warning From Bank Of England As Bitcoin, Ether Hit Highs
The bitcoin price has reached a new record high, breaking through $68,000 and falling a touch to $67,920 at 11.05am on 9 November, amid positive and negative commentaries on the…
Nigeria’s Debt Adequately Reported – World Bank
The World Bank in its latest report has commended Nigeria’s debt reporting citing that 40 per cent of low-income developing countries (LIDCs) have not published transparent sovereign debt data in…
MTN Nigeria, Dangote Cement, Others Opex Hits N1.5 Trillion Driven By Inflation, FX Devaluation
On the heels of impressive earnings in nine months ended September 30, 2021, it has emerged that double-digit inflation, foreign exchange devaluation, among other factors impacted the 10 most valued…
NGX Pushes Ahead With Retail Participation Drive
The Nigerian Exchange Limited has announced that it will be holding its fourth retail investor workshop in 2021 in line with its aim to drive the development and promotion of…
SEC Urges Firms To Tap Islamic Capital Market
The Securities and Exchange Commission has advised corporate organisations to leverage the Islamic capital market, saying it will help create an enabling environment. The Director-General, SEC, Lamido Yuguda, said this…
China’s JD.com Smashes Through Its Singles Day Record With $48.7 Billion In Sales And Counting
Chinese e-commerce giant JD.com has racked up 311.4 billion yuan ($48.6 billion) in sales across its platforms as of 14:09 p.m. Beijing time during the Singles Day shopping event, smashing…
Indonesia’s Tech Giant GoTo Group Raises $1.3 Billion Ahead Of IPO Plans
Indonesia’s GoTo Group has secured $1.3 billion from investors in the first close of an ongoing funding round ahead of a planned initial public offering, the technology company said Thursday.…
FG To Mandate Ownership Disclosure Of Oil Assets To Curb $1tr Losses
The Federal Government, through the recently established Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday, said it would become compulsory for oil and gas companies operating in the country to disclose…
Meta And Microsoft Announce Partnership To Integrate Workplace And Teams
Meta, the company formerly known as Facebook, on Wednesday announced a partnership with Microsoft that will allow customers to integrate Meta’s Workplace enterprise social network software with Microsoft Teams. The…
Nigeria’s 5G Reserve Price Of $197.4m Among World’s Costliest
Price at par with USA, Germany, China but ahead of India, S’Africa, Egypt With the Federal Government optimistic about December 13 Fifth Generation (5G) network spectrum auction in Nigeria, the…
Meta To Delete Ads Capable Of Fueling Negative Experience Across Its Platforms
Meta, the parent company that oversees Facebook, Instagram and Messenger has reinforced commitment to protecting underrepresented groups across the three platforms. The company said it is blocking advertisers from using detailed…
Elon Musk Sells $5 Billion In Tesla Shares After Twitter Poll
Tesla Chief Executive Elon Musk sold about $5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his…
NNPC Plans To Rebuild Badagry Expressway Under Tax Credit Scheme
Nigerian National Petroleum Corporation (NNPC) has resolved to rebuild the Badagry Expressway under the Federal Government’s Tax Credit Scheme. The Controller of Works in Lagos, Olukayode Popoola, dropped the hint…
Construction Giant Ronchess PLC Gets Listed In The Nigerian Stock Exchange
The Nigerian Exchange (formerly known as the Nigerian Stock Exchange), has approved the listing of Ronchess Global Resources Plc on the Nigerian Exchange. In a letter to the Stockbroker on…
Nigeria Holds 29% Africa’s Total Oil Reserve – OPEC
The Organization of Petroleum Exporting Countries (OPEC) has said Africa’s proven oil reserves reached 126 billion barrels in 2019, with Nigeria having 36.9bn, which is about 29 per cent of…
Emirates’ Loss Narrows To $1.6bn As Travel Restrictions Ease
Emirates Group has reported that its net loss for the first half of the 2021/2022 financial year fell to $1.6bn from $3.8bn in the same period a year ago as…
150,000 Farmers To Benefit As CBN flags Off Wheat Production Programme
The Central Bank of Nigeria (CBN) has flagged off the Nigerian Brown Revolution, an intervention programme to boost wheat production in the country. Godwin Emefiele, CBN governor, said the apex…
FEC Approves 2021-2025 National Development Plan, Projects N348.7tn Investments
The Federal Executive Council presided over by Vice President Yemi Osinbajo on Wednesday approved the 2021-2025 National Development Plan, which is a successor programme to the Economic Recovery and Growth…
World Bank Demands Debt Transparency, Says Nigeria, Others Need $429bn
The World Bank has demanded debt transparency as a crucial step in countries’ development process, while it estimates that external financing needs in Nigeria and other low income developing countries…
France Asks Nigeria To Create Enabling Environment For French Companies
Franck Riester, French minister of foreign trade and economic attractiveness, says Nigeria needs to create an enabling business environment for companies to carry out their activities. Riester spoke on Wednesday…
Emefiele Woos Foreign Investors In France
The Governor, Central Bank of Nigeria, Godwin Emefiele, has invited foreign investors to consider Nigeria as their choice investment destination, noting that business confidence in the country is on the…
‘You’ve Been Inconsistent’ — BudgIT Asks NBS To Publish Data On FAAC Disbursement
BudgIT Foundation, a civic-tech organisation, has called on the National Bureau of Statistics (NBS) to publish data on FAAC allocations in Nigeria from March to August 2021. BudgIT said this…
Didi Prepares To Relaunch Apps In China, Anticipates Probe Will End Soon
Didi Global is preparing to relaunch its ride-hailing and other apps in China by the end of the year in anticipation that Beijing’s investigation into the company will be wrapped…
Aviation Fuel Price Rises By 70%, International Airlines May Raise Fares
The International Air Transport Association has said the price of jet fuel has continued to increase in recent weeks, with its price increasing by 70 per cent since the start…
Naira Gains 3.6% To Trade N540/$1 At Parallel Market
The Nigerian naira has appreciated by 3.6% to N540/$1 at the parallel market — almost four months after the Central Bank of Nigeria (CBN) stopped FX sales to Bureaux De…
Senate Approves Buhari’s $16 Billion, €1 Billion Loan Requests
The upper legislative chamber also approved grant components of $125 million. The president had requested the facilities in an addendum to the 2018-2020 borrowing plan in September. In July, the…
Rolls Royce Launches New Brand Amid Market Enthusiasm
Rolls-Royce Motor Cars Lagos has announced the debut of the latest brand under its Black Badge model, Ghost, amid enthusiasm in the luxury car market. A statement quoted the company’s…
Billionaire Aliko Dangote’s Net Worth Rises To $19.2bn From $17.8bn In August
Africa’s richest man, Aliko Dangote, has significantly moved up in the Bloomberg Billionaires Index as his fortune increased to $19.2 billion from $17.8 billion in August 2021. Dangote, the only…