Rising Costs Impact Nigeria’s Housing Market
Nigeria’s housing market has experienced a sharp increase of about 40% in the cost of leases and sales in the…
Year: 2023
Nigeria Suffers $7 Billion Economic Damage from 2022 Floods
The Nigerian government has reported that the direct economic damage caused by floods in 2022 amounts to $7 billion, with…
Nigeria Loses N20 Trillion Annually Due to Tax Gaps
Nigeria is reportedly losing an estimated N20 trillion annually due to tax gaps, as revealed by Taiwo Oyedele, Chairman of…
Nigeria’s Manufacturing Sector Faces Decline in Production Value
The Manufacturers Association of Nigeria (MAN) has reported a decline in the value of manufacturing production due to a challenging…
Nigerian Banks Deposit N822.34 Billion with Central Bank Amid Excess Liquidity
Nigerian Deposit Money Banks (DMBs) deposited N822.34 billion with the Central Bank of Nigeria (CBN) in July 2023, marking a…
Triodos Funds Support Bridge Taxi Finance to Empower South African Entrepreneurs
Triodos Microfinance Fund and Triodos Fair Share Fund have extended a USD 10 million loan to Bridge Taxi Finance in…
Remedial Health Raises $12 Million to Digitize Pharmacy Operations in Nigeria
Nigerian startup Remedial Health has secured $12 million in a Series A equity-debt funding round, co-led by Fintech VC firm…
Commercial Cold Holdings Expands with Acquisition of Sequence Logistics
Commercial Cold Holdings (CCH), a prominent cold chain logistics platform under the control of African Infrastructure Investment Managers (AIIM), a…
Sanlam Private Equity Acquires Majority Stake in Danny’s Auto Body Parts
Sanlam Private Equity (SPE), the private equity branch of Sanlam Investments, has successfully acquired a majority share in Danny’s Auto…
Dangote Cement and BUA Cement’s Fuel and Power Costs Surge Amid Rising Inflation
During the first half of 2023, Dangote Cement Plc and BUA Cement Plc collectively spent a substantial amount of N204.925…
Apapa and Tincan Island Ports Account for Majority of Nigeria’s Trade in Q1 2023
Customs licensed agents have explained why the Lagos ports of Apapa and Tincan Island accounted for 89.9% of Nigeria’s total…
Nigeria-Niger Trade Worth $226.34 Million at Risk Amid Border Closure
Trade worth approximately $226.34 million between Nigeria and Niger is under threat due to the recent closure of the border…
World Bank, Clean Technology Fund, and Dutch Cooperation to Finance $338.7 Million Solar Power Projects in West Africa
A consortium comprising the World Bank, Clean Technology Fund, and the Dutch Cooperation is set to finance solar power projects…
Completion Date of Nigeria’s 11,000 MW Power Project with Siemens Shifted to 2030 Due to Pandemic Delays
The timeline for the completion of the 11,000 megawatts (MW) power project, a collaboration between the Federal Government of Nigeria…
Nigeria Tops World Unemployment List with 33.3%, KPMG Predicts Further Rise
Nigeria has ranked as the country with the highest unemployment rate globally, according to recent statistics released by the World…
Seplat Energy Records 10.21% Growth in Gas Revenue for H1 2023
Indigenous energy company, Seplat Energy Plc, reported a 10.21% increase in its gas revenue for the first half of 2023,…
Fuel Prices in Tanzania Surge by 17% Amidst Dollar Shortage
Motorists in Tanzania will face a significant increase in fuel prices as the existing shortage of the United States dollar…
Dollar Deposits in Kenyan Banks Reach New All-Time High as Shilling Depreciates
The value of dollar deposits in Kenyan commercial banks has reached a record high of Sh1.185 trillion by the end…
SEC and Capital Market Community to Partner with Federal Ministry to Boost Financing for Nigerian Solid Minerals Sector
The Securities and Exchange Commission (SEC) and the Capital Market Community plan to collaborate with the Federal Ministry of Mines…
Abuja Chamber of Commerce Urges Swift Implementation of N125bn Grants for SMEs
The Abuja Chamber of Commerce and Industry (ACCI) has called on the Federal Government to expedite the implementation of the…
UK and Nigerian Exchanges Partner to Boost Dual Listings and Sustainable Investment
The United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO) have expressed their commitment to collaborating with the Nigerian Exchange Limited…
USAID Warns of Higher Food Prices in Nigeria and Developing Countries due to Halting of Ukraine’s Food Exports
The United States Agency for International Development (USAID) has issued a warning to Nigeria and other African countries about the…
Technology and Transparency Lead to Significant Cost Reduction in Nigerian Shipping Sector
The Convention on Business Integrity (CBi) revealed that shipowners’ operational costs in Nigeria have dropped by 86.67 per cent, from…
Nigerian Exchange Lists N130bn Sovereign Sukuk: A Boost to Infrastructure Financing
The Nigerian Exchange Limited (NGX) recently listed the Federal Government’s N130bn sovereign Sukuk through the Debt Management Office (DMO) on…
Potential Cost Savings and Benefits of Local Refining for Nigeria’s Oil Market
Oil marketers in Nigeria have highlighted the potential cost savings and benefits of local refining, stating that it could save…
Eterna Plc Records 21.2% Revenue Growth in H1 2023, but Reports Loss Before Tax
Eterna Plc, in its IFRS Financial Statements for the half-year ended June 30, 2023, reported a revenue growth of 21.2…
Bullish Trading Returns to Nigerian Exchange Limited, Investors Gain N41 Billion
After four days of bearish trading, the Nigerian Exchange Limited witnessed a return of bullish trading on Wednesday, resulting in…
Local Refining to Save N70 per Litre on Petrol Price, Say Oil Marketers
Oil marketers in Nigeria have stated that local refining of petroleum will reduce petrol prices by at least N70 per…
Nigerian Government Orders Digital Money Lenders to Prove Compliance or Face Delisting
The Federal Competition and Consumer Protection Commission (FCCPC) has given digital money lenders a five-day ultimatum to demonstrate that they…
President Tinubu Approves Over N275 Billion to Revitalize Manufacturing and MSME Sectors
President Bola Tinubu has authorized the release of over N275 billion to revive the manufacturing and Micro, Small, and Medium-sized…