Nigerian Government Raises N5.85 Trillion via Bond Market in 2023
The Nigerian government, through the Debt Management Office (DMO), has raised approximately N5.85 trillion ($14.1 billion) via the bond market…
Year: 2023
Central Bank of Nigeria Assures Adequate Currency Stock Amid Naira Scarcity
The Central Bank of Nigeria (CBN) has reassured the public of an adequate currency stock to meet their needs, addressing…
Nigeria Labour Congress Opposes Federal Government’s Plan to Restructure Transmission Company
The Nigeria Labour Congress (NLC) has expressed opposition to the proposed plans by the Federal Government to restructure the Transmission…
World Bank Reports 24 Million More Nigerians in Poverty due to Economic Challenges
The World Bank has disclosed that sluggish economic growth and rising inflation in Nigeria have led to an additional 24…
Naira Falls by 4.58% at Official Market Despite Increase in Dollar Liquidity
The Nigerian naira depreciated by 4.58% at the official foreign exchange (FX) market, trading at N904.65 per dollar, despite a…
Nigeria Inches Closer to 2024 Financial Inclusion Target, but Gaps Persist
Nigeria has made progress in achieving its 2024 financial inclusion target, with 74% of the population considered financially included in…
NNPC CEO, Mele Kyari, Affirms Realistic Target of 1.785 Million BPD for Nigeria’s Oil Production in 2024
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, has stated that Nigeria’s target…
Kenya Witnesses Surge in Dollar Deposits as Shilling Weakens
The value of dollar deposits in Kenyan commercial banks has surged by Sh528.56 billion in the first 10 months of…
Kenya Records Surge in Foreign Exchange Turnover, Hits N55.77 Trillion in 2023
Kenya has witnessed a significant surge in foreign exchange turnover, with a total of N55.77 trillion traded in the first…
PenCom Urges Former Employees to Reclaim N12 Billion in Transition Contribution Funds
The National Pension Commission (PenCom) has called on former employees of defunct companies to reclaim N12 billion in Transition Contribution…
Bureau of Public Enterprises Plans to Sell 40% Government Shares in Discos on Capital Market
The Bureau of Public Enterprises (BPE) has revealed its intention to sell the remaining 40% government shares in electricity distribution…
MTN Nigeria Denies Network Disruption from Tower Lease to American Tower Corporation
MTN Nigeria has refuted claims that the lease of its 2,500 towers to American Tower Corporation (ATC) would cause network…
Nigeria Plans Tax Reforms, Small Businesses to Be Exempt from Withholding Taxes
The Presidential Fiscal Policy and Tax Reforms Committee in Nigeria is set to review national withholding tax laws, aiming to…
Nigeria and World Bank Forge Partnership to Boost Mining Sector Development
The Federal Government of Nigeria, through the Ministry of Solid Minerals Development, is set to collaborate with the World Bank…
Nigeria Set to List Key National Assets in Capital Market for 2024 Budget Funding
The Nigerian government has finalized plans to list prominent national assets, including Eleme Petrochemicals, Nigeria Reinsurance Corporation, NICON Insurance, and…
Nigeria’s National Vehicle Registry Aims to Boost Revenue and Curb Vehicle-Related Crimes
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the significance of the National Vehicle Registry…
British International Investment to Inject $15M Equity into Valency International for Agricultural Infrastructure Expansion in Nigeria
The British International Investment (BII), the UK’s development finance institution, is set to invest $15 million in equity into Valency…
Large-Scale Theft of Power Infrastructure Worsens Nigeria’s Electricity Crisis
Millions of Nigerians are grappling with prolonged power outages due to the widespread theft of critical power infrastructure, including transformers,…
Nigeria’s Affluent Struggle Amidst Record Inflation: A Cry from the Rich to the Poor
Nigeria, experiencing its highest inflation rate in 18 years, is witnessing the affluent class grappling with economic challenges similar to…
Political Turmoil in Rivers State: Wike’s Loyalists Defect to APC, Fueling Speculation of Minister’s Move
The political landscape in Rivers State is undergoing a significant shift as 27 lawmakers loyal to Nyesom Wike, the minister…
Nigerian Stock Market Seeks IPO Boost Amid Thirst for Listings
The Nigerian stock market has witnessed various forms of equity listings in 2023, including private placements, introductions, and other listings.…
Central Bank of Nigeria Suspends Cash Deposit Fees, Affecting Banks and Customers
The Central Bank of Nigeria (CBN) has announced the immediate suspension of processing fees, ranging from two to three percent,…
Niger, Mali, Burkina Faso Explore Political and Monetary Alliance, Signal Shift from West African Bloc
Niger, Mali, and Burkina Faso are considering a political and monetary alliance, as announced by Niger’s military leader, General Abdourahamane…
Nigerian Senate Urges Allocation of 10% Annual Budget Revenue to Agriculture for Food Security
The Nigerian Senate has called on the federal government to allocate a minimum of 10% of the total annual budget…
Nigeria Loses N1.8 Trillion to Import Duty Exemption Certificate (IDEC) in 2023
The Nigeria Customs Service (NCS) has reported that Nigeria lost a significant sum of N1.8 trillion to Import Duty Exemption…
Nigeria’s Q3 2023 VAT Collections Surge by 51.6% Year-on-Year, Reaching N948.07 Billion
The National Bureau of Statistics (NBS) has reported a remarkable year-on-year increase of 51.6% in Value Added Tax (VAT) collections…
Rising Divestment Threatens Nigeria’s Manufacturing Sector as Multinationals Shift to Imports
While President Bola Tinubu seeks new investors to boost Nigeria’s economy, recent reports reveal a troubling trend of multinational manufacturing…
Central Bank of Nigeria Suspends Cash Deposit Processing Fees Amid Lingering Cash Scarcity
The Central Bank of Nigeria (CBN) has announced the suspension of processing fees on cash deposits, a move aimed at…
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…
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…