Real Time Financial News Website
U.S. President Joe Biden is set to deliver a major economic speech addressing the consequences of federal budget cuts and the impending government shutdown. The speech comes as the government…
The International Monetary Fund (IMF) has highlighted the alarming debt levels in Low-Income Developing Countries (LIDCs), which now represent 88% of their GDP. According to the IMF’s 2023 Global Debt…
The world’s total debt has surged to a staggering $235 trillion, with the United States and China contributing a significant 50% of this total at $117.5 trillion combined. This data,…
A recent report from the Nigerian Communications Commission (NCC) highlights that a significant 84% of equipment and devices used in the Nigerian telecoms sector are imported, with only 16% produced…
Private employers of labour in Nigeria have cautioned against the proposed strike by the Nigerian Labour Congress (NLC), emphasizing that it might lead to counter-productive outcomes. They suggest that the…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded flare sites to 42 companies operating in the petroleum sector as part of the 2022 Nigerian Gas Flare Commercialisation Programme (NGFCP).…
The naira’s value against the dollar took another hit as it closed at 950/$ in the parallel market, further dropping from the previous day’s 930/$. Bureau de Change operators reported…
Fidelity Bank Plc has successfully acquired a full stake in Union Bank UK Plc (UBUK), marking a significant step in its international expansion strategy. The acquisition, subject to the approval…
Despite a surge in oil prices, Nigeria’s production remains below its OPEC quota. Brent Crude reached $92.28 per barrel due to output cuts by Saudi Arabia and Russia. Nigeria’s August…
Investors in the Nigerian Exchange Limited (NGX) have faced losses of N757 billion over two days following the downgrade of the exchange’s status by FTSE Russell. This decision was influenced…
Inflation and regulatory charges have led to a 26% surge in total operating expenses for ten major Nigerian banks in the first half of 2023. These expenses rose to N1.19…
Inflation and regulatory charges have led to a 26% surge in total operating expenses for ten major Nigerian banks in the first half of 2023. These expenses rose to N1.19…
Nigerian fintech company Flutterwave is preparing a $50 million investment in Kenya as part of its efforts to secure a payments and remittances license in the country. Flutterwave CEO Olugbenga…
According to Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Nigeria currently has over 60 different forms of taxes and levies. He highlighted…
As of July 2023, Nigeria’s pension assets have risen to N17.01 trillion, showcasing a significant increase from N16.76 trillion in June 2023. During this period, 16,265 new subscribers joined the…
Apple has officially bid farewell to its iconic Lightning connector, which was introduced 11 years ago. The new iPhone 15 series embraces the USB-C port, aligning with the EU’s directive…
Investors on the Nigerian Exchange Limited (NGX) have suffered a loss of N757 billion within two days after the demotion of the exchange from a frontier to an unclassified market…
Nigeria’s equities market continues to experience a negative trend, with more investors opting to sell their holdings to secure profits after recent record gains. The increased sell pressure is expected…
The implementation of Nigeria’s 2023 budget, set at N21.8 trillion, is at risk due to a shortfall in crude oil output, amounting to 470,000 barrels per day in August 2023.…
United Bank for Africa (UBA) Plc, often referred to as Africa’s Global Bank, has reported remarkable financial results for the first half of 2023. Despite challenging global economic conditions and…
Google has responded to claims that it holds its position as the world’s largest search engine through illegal practices, asserting that switching to another provider is as simple as “four…
Ukraine has reportedly launched ten missiles and three unmanned boats in an attack on Russia’s Black Sea fleet in Crimea. The assault resulted in a significant fire at a Sevastopol…
After initial concerns regarding the under-utilization of the standard gauge rail line two years post-commissioning, the Federal Government has officially launched the first cargo movement on the Lagos-Ibadan rail corridor.…
The G-20 summit held in New Delhi, India, has concluded, marking a significant stride for the Nigerian delegation, headed by President Bola Ahmed Tinubu. While it may be early to…
The CEO of the Nigeria National Petroleum Company Limited (NNPC), Mele Kyari, and the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MMDPRA), Farouk Ahmed, were notably absent…
The Nigeria Electricity Regulatory Commission (NERC) introduced a new app on September 11 to oversee the adherence of Electricity Distribution Companies (DisCos) to set tariffs. Sanusi Garba, NERC’s chairman, unveiled…
President Bola Tinubu’s recent economic decisions, including the removal of fuel subsidies and the unification of exchange rates, have been hailed by The Economist for their boldness. However, the British…
The United Arab Emirates (UAE) has officially lifted the visa ban on Nigerian travelers, ending a nearly year-long restriction along with the resumption of flight operations. This decision came after…
The number of metered electricity customers in Nigeria reached 5.47 million in Q2 2023, indicating a notable growth of 10.4% compared to the 4.96 million reported in Q2 2022. Quarter-on-quarter,…
A recent report reveals that Nigeria’s fiscal deficit soared to ₦3.68 trillion in the first five months of 2023. This concerning development has been highlighted in the Central Bank of…