Nigerian Manufacturing Sector Faces Severe Forex Losses, Impacting Profits
The manufacturing sector in Nigeria experienced a substantial 400% increase in net foreign exchange losses, reaching N466 billion in the…
Day: December 11, 2023
Foreign Airlines Consider Exiting Nigeria Amid Currency Challenges
There are growing indications that foreign airlines might exit Nigeria’s airspace due to a deteriorating operating environment. This follows a…
Dangote Petroleum Refinery Set to Produce Diesel and Aviation Fuel in January 2024, Faces Delay in Petrol Production
The Dangote Petroleum Refinery is on track to commence production, with the processing of crude oil expected to start in…
Moody’s Upgrades Nigeria’s Outlook to Positive, Citing Reform Efforts Amid Persistent Challenges
Moody’s, a prominent US-based rating agency, has revised Nigeria’s outlook from stable to positive, acknowledging the country’s financial stability and…
Nigeria Records N1.54tn Fiscal Deficit in July and August 2023, Despite Improved Revenue
The Central Bank of Nigeria (CBN) has reported that the Federal Government of Nigeria recorded a fiscal deficit of N1.54tn…
African Startups Embrace Debt Financing with Over $1.1 Billion Raised in 2023
African startups have increasingly turned to debt financing, raising over $1.1 billion as of November 2023, according to data from…
Flutterwave Expands Remittance Dominance with Acquisition of 13 US Payment Licences
Flutterwave, a prominent payment-focused fintech in Africa, has acquired payment licences for 13 states in the US, marking a strategic…
Oando Clean Energy (OCEL) Boosts Nigerian Electric Vehicle Efforts with Purchase of 100 EVs
Oando Clean Energy (OCEL), the renewable energy subsidiary of Oando Energy Resources, is supporting the Nigerian government’s electric vehicle (EV)…
Implementation Challenges Stalling Gains from Nigeria’s Petroleum Industry Act (PIA)
Despite the enactment of the Petroleum Industry Act (PIA) over two years ago, at least 60% of Nigeria’s oil prospecting…
Naira Hits Record Low, PIA Implementation Challenges, and Economic Indicators to Watch
The Nigerian Naira faces a record low in official trading, weakening by 23% to N1,099 per dollar. Meanwhile, challenges in…
Economic Intelligence Unit Predicts Naira’s Future, Dangote Refinery Impact, and Inflation Outlook
The Economic Intelligence Unit (EIU) offers insights into the future of Nigeria’s economy, making predictions on the Naira’s exchange rate,…
FCMB Group Reports 75.7% Increase in Gross Revenue for First Nine Months of 2023
FCMB Group, a prominent financial services holding company in Nigeria, has released its financial statements for the first nine months…
Development Finance Institutions Invest Over $52 Million in Sierra Leone’s Planet Solar Project
Development Finance Institutions (DFIs) including British International Investment (BII), FMO, and Proparco, along with renewable fund manager Frontier Energy, have…
U.S. Development Finance Corporation Commits $24 Million Investment in Miro Forestry for Sustainable Forestry Expansion in West Africa
The U.S. International Development Finance Corporation (DFC) has pledged a $24 million equity investment in Miro Forestry Developments Limited (Miro),…
Mastercard’s Africa Growth Fund Invests in Three African Investment Firms
Mastercard’s Africa Growth Fund is set to invest in three African investment firms, namely Chui Ventures, VestedWorld, and SME Impact…