Nigeria’s Inflation Hits Highest Level in Almost Two Decades Amid Reforms
Nigeria’s annual inflation rate has surged to 24.08% in July, marking its highest level in nearly two decades and worsening…
Year: 2023
FMCGs Report Significant Net Foreign Exchange Losses Amid Exchange Rate Unification
Major consumer goods companies in Nigeria, especially in the fast-moving consumer goods (FMCG) sector, have reported substantial net foreign exchange…
Disability Inclusion Forum Urges President to Review VAT, Address Socioeconomic Hardships
The Accelerate Disability Inclusion in Emergencies Forum (ADIE) has called on President Bola Tinubu to revert the value-added tax (VAT)…
Nigeria Air’s Commencement of Operations Delayed Due to Lack of Airline Operator’s Certificate
The proposed national carrier of Nigeria, Nigeria Air, may face further delays in commencing operations as it lacks an Airline…
Nigerian Government Considers Selling Stakes in State-Owned Companies to Raise Funds
The Nigerian Federal Government is reportedly exploring the possibility of selling stakes in around 20 state-run companies as part of…
Nigerian Oil Marketers Urge Gradual Relaxation of Fuel Subsidy Removal
Oil marketers in Nigeria have advised President Bola Tinubu to consider a gradual relaxation of the removal of subsidy on…
Resilient Trade Relations Between Ghana and the USA Reach All-Time High
Trade relations between Ghana and the United States of America (USA) have demonstrated remarkable resilience, with bilateral trade in goods…
Government Reinstates Fuel Subsidies to Stabilize Pump Prices Amidst Oil Market Concerns
In an unexpected policy reversal, the government of Kenya has reintroduced fuel subsidies in response to surging pump prices triggered…
Safaricom Boosts M-Pesa Daily Transaction Limits in Bid to Compete with Banks
Safaricom, a prominent telecommunications company in Kenya, has gained the Central Bank of Kenya’s (CBK) endorsement to significantly raise the…
Oil Marketers Seek Deal to Pass Foreign Exchange Losses to Customers, Fueling Price Concerns
Oil marketers in Kenya are engaged in discussions with the government to shield themselves from foreign exchange losses caused by…
Soaring Diesel Costs Spark Concerns of Factory Closures and Job Losses in Nigeria
The foreign exchange crisis in Nigeria and the recent implementation of a 7.5% Value Added Tax (VAT) on Automotive Gas…
Nigerian Central Bank Implements Measures to Counter Naira Decline and Speculative Activity
Amidst the recent depreciation of the naira in the parallel market, the Central Bank of Nigeria (CBN) has initiated foreign…
Stakeholders to Address Challenges in Nigeria’s Electronic Payment System
Stakeholders in Nigeria’s electronic payment system are gearing up to find solutions to challenges that emerged in the first quarter…
Resumption of Forcados Crude Oil Exports After Month-Long Halt
Exports of the Forcados grade of crude oil have resumed, according to a statement by a Shell spokesperson. The resumption…
Nigerian Government Aims for N100 Trillion Asset Under Management (AuM) Growth Over 10 Years
The Nigerian Federal Government, represented by the Ministry of Finance Incorporated (MOFI), has set a target to achieve N100 trillion…
Nigeria Requires $20 Billion Annual Investment for Gas Expansion Projects
The Nigerian government has stated that approximately $20 billion in annual investments will be necessary to achieve the desired expansion…
Nigerian Central Bank to Rename Official Forex Market as Nigerian Foreign Exchange Market (NFEM)
The acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, announced that the official foreign exchange market, previously…
ECL Launches “WorkMate” Automation Tool to Enhance Productivity and Efficiency
ECL has launched an automation tool named “WorkMate” that offers pre-built automations for various industries. The tool can be deployed…
Central Bank of Kenya Sets New Interest Rate Corridor to Guide Interbank Lending
The Central Bank of Kenya (CBK) has introduced a new interest rate corridor to guide interbank lending and control interest…
Vista Group Acquires Majority Stake in Orabank to Create Pan-African Banking Group
Vista Group has agreed to acquire a 61.4% stake in Orabank S.A., the holding company of Orabank, from existing investors…
Prosper Africa Partners with African Asset Fund Managers to Mobilize $200 Million for Innovation and Entrepreneurship
Prosper Africa has announced partnerships with four African asset fund managers under the Prosper Africa Catalytic Investment Facility, with plans…
African Mobility Fintech Moove Raises $76 Million to Expand Vehicle Financing Services
Nigerian mobility fintech company Moove has secured $76 million in funding to expand its vehicle financing services. The investment includes…
Knife Capital Successfully Closes R941 Million African Series B Expansion Fund
South African venture capital firm, Knife Capital, has successfully concluded its African Series B expansion fund, known as Knife Fund…
Stanlib Asset Management Invests in South African Solar and Battery Platform Solareff
Stanlib Asset Management, a local investor in sustainable infrastructure, has acquired a stake in Solareff, a 13-year-old commercial and industrial…
Federal Government Plans N360 Billion Bond Issuance to Bridge Budget Deficit
The Federal Government of Nigeria is set to raise N360 billion in new borrowings through a bond auction to address…
NGX RegCo Advocates Expert Guidance and Data Monitoring for Effective ESG Reporting
NGX Regulation Limited (NGX RegCo) has emphasized the importance of seeking expert guidance and systematically monitoring Environmental, Social, and Governance…
Guinea Insurance Secures Regulatory Approval for Private Placement of 1.8 Billion Shares
Guinea Insurance Plc has announced that it has received regulatory clearance to conduct a private placement for the issuance of…
No Directive Yet on Cancellation or Re-award of N48bn Niger Delta Pipeline Surveillance Contract
Contrary to speculation, the Federal Government has not issued any directive regarding the cancellation or re-award of the N48 billion…
Petrol Price in Nigeria May Rise to N680/litre Due to Dollar Fluctuations
Oil marketers have signaled that the cost of Premium Motor Spirit (petrol) could increase to between N680/litre and N720/litre in…
Central Bank of Nigeria Records N40.67bn Loans to Staff in 2022
The Central Bank of Nigeria (CBN) disclosed that it provided loans amounting to N40.67 billion to its staff members by…