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…
Month: December 2023
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…
Parliament to Conduct Headcount Vote on Approval of 2024 Budget
Parliament is scheduled to undertake a headcount vote on the approval of the 2024 budget on December 7, 2023. The…
Safaricom Introduces Christmas Campaign Allowing Fuliza Loan Repayment with Bonga Points
Safaricom has launched a month-long Christmas campaign, “Sambaza Furaha,” which includes unique offers for customers. Notably, borrowers using Safaricom’s Fuliza…
Dangote Refinery Set to Receive First Crude Oil Cargo for Production of Petroleum Products
The Dangote Refinery, located on the outskirts of Lagos, is gearing up for the commencement of production as it prepares…
Equinor Sells Nigerian Business, Including Agbami Oil Field Stake, to Chappal Energies
Norwegian energy company Equinor has completed the sale of its Nigerian business, including its stake in the Agbami oil field,…
NIBSS Directs Banks to Disconnect Switches, Payment Solution Providers, and Super Agents from NIP Outward System
The Nigeria Inter-Bank Settlement System (NIBSS) has issued a directive instructing banks to disconnect Switches, Payment Solution Service Providers (PSSPs),…
Federal Allocation to States and Local Governments Projected to Increase by 109.74% to N14.04tn in 2024
The Federal Government’s revenue projections in its Revised 2024 – 2026 Medium-Term Fiscal Framework indicate that federal allocation to states…
Shale Oil Resurgence Sparks Concerns for Nigeria and OPEC Amid Budget Reliance on Oil Revenue
The resurgence of shale oil production in the United States is causing concerns for Nigeria and other oil-producing nations, reminiscent…
Nigerian Students Abroad Face Racism, Struggles, and Resilience in Pursuit of Education
Introduction: Nigerian students pursuing education abroad face challenges ranging from racism and hostilities to systemic biases. Despite encountering hardships, many…
Nigeria’s Economy Records Higher Net Foreign Exchange Inflow Amid Reserve Decline
Nigeria experienced a higher net foreign exchange (FX) inflow in August 2023, driven by increased autonomous sources. While the data…
Equinor Sells Nigerian Business to Chappal Energies in $2.85 Billion Deal
Norwegian energy company Equinor has finalized the sale of its Nigerian business, including its 53.85% ownership in the Agbami oil…
Procter & Gamble Announces Plan to End On-Ground Operations in Nigeria, Shift to Import-Only Model
Consumer goods giant Procter & Gamble (P&G) has revealed its intention to dissolve on-ground operations in Nigeria and transition the…
Banks with International Authorization Show Capital Adequacy Ratio Below Regulatory Threshold – Banking Regulator
According to the second-quarter report on financial soundness indicators released by the banking regulator, some banks with international authorization are…
NNPC Signs Agreements for LNG Projects, Targeting Domestic and International Markets
The Nigerian National Petroleum Company Limited (NNPC) has announced the signing of two significant agreements aimed at delivering Liquefied Natural…
Nigeria Signs Bilateral Air Services Agreement with Kuwait, Explores Similar Deal with Iran
The Federal Government of Nigeria has taken a significant step to strengthen trade, tourism, and economic ties with Kuwait by…
Kenyan Court Allows Official Receiver to Seize Cytonn Properties in Liquidation Case
The High Court in Kenya has granted permission for the official receiver to take control of three properties in Nairobi’s…
Bearish Market Conditions Deter Three Companies, Including Credit Bank, from NSE Listing
The persistent bear market on the Nairobi Securities Exchange (NSE) has led three companies, including Credit Bank, to suspend their…
Ghana Revenue Authority Denies Acquiring US$75 Million Loan Amidst Parliamentary Inquiry Calls
The Ghana Revenue Authority (GRA) has strongly refuted claims made by MP Isaac Adongo that it accessed a US$75 million…