Nigeria’s Non-Oil Exports Experience Slight Dip in H1 2023
The Nigerian non-oil export sector recorded a marginal decrease in export value, amounting to $2.54 billion, representing a 0.09% dip in the first half of 2023, according to Ezra Yukusak,…
Nigeria’s Inflation Hits 17-Year High Amid Ongoing Rise
Nigeria’s headline inflation rate has reached a 17-year high, rising for the sixth consecutive time to 22.79% in June 2023, according to data released by the National Bureau of Statistics.…
Mobile Money Agents in Nigeria Stand Firm on Implementing New Price Framework
Despite facing criticism and threats of sanctions, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) remains determined to implement its new price framework for point-of-sale (PoS) operators.…
Access Bank and Standard Chartered Bank Finalize Agreement for African Subsidiaries’ Acquisition
Access Bank Plc and Standard Chartered Bank have reached an agreement for Access Bank to acquire Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone,…
Geregu Power Makes N8.78bn Advance Payment to Italian Firm for Turbine Overhaul
Geregu Power Plc, a power generating company in Nigeria, revealed that it has made advance payments totaling N8.783 billion to Italian firm Ansaldo Energia for the overhaul of its gas…
Manufacturers and Students Struggle to Access Forex as Naira Exchange Rate Hits Record Low
Despite recent reforms under the Bola Tinubu administration, Nigerian manufacturers and businesses are still facing challenges in accessing foreign exchange at the official market. This has led to a decline…
AFIG Funds and Norfund Successfully Complete Acquisition of Ivorian Packaging Company NME
A consortium of investors led by AFIG Funds and Norfund has successfully completed the acquisition of Nouvelle Mici Embaci (NME), one of Côte d’Ivoire’s leading packaging companies. The purchase, which…
Endeavour Mining Divests 90% Stake in Burkina Faso Mines to Lilium Mining for $300 Million
In a strategic move, UK-based Endeavour Mining has sold 90% stakes in its Boungou and Wahgnion mines in Burkina Faso to Lilium Mining, a subsidiary of Lilium Capital, for over…
Amea Power Secures $75 Million Funding from SoftBank Group for Expansion
Dubai-based renewable energy company, Amea Power, has successfully secured a $75 million equity funding round from SoftBank Group, a renowned Japanese firm. This marks Amea Power’s first external equity funding…
Millions of Poor Nigerians Excluded from Cash Transfer Program: World Bank Report
The World Bank’s Nigeria Development Update for June 2023 reveals that over 42.69 million poor Nigerians have been excluded from the Federal Government’s N5,000 monthly cash transfer program since its…
Unveiling the Root Causes of Building Collapses in Lagos: World Bank Report
The World Bank’s report on housing regulatory framework standards in sub-Saharan Africa reveals that the frequent building collapses in Lagos State are attributed to gaps and loopholes in the permitting…
Central Bank of Nigeria Records Significant Recovery in Intervention Program Repayments
The Central Bank of Nigeria (CBN) has achieved a remarkable milestone in its intervention programs, announcing the recovery of N471.82bn in cumulative repayments during the first half of 2022. This…
Financial Services Stocks Drag Nigerian Bourse, Market Capitalization Declines by N257bn
The Nigerian bourse experienced a downturn last week as losses in FBN Holding Plc, Ecobank Transnational Incorporated, and other financial services stocks led to a drop in market capitalization by…
Concerns Mount Over Power Tariff Review Amid Rising Subsidy Costs
The Nigerian Electricity Regulatory Commission (NERC) has reported that the Federal Government’s spending on electricity subsidy has soared to N2.8tn, triggering indications that power distribution companies (Discos) might receive consideration…
Manufacturers Association of Nigeria Raises Concerns Over Exclusion from Smart Meter Supply
The Manufacturers Association of Nigeria (MAN) has voiced its apprehensions over the impending displacement of local meter manufacturers and assemblers in the power sector due to the government’s implementation of…
Access Bank to Acquire Standard Chartered’s Sub-Saharan Subsidiaries
Access Bank Plc has recently entered into an agreement to purchase the sub-Saharan subsidiaries of Standard Chartered Bank. As part of the deal, Standard Chartered will sell its holdings in…
Rising Government Borrowing Pushes up Loan Costs for Kenyan Households and Businesses
The Kenyan government’s increasing reliance on more expensive domestic loans has resulted in higher interest rates for households and businesses. The interest rate on a one-year Treasury bill, which serves…
Improved Liquidity in Kenyan Market Lowers Interbank Rates
The interbank rate in Kenya has dropped from double-digit levels to 8.62 percent, following improved liquidity in the market. This improvement has been attributed to government spending at the beginning…
Ghanaian Government Plans to Dispose of 17 Defunct State-Owned Enterprises
The Ministry of Public Enterprises in Ghana has announced plans to dispose of 17 defunct state-owned enterprises, including the State Construction Company, Bonsa Tyre Factory, and Bolgatanga Meat Factory. These…
Nigerian Power Distribution Companies Apply for Tariff Review
The Federal Government has announced that the 11 power distribution companies (Discos) in Nigeria have submitted applications for the review of their electricity tariffs. This move is aimed at incorporating…
Nigeria’s Crude Oil Earnings Rise to N1.68tn in June as Output Increases
Nigeria’s crude oil earnings reached over N1.68tn in June 2023 due to an increase in the country’s oil output, according to the latest oil production figures released by the Federal…
Central Bank of Nigeria Directs IMTOs to Pay Out Using I&E Window Rate
The Central Bank of Nigeria (CBN) has issued a directive requiring International Money Transfer Operators (IMTOs) to pay out proceeds using the Investors and Exporters’ (I&E) window foreign exchange (FX)…
Central Bank of Nigeria Upgrades eNaira App with NFC Technology
The Central Bank of Nigeria (CBN) has enhanced its eNaira app by integrating Near Field Communication (NFC) technology, making it a cutting-edge and internationally recognized application. NFC enables contactless communication…
Declining Foreign Investments Pose Challenges for Nigeria’s Manufacturing Sector
Foreign investments in Nigeria’s manufacturing sector witnessed a significant drop of 35% from $392.5 million in Q4 2022 to $256 million in Q1 2023, according to the National Bureau of…
Access Bank Completes Acquisition of Majority Stake in Finibanco Angola S.A.”
Access Bank Plc, the flagship subsidiary of Access Holdings, has successfully completed its acquisition of a majority equity stake in Angolan entity, Finibanco Angola S.A. The completion of the deal…
Dangote Cement Expands Production Capacity in Itori, Ogun State, and Across Africa
Dangote Cement has announced its plans to expand production capacity through the construction of a new integrated cement plant in Itori, Ogun State. The company aims to strengthen local production…
Central Bank of Nigeria Introduces Naira Payout Option for Diaspora Remittances
The Central Bank of Nigeria (CBN) has announced the inclusion of the Naira as a payout option for recipients of diaspora remittances. In a recent circular, the CBN stated that…
Inflows into Nigeria’s Investors and Exporters Window Rise to $2.55bn
Data obtained from the FMDQ revealed that the total inflows into Nigeria’s Investors and Exporters Window (I&E Window) reached $2.55 billion in May and June. This marked the second consecutive…
Senate Probes Alleged Uneven Disbursement of N483bn Intervention Loans
The Nigerian Senate has launched an investigation into the alleged uneven disbursement of N483 billion in intervention loans by the Development Bank of Nigeria among the six geopolitical zones in…
Nigeria’s Oil Production Set to Increase with Addition of 192,000 Barrels per Day
The Nigerian National Petroleum Company Limited (NNPCL) and its joint venture partners have announced plans to boost Nigeria’s oil production by adding approximately 192,000 barrels of crude oil per day.…