Gulf’s dominance grows as a result of OPEC+ oil quota reform.
The recent reforms at OPEC, outlined by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, aim to reward countries that…
Month: June 2023
Naira devaluation: Telcos warn customers to expect price increases.
Telecommunication firms in Nigeria are working with their regulator, the Nigerian Communication Commission (NCC), to review the prices of their…
Currency in Circulation Jumps to N2.53tn – CBN.
According to the Central Bank of Nigeria (CBN), currency in circulation in the country increased by 157.27 percent to N2.53…
Subsidy removal: Poor Nigerians will hit 101 million without palliatives, says World Bank
The World Bank has highlighted Nigeria’s high inflation rate as a significant factor in pushing an estimated four million people…
The World Bank estimates that Nigeria may save $5.1 billion this year through reforms.
The World Bank has stated that Nigeria stands to save up to 3.9 trillion naira (approximately $5.10 billion) this year…
Unification: Producers Bemoan the Lack of FX Availability.
After the Central Bank of Nigeria (CBN) unified the foreign exchange (FX) market, manufacturers in the country are expressing concerns…
Unicem Cement’s Eco-label is Introduced by Lafarge Africa.
Lafarge Africa Plc has launched its Eco Label branding, which supports the company’s commitment to net zero emissions and aims…
Credit to the Private Sector Increased 14.97% to N44.21 trillion in May.
The Central Bank of Nigeria (CBN) has reported a significant 14.9% year-on-year increase in credit to the private sector, reaching…
World Bank Approves A New $500 million Loan for FG.
The World Bank Group has approved a $500 million loan to Nigeria to support women’s empowerment efforts. This funding is…
Shareholders of Union Bank will receive N7 Ser shares from Titan Trust Bank.
Union Bank Plc has announced that minority shareholders will receive N7.00 per scheme share as consideration for the transfer of…
Discos Reverse their Rate Increase Decision as they Wait for NERC Clearance.
Power distribution companies (Discos) in Nigeria have retracted their earlier announcement of a tariff hike scheduled for July 1, 2023,…
Nigeria’s Oil Production Falls Below the Target Set by OPEC.
According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s oil production has fallen below the target set…
Nestle increases its sourcing of Nigerian raw materials as the cash crunch hits
Nestle, a major food company, is increasing its sourcing of local raw materials such as starch and turmeric in Nigeria…
Nigeria’s Oil Output is Under Danger Due to Disruptions-EIA
The Energy Information Administration (EIA), a US agency, has stated that disruptions in Nigeria’s oil production have led to the…
According to FG, Discos Failed to Remit N208bn in 2022.
According to the Federal Government of Nigeria, power distribution companies (Discos) failed to remit a total of N208.8 billion to…
CBN and Bill Gates Collaborate on Financial Inclusion
The Central Bank of Nigeria (CBN) and the Bill and Melinda Gates Foundation (BMGF) have finalized their plans to enhance…
Debt Servicing Surged by 55.71% to N1.24tn.
Nigeria’s debt servicing costs have surged by 55.71% to N1.24tn within a three-month period, as revealed by data from the…
European stock markets experience losses to start the new week.
The new week brought losses to European stock markets, mirroring the decline in Tokyo, as investors monitored inflation updates and…
Travelers Lament as the Devaluation of the Naira Raises Airfares.
The decision by the Central Bank of Nigeria to devalue the naira has caused a significant increase in airfares, negatively…
FG, the States, and LGAs Split May’s Income of N786 billion.
The Federation Account Allocation Committee (FAAC) announced that it distributed a total of N786.16 billion among the three tiers of…
DMO is Alarmed by Low Revenue as Nigeria’s Debt Approaches N81 trillion.
According to findings, Nigeria’s total public debt is projected to reach N81.64tn this year, based on the 2022 Debt Sustainability…
Paris Summit: Tinubu Promotes the Removal of Subsidies and the Adoption of an FX Policy.
President Bola Tinubu of Nigeria expressed the country’s readiness to engage in business and attract foreign investments. He emphasized ongoing…
50 New Power Generation and Metering Licenses are Issued by NERC.
The Nigerian Federal Government granted 50 new power generation and metering permits in the last quarter of last year, according…
BoG Anticipates that Inflation would Stay Over 10% Until 2025.
Barring any unexpected shocks, the Bank of Ghana (BoG) expects inflation to be on the decline through the end of…
PPI Falls to 30.3% in May 2023, According to GSS.
According to recent information from the Ghana Statistical Service (GSS), the Producer Price Inflation (PPI) for the month of May…
The Budget Controller Reports Sh5.7 billion in Salaries Paid Outside of Payroll.
In the first nine months up to March, the Controller of Budget (COB) reported Sh5.66 billion in salary payments made…
TransCentury Shares Decline 10% Amid Conflict.
The Nairobi Securities Exchange (NSE) saw a 10% decline in TransCentury Plc’s stock in its first transaction following the disclosure…
According to NBS, Discos made N480 billion in Six Months.
According to the National Bureau of Statistics’ latest Electricity Report for the first quarter of 2023, despite a 1.74 percent…
NMDPRA Permits Six Enterprises to Import Petrol.
Six companies have been granted licenses by the industry regulator, the Nigeria Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), to…
Convergence of Currency Rates through FX Reforms.
Within one week of their implementation, the current FX reforms at the Central Bank of Nigeria (CBN) led to a…