Nigeria Targets Increase in Revenue to GDP Ratio from 8% to 25% by 2026
The Federal Government of Nigeria aims to raise the revenue to Gross Domestic Product (GDP) ratio from 8% in 2023…
Month: November 2023
ValueJet Aircraft Slips Off Runway at Port Harcourt Airport
An aircraft operated by ValueJet airline experienced a slip on the taxi turn after landing at Port Harcourt airport, clearing…
Nigeria: Oil Firms Increase Gas Flaring, but Penalty Declines in H1 2023
Oil companies in Nigeria increased gas flaring in the first half of this year, with a penalty payment of N36…
Nigeria’s Longest-Dated Bond Reopens, Oversubscribed at Record 18% Yield
The reopening of Nigeria’s longest-dated bond, the 2053 maturity, was oversubscribed more than three times at an auction, drawing total…
Saudi Arabia Cancels Visas of 18 Nigerian Passengers Over Past Offences
Saudi Arabian authorities cancelled the visas of 18 out of the 177 passengers who arrived in Jeddah, Saudi Arabia, on…
BUA Plc Faces Potential Profit Slowdown Amid Forex Challenges and Increased Operating Expenses
Nigeria’s BUA Plc, a cement maker, may experience a slowdown in profit before tax due to factors such as the…
FCCPC CEO Discusses Agency’s Transformation, Advocacy for Patient’s Bill of Rights, and Challenges
In an interview with the Executive Vice-Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, several key…
NNPC Facilitates Resolution in Total Energies Dispute, Oil Production Restored
The Nigerian National Petroleum Company Limited (NNPC) has successfully mediated a dispute between Total Energies, the operator of the NNPC/Total…
Michigan Healthcare Provider McLaren Confirms Cyberattack Compromised Data of 2.2 Million Patients
McLaren Health Care, a Michigan-based healthcare provider, has confirmed a cyberattack that compromised the sensitive personal and health information of…
Maine Government Confirms Data Breach, Over a Million Affected in Ransomware Attack
The government of Maine has confirmed that over a million individuals had their personal information stolen in a data breach…
Crypto Venture Capital Sees Renewed Interest in Web3 Investments
The crypto venture capital landscape is experiencing renewed interest in web3, crypto, and blockchain technology after several weak quarters. Investors…
Nigeria’s Inflation Projected to Rise for the 10th Consecutive Month to 27.8% in October 2023
Nigeria’s headline inflation rate is projected to rise for the 10th consecutive month to 27.8% in October 2023, according to…
Nigeria Senate to Consider Diaspora Voting Rights During Constitution Review
The Nigerian Senate is set to consider diaspora voting rights as part of the ongoing review of the country’s 1999…
Nigeria’s Crude Oil Production Drops in October, Affecting Foreign Exchange Earnings
Nigeria’s crude oil production declined to 1.56 million barrels per day (mbpd) in October, marking a 0.65% drop from the…
Flaws in Off-Cycle Elections in Nigeria Threaten Democracy, Experts Say
The recent off-cycle governorship elections in Bayelsa, Imo, and Kogi states in Nigeria have been criticized for flaws that experts…
Number of Nigerians Studying in the United States Surges Despite Dollar Scarcity
The number of Nigerians studying in the United States has reached the highest level in at least 23 years, despite…
Naira Fails to Gain Despite 46.69% Rise in Dollar Supply
Despite a significant increase in the supply of dollars at Nigeria’s Autonomous Foreign Exchange Market (NAFEM), the value of the…
Carbon Value Exchange (Cavex) Secures Seed Funding Led by E3 Capital to Scale its Digital Carbon Financing Platform
Carbon Value Exchange (Cavex) has successfully closed its seed funding round, led by E3 Capital and with participation from FSD…
Goodwell Investments Leads $8.5M Series B Round for Zambian Social Enterprise Good Nature Agro
Impact investor Goodwell Investments, in collaboration with Oikocredit and Global Partnerships/Eleos Social Venture Fund (GP SVF), has invested $8.5 million…
Blue Earth Capital Commits $20 Million to African Infrastructure Investment Fund 4 (AIIF4)
Blue Earth Capital has committed $20 million to African Infrastructure Investment Fund 4 (AIIF4), managed by African Infrastructure Investment Managers…
Emerging Africa Infrastructure Fund, PIDG, and Ninety One Commit $31 Million to Paratus Group for Fibre and Data Centre Expansion
The Emerging Africa Infrastructure Fund (EAIF), along with infrastructure development organization Private Infrastructure Development Group (PIDG) and fund manager Ninety…
EIU Warns CBN Lacks Sufficient Firepower to Clear $6 Billion Forex Backlog
The Economic Intelligence Unit (EIU) cautions that the Central Bank of Nigeria (CBN) lacks the necessary capacity to address the…
Nigeria Expects “Immediate” Multi-Billion-Dollar Investments from Saudi Arabia
Nigeria anticipates “immediate” multi-billion-dollar investment flows from Saudi Arabia after signing an agreement to reestablish the Nigeria-Saudi Arabia Business Council.…
Nigeria’s Communications Commission Stresses Internet Connectivity for SMEs, Reaffirms 70% Broadband Target
The Nigerian Communications Commission (NCC) emphasizes the crucial role of internet connectivity in fostering Small and Medium Enterprises (SMEs) in…
Nigeria Manufacturing Expo Aims to Boost Local Raw Material Sourcing
The Nigeria Manufacturing and Equipment Expo (NME) and Nigerian Raw Materials Expo (NIRAM), organized by the Manufacturers Association of Nigeria…
NNPC Brokers Peace Deal Between TotalEnergies and Oil Unions, Resumes 275,000 BPD Oil Production
The Nigerian National Petroleum Company Limited (NNPC) announced on Sunday that it mediated a peace deal to resolve the dispute…
Dangote Refinery Secures License to Process 300,000 Barrels of Nigerian Crude Daily, Says Aliko Dangote
Aliko Dangote, Africa’s richest person, announced that the Dangote refinery has obtained a license to refine more than 300,000 barrels…
KPMG Forecasts Nigeria’s Headline Inflation to Reach 30% by December 2023 Due to Recent Reforms
KPMG predicts that Nigeria’s headline inflation will escalate to 30% by December 2023, citing recent reforms such as fuel subsidy…
Central Bank of Nigeria Affirms Legal Tender Status of All Banknotes Amidst Transition to Redesigned Currency
The Central Bank of Nigeria (CBN) has issued a statement reiterating that all banknotes, both old and redesigned, remain legal…
China-Nigeria Bilateral Trade Volume Reaches $17.25 Billion in First Three Quarters of 2023
The Consul General of China in Lagos, Yan Yuging, has revealed that the bilateral trade volume between China and Nigeria…