Local Nigeria Targets Increase in Revenue to GDP Ratio from 8% to 25% by 2026 November 15, 2023 Ekemini The Federal Government of Nigeria aims to raise the revenue to Gross Domestic Product (GDP) ratio from 8% in 2023 to 25% by 2026, according to Wale Edun, the Minister…
Local ValueJet Aircraft Slips Off Runway at Port Harcourt Airport November 15, 2023 Ekemini An aircraft operated by ValueJet airline experienced a slip on the taxi turn after landing at Port Harcourt airport, clearing off the runway. The incident occurred at 3:30 local time,…
Local Nigeria: Oil Firms Increase Gas Flaring, but Penalty Declines in H1 2023 November 15, 2023 Ekemini Oil companies in Nigeria increased gas flaring in the first half of this year, with a penalty payment of N36 billion, down from N37.75 billion in the same period in…
Local Nigeria’s Longest-Dated Bond Reopens, Oversubscribed at Record 18% Yield November 15, 2023 Ekemini The reopening of Nigeria’s longest-dated bond, the 2053 maturity, was oversubscribed more than three times at an auction, drawing total subscriptions of 330 billion naira ($364 million). The record yield…
Local Saudi Arabia Cancels Visas of 18 Nigerian Passengers Over Past Offences November 15, 2023 Ekemini Saudi Arabian authorities cancelled the visas of 18 out of the 177 passengers who arrived in Jeddah, Saudi Arabia, on an Air Peace flight from Nigeria. The cancellations were attributed…
Local BUA Plc Faces Potential Profit Slowdown Amid Forex Challenges and Increased Operating Expenses November 14, 2023 Ekemini Nigeria’s BUA Plc, a cement maker, may experience a slowdown in profit before tax due to factors such as the Central Bank of Nigeria’s foreign exchange unification and rising operating…
Local FCCPC CEO Discusses Agency’s Transformation, Advocacy for Patient’s Bill of Rights, and Challenges November 14, 2023 Ekemini In an interview with the Executive Vice-Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, several key points were discussed, including the evolution of the FCCPC from…
Local NNPC Facilitates Resolution in Total Energies Dispute, Oil Production Restored November 14, 2023 Ekemini The Nigerian National Petroleum Company Limited (NNPC) has successfully mediated a dispute between Total Energies, the operator of the NNPC/Total Joint Venture, and two labor unions – the Petroleum and…
Health Michigan Healthcare Provider McLaren Confirms Cyberattack Compromised Data of 2.2 Million Patients November 14, 2023 Ekemini McLaren Health Care, a Michigan-based healthcare provider, has confirmed a cyberattack that compromised the sensitive personal and health information of 2.2 million patients. The cyberattack, attributed to the Alphv ransomware…
Technology Maine Government Confirms Data Breach, Over a Million Affected in Ransomware Attack November 14, 2023 Ekemini The government of Maine has confirmed that over a million individuals had their personal information stolen in a data breach earlier this year orchestrated by a Russia-linked ransomware gang. The…
Crypto Crypto Venture Capital Sees Renewed Interest in Web3 Investments November 14, 2023 Ekemini The crypto venture capital landscape is experiencing renewed interest in web3, crypto, and blockchain technology after several weak quarters. Investors are shifting their focus to real-world use cases, infrastructure, and…
Local Nigeria’s Inflation Projected to Rise for the 10th Consecutive Month to 27.8% in October 2023 November 14, 2023 Ekemini Nigeria’s headline inflation rate is projected to rise for the 10th consecutive month to 27.8% in October 2023, according to analysts at Financial Derivatives Company Limited (FDC). This projection comes…
Local Nigeria Senate to Consider Diaspora Voting Rights During Constitution Review November 14, 2023 Ekemini The Nigerian Senate is set to consider diaspora voting rights as part of the ongoing review of the country’s 1999 Constitution, according to Opeyemi Bamidele, the Leader of the Senate.…
Local Nigeria’s Crude Oil Production Drops in October, Affecting Foreign Exchange Earnings November 14, 2023 Ekemini Nigeria’s crude oil production declined to 1.56 million barrels per day (mbpd) in October, marking a 0.65% drop from the previous month, according to a report by the Nigerian Upstream…
Local Flaws in Off-Cycle Elections in Nigeria Threaten Democracy, Experts Say November 14, 2023 Ekemini The recent off-cycle governorship elections in Bayelsa, Imo, and Kogi states in Nigeria have been criticized for flaws that experts argue pose a threat to democracy in the country. Despite…
Local Number of Nigerians Studying in the United States Surges Despite Dollar Scarcity November 14, 2023 Ekemini The number of Nigerians studying in the United States has reached the highest level in at least 23 years, despite challenges posed by a scarcity of dollars that has increased…
Local Naira Fails to Gain Despite 46.69% Rise in Dollar Supply November 14, 2023 Ekemini Despite a significant increase in the supply of dollars at Nigeria’s Autonomous Foreign Exchange Market (NAFEM), the value of the naira could not strengthen. The daily foreign exchange market turnover…
Business Carbon Value Exchange (Cavex) Secures Seed Funding Led by E3 Capital to Scale its Digital Carbon Financing Platform November 13, 2023 Ekemini Carbon Value Exchange (Cavex) has successfully closed its seed funding round, led by E3 Capital and with participation from FSD Africa Investments (FSDAi). The investment aims to bring Cavex’s digital…
Business Goodwell Investments Leads $8.5M Series B Round for Zambian Social Enterprise Good Nature Agro November 13, 2023 Ekemini Uba Impact investor Goodwell Investments, in collaboration with Oikocredit and Global Partnerships/Eleos Social Venture Fund (GP SVF), has invested $8.5 million in equity in Zambian social enterprise Good Nature Agro (GNA).…
Africa Blue Earth Capital Commits $20 Million to African Infrastructure Investment Fund 4 (AIIF4) November 13, 2023 Ekemini Blue Earth Capital has committed $20 million to African Infrastructure Investment Fund 4 (AIIF4), managed by African Infrastructure Investment Managers (AIIM). The investment aims to support the development of sustainable…
Business Emerging Africa Infrastructure Fund, PIDG, and Ninety One Commit $31 Million to Paratus Group for Fibre and Data Centre Expansion November 13, 2023 Ekemini The Emerging Africa Infrastructure Fund (EAIF), along with infrastructure development organization Private Infrastructure Development Group (PIDG) and fund manager Ninety One, has committed a $31 million debt facility to Paratus…
Local EIU Warns CBN Lacks Sufficient Firepower to Clear $6 Billion Forex Backlog November 13, 2023 Ekemini The Economic Intelligence Unit (EIU) cautions that the Central Bank of Nigeria (CBN) lacks the necessary capacity to address the backlog of foreign exchange orders valued at over $6 billion.…
Local Nigeria Expects “Immediate” Multi-Billion-Dollar Investments from Saudi Arabia November 13, 2023 Ekemini Nigeria anticipates “immediate” multi-billion-dollar investment flows from Saudi Arabia after signing an agreement to reestablish the Nigeria-Saudi Arabia Business Council. The business council aims to facilitate investments in various sectors,…
Local Nigeria’s Communications Commission Stresses Internet Connectivity for SMEs, Reaffirms 70% Broadband Target November 13, 2023 Ekemini The Nigerian Communications Commission (NCC) emphasizes the crucial role of internet connectivity in fostering Small and Medium Enterprises (SMEs) in Nigeria. The executive vice chairman of the NCC, Dr Aminu…
Local Nigeria Manufacturing Expo Aims to Boost Local Raw Material Sourcing November 13, 2023 Ekemini The Nigeria Manufacturing and Equipment Expo (NME) and Nigerian Raw Materials Expo (NIRAM), organized by the Manufacturers Association of Nigeria (MAN) and the Raw Materials Research and Development Council (RMRDC),…
Local NNPC Brokers Peace Deal Between TotalEnergies and Oil Unions, Resumes 275,000 BPD Oil Production November 13, 2023 Ekemini The Nigerian National Petroleum Company Limited (NNPC) announced on Sunday that it mediated a peace deal to resolve the dispute between the management of TotalEnergies and the Petroleum and Natural…
Local Dangote Refinery Secures License to Process 300,000 Barrels of Nigerian Crude Daily, Says Aliko Dangote November 13, 2023 Ekemini Aliko Dangote, Africa’s richest person, announced that the Dangote refinery has obtained a license to refine more than 300,000 barrels of Nigerian crude per day. Speaking in Riyadh at the…
Local KPMG Forecasts Nigeria’s Headline Inflation to Reach 30% by December 2023 Due to Recent Reforms November 13, 2023 Ekemini KPMG predicts that Nigeria’s headline inflation will escalate to 30% by December 2023, citing recent reforms such as fuel subsidy removal and the unification of the foreign exchange market. The…
Local Central Bank of Nigeria Affirms Legal Tender Status of All Banknotes Amidst Transition to Redesigned Currency November 9, 2023 Ekemini The Central Bank of Nigeria (CBN) has issued a statement reiterating that all banknotes, both old and redesigned, remain legal tender and should be accepted without rejection. This announcement comes…
Business Local China-Nigeria Bilateral Trade Volume Reaches $17.25 Billion in First Three Quarters of 2023 November 9, 2023 Ekemini The Consul General of China in Lagos, Yan Yuging, has revealed that the bilateral trade volume between China and Nigeria in the first three quarters of 2023 has reached $17.25…
