Nigeria Approves N2.18tn Supplementary Budget to Address Urgent National Priorities
The Federal Government of Nigeria has greenlit a supplementary budget of N2.18tn for the fiscal year 2023. This additional funding…
Month: October 2023
Nigeria Records 5.7% Increase in Crude Oil Production for 2023
A review of industry data by THISDAY reveals that Nigeria’s crude oil production has shown a 5.7% year-on-year increase between…
Nigeria’s Push for Green Industries in the Face of Energy Transition
As the global call for energy transition gains momentum, the Nigerian federal government has announced its intention to capitalize on…
TotalEnergies’ $15 Million Investment in Host Communities: A Milestone in Nigerian Oil Industry
TotalEnergies, a prominent oil major, has achieved a significant milestone by fully funding its Host Community Development Trusts (HCDTs) with…
Kenya Addresses Disruption Risk in Gulf Fuel Deal Over Letter of Credit Confirmation
Kenya is reassessing the process for banks to confirm letters of credit linked to the government’s fuel agreement with Gulf…
Nigerian Government Plans Tax Penalties and Interest Waivers to Boost Business and Revenue
The Nigerian government is taking steps to waive tax penalties, outstanding penalties, and interest to make it easier to conduct…
Nigerian Oil and Gas Firms’ Debt Soars by Over 40% Due to Naira Devaluation
The debts owed by oil and gas companies to Nigerian commercial banks have surged by over 40% due to the…
Delay in Seplat’s ANOH Gas Processing Plant Completion Poses Challenge to Nigeria’s Gas Development Plans
The completion date for Seplat’s ANOH Gas Processing Plant, a critical component of Nigeria’s gas development plans, has been pushed…
Naira Hits All-Time Low of N993.82 per Dollar, Prompting Government Actions
The Nigerian Naira experienced a significant depreciation, reaching an all-time low of N993.82 per dollar at the official foreign exchange…
Bloomberg: Nigerian Government Aims to Bring Dollar Rate Down to N750 by December
The Nigerian government, through the Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, is targeting…
Navigating the Frontiers of Artificial Intelligence: UK’s AI Safety Summit
The debate surrounding artificial intelligence (AI) remains polarized, with opinions ranging from its potential to save humanity to its capacity…
Raxio Data Centres Secures $46 Million in Equity Funding to Fuel Expansion in Africa
Raxio Data Centres, a leading provider of carrier-neutral data centres in Africa, has secured an additional $46 million in equity…
EBRD Considers Investment in SPE Capital’s New North Africa Fund
The European Bank for Reconstruction and Development (EBRD) is contemplating an equity investment of USD 40 million in a new…
Democratic Republic of Congo Sets Ambitious $6.6 Billion Investment for Agricultural Transformation
The Democratic Republic of Congo (DRC) has unveiled an ambitious plan to invest $6.6 billion over a decade in its…
Gulf Capital Successfully Exits iSON Xperiences, Marking a Milestone in Growth
Gulf Capital, a prominent private equity firm operating in Asia and the GCC, has announced its successful exit from iSON…
RMB Corvest and Shalamuka Capital Acquire Stake in VoIP Telecom Provider Switch Telecom
Private equity firm RMB Corvest, in collaboration with BEE investment vehicle Shalamuka Capital, has completed the acquisition of a minority…
Expert Views on MSCI’s Reclassification and Its Impact on Nigeria’s Financial Market
MSCI’s reclassification of Nigeria from Frontier to Standalone Markets has raised concerns among experts. The ongoing FX liquidity challenges and…
National Pension Commission Introduces Framework for Additional Benefits Schemes
The National Pension Commission (PenCom) has introduced a framework for the establishment of Additional Benefits Schemes (ABS) under the Contributory…
Nigerians Spend $340.84 Million on Foreign University Applications in H1 2023
Nigerians seeking admission to foreign universities spent approximately $340.84 million on funding their application processes in the first half of…
MSCI Reclassifies Nigeria from Frontier to Standalone Markets: Implications and Challenges
MSCI, a renowned provider of tools and services for the global investment community, has reclassified Nigeria’s status in their indexes…
9PSB Partners with XCHANGEBOX to Expand Agent Banking Solutions
Nigeria’s digital payment service bank, 9 Payment Service Bank (9PSB), has entered a strategic partnership with XCHANGEBOX, a licensed super-agent…
U.S. Pledges to Elevate Kenya’s Investment Climate as Model for Africa
The Biden administration has committed to enhancing Kenya’s investment environment, aiming to set a standard for other African nations through…
Nigerian Stock Market Experiences Marginal Dip Following Previous Day’s Gain
The Nigerian stock market saw a slight decline of 0.02 percent, equivalent to N6 billion, on Wednesday, failing to maintain…
Nigeria’s Money Supply Grows to N66.4 Trillion Amid Inflation and Naira Devaluation
The Central Bank of Nigeria (CBN) reports an increase in Nigeria’s total money supply (M2) from N65.15 trillion in August…
VP Urges Capital Market Involvement in Bridging Nigeria’s Infrastructure Deficit
The Vice President of Nigeria, Kashim Shettima, has called for active participation of capital market stakeholders in addressing Nigeria’s substantial…
UBA CEO Oliver Alawuba Honored with Fellowship from CIBN
Oliver Alawuba, the Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA), has been awarded the…
Nigeria’s Federal Government to Forgo N12.4 Trillion in Tax Waivers and Incentives
The Federal Government of Nigeria is set to waive tax revenues amounting to N12.4 trillion over the course of four…
Naira Plummets to ₦1,290/$1, Sparks Concerns
The Nigerian Naira has experienced a sharp decline, reaching ₦1,290 to $1 in key markets, including Abuja. This significant drop…
Nigerian Government Adjusts Port Terminal Charges and Bulk Cargo Fees
The Nigerian government, through the Nigerian Shippers Council (NSC), has made significant changes to port terminal charges and bulk cargo…
Nigeria Anticipates $10 Billion Inflow to Alleviate Dollar Shortage
The Nigerian government is expecting an inflow of $10 billion in the coming weeks, which is anticipated to alleviate the…