Rising Inflation Puts Pressure on Nigerian Downstream Firms as Input Costs Soar
In the first half of 2023, Nigeria’s downstream firms, including Eterna, Total Energies, Conoil, and MRS Oil, faced increasing challenges…
Year: 2023
Legal Expert Analyzes Atiku’s Request for Fresh Evidence in Presidential Election Appeal
Monday Ubani, former Chairman of SPIDEL (Section of Public Interest and Development Law) at the Nigerian Bar Association, has expressed…
Atiku Abubakar to Address President Tinubu’s Academic Records in Press Conference
Atiku Abubakar, the People’s Democratic Party’s presidential candidate, is scheduled to hold a press conference today, where he is expected…
Nigerian Naira Faces Significant Depreciation in 2023, World Bank Reports
The World Bank’s Africa’s Pulse report highlights that the Nigerian Naira has undergone nearly a 40 percent depreciation in 2023,…
High Rates of Self-Employment in Sub-Saharan Africa Limit Wage Jobs and Productivity, World Bank Report Finds
A recent World Bank report highlights that Sub-Saharan Africa (SSA), including Nigeria, has the highest rates of self-employment and unpaid…
Naira Appreciates on Low Demand for Dollars
The Nigerian Naira gained 1.33 percent against the US Dollar at the official foreign exchange (FX) market, trading at N745.19…
$1.5 Billion COVID-19 Delivery Scheme Halted, Leaving Thousands of Health Workers Unpaid
Over 22,000 health workers, including Nigerians, have been left stranded after a $1.5 billion COVID-19 delivery scheme, backed by the…
Top 10 African Countries with the Largest Gold Reserves in 2023
Africa boasts some of the world’s largest gold reserves, presenting a substantial source of wealth and economic potential for the…
OPEC Oil Output Rises in September Despite Cuts
OPEC’s oil output increased for the second consecutive month in September, according to a Reuters survey. Nigeria and Iran led…
Top 5 Best-Performing Stocks on NGX in 2023
Despite macroeconomic challenges in 2023, some stocks listed on the NGX have delivered remarkable returns, exceeding 100%. Factors contributing to…
Federal Government Opens Subscriptions for 10-Year Ijarah Sukuk at 15.75% Interest
The Debt Management Office (DMO) has initiated subscriptions for a 10-year Ijarah Sukuk with a 15.75% interest per annum, due…
Nigerian Forex Market Faces New Challenge as US Dollar Strengthens
The surge in the US dollar, driven by rising US Treasury yields, is posing a fresh challenge for Mr. Yemi…
Naira Faces Significant Depreciation in Q3 2023, Raising Economic Concerns
The Nigerian currency, the naira, experienced a notable depreciation in the third quarter of 2023, with both official and unofficial…
Nigeria’s Over-Reliance on Imports Hinders Industrialization Efforts
After 63 years of independence, Nigeria is still heavily reliant on imports, which is impeding efforts to boost industrialization. The…
Nigeria’s Equities Market Starts Q4 Positively, Anticipating Q3 Earnings Season
Nigeria’s equities market has begun the fourth quarter of 2023 on a positive note, aiming to recover recent losses. Analysts…
Rising Inflation Forces Nigerians to Opt for 2G Devices as Buying Power Shrinks
Inflation in Nigeria has surged to an 18-year high of 25.80% in August, impacting consumers’ purchasing power. Many individuals are…
Chairman of Fiscal Policy Committee Urges Sale of Non-functional Nigerian Refineries
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, suggested selling Nigeria’s non-functional refineries, highlighting that over…
First Bank and Lafarge Africa Pledge Support for Cement Distributors Amid Challenges
First Bank Plc and Lafarge Africa have expressed their commitment to continue supporting their cement distributor customers in the SouthWest…
Nigeria Aims to Boost Startup Funding to $5 Billion Annually by 2027
Nigeria has set an ambitious goal to facilitate startups in raising a total of $5 billion annually by 2027. Dr.…
Impact of Central Bank’s Exchange Rate Unification Policy in Nigeria
The Central Bank of Nigeria’s exchange rate unification policy has resulted in significant financial shifts. The Federal Government and banks…
Nigerian Stock Exchange Records Loss of N516 Billion in One Week
Investors on the Nigerian Exchange Limited (NGX) experienced a loss of N516 billion in one week of trading, with a…
Amethis Invests in Moroccan Energy Transfo to Accelerate Growth in Energy Sector
Private equity firm Amethis has acquired a minority stake in Energy Transfo, a leading company in the design and manufacturing…
P1 Ventures Completes $25 Million Close of Second Fund to Support African Tech Startups
P1 Ventures, a Pan-African Seed VC fund, has successfully closed the first round of its second fund, raising $25 million.…
African Infrastructure Investment Managers (AIIM) Doubles Equity Commitment to NOA Group Holdings for Renewable Energy Fast-Tracking in South Africa
African Infrastructure Investment Managers (AIIM), a subsidiary of Old Mutual Alternative Investments, is increasing its equity commitment to NOA Group…
Nigeria’s President Tinubu Faces Scrutiny Over Economic Reforms and Governance Style
Nigeria’s President Bola Tinubu, in office for just over four months, has made significant economic reforms, including removing petrol subsidies…
Nigeria’s Labour Unions Suspend Nationwide Strike for 30 Days Following Government Agreements
Nigeria’s Labour Congress (NLC) and Trade Union Congress (TUC) have agreed to suspend the planned indefinite nationwide strike, scheduled to…
Nigerian Banks’ Borrowing from Central Bank Drops Sharply in May 2023
Deposit Money Banks (DMBs) in Nigeria borrowed significantly less from the Central Bank of Nigeria (CBN) in May 2023, with…
Oil Prices Inch Up on Tight Supply Outlook and Risk Appetite Following US Government Shutdown Deal
Oil prices saw a slight rise, recovering from the losses experienced at the end of the previous week. Investors shifted…
Decline in Nigerian Banks’ Borrowing from Central Bank Indicates Improved Liquidity
In May 2023, Deposit Money Banks (DMBs) in Nigeria borrowed significantly less from the Central Bank of Nigeria (CBN), as…
Secha Capital Secures R300 Million in First Close of Second Fund
Secha Capital, a black, female-founded fund manager, has achieved a first close of its second fund with R300 million in…