Manufacturers Hit Hard as Currency Depreciates by 38.9%
In the last three months, the Nigerian naira has lost nearly 39% of its value against the US dollar, dropping…
Day: January 8, 2024
CBN, Clearing Debt to Boost Naira and Enhance Investor’s Confidence
The Central Bank of Nigeria (CBN) has announced its commitment to settling pending obligations and boosting the functionality of the…
Nigeria Ranks 22nd Globally for Cheapest Gasoline Prices, Despite Oil Production Challenges”
“A recent report titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ on global gasoline prices reveals that Nigeria ranks 22nd…
Guinness, Nestle and Others Face N472.3 Billion Loss Due to Naira Depreciation
Major consumer goods companies, including Cadbury, Guinness Nigeria, and Nestle, faced a collective loss of N472.3 billion due to naira…
Mixed Start for European Stock Markets as Investors Await Key Inflation Data
European stock markets began the week with mixed trading, reflecting subdued risk appetite among investors. The focus remains on key…
Gold Prices Extend Decline Amid Strong U.S. Labor Data, Focus Shifts to CPI
Gold prices continued their descent in Asian trade on Monday, following losses from the previous session. The stronger-than-expected U.S. labor…
Boeing Shares Plunge in Frankfurt as FAA Orders Grounding of 737 MAX 9 Jets
Boeing faced a significant setback in the stock market as its shares listed in Frankfurt plummeted by up to 8%…
Japan Urges Swift MOU Signing for Sri Lanka’s Debt Restructuring Amidst Economic Crisis
Japan has reiterated the urgency of promptly finalizing the signing of a Memorandum of Understanding (MoU) between Sri Lanka and…
U.S. Healthcare Sector Shows Signs of Revival Amidst Cheap Valuations and Investor Interest
The U.S. healthcare sector is experiencing a resurgence, marked by a 6% climb in the S&P 500 healthcare sector since…
Dollar Gains Ground as Market Awaits U.S. Inflation Report
The U.S. dollar experienced a broad uptick on Monday, reflecting subdued risk appetite as investors awaited a crucial U.S. inflation…
Nvidia Plans Mass Production of AI Chip for China, Complying with U.S. Export Rules
U.S. chipmaker Nvidia is set to commence mass production in the second quarter of 2024 for an artificial intelligence (AI)…
Premium Smartphone Market Set to Reach Record Sales- Reports
The global premium smartphone market, featuring devices with a wholesale price of $600 or more, is projected to grow by…
Geopolitical Tensions, OPEC Output, and Saudi Price Cuts: Impact on Global Oil Markets
Recent developments in the global oil market have been marked by a complex interplay of factors, including geopolitical tensions in…
Challenges in Facility Maintenance for Healthcare and Tertiary Education in Nigeria- AFMPN
Facility maintenance in Nigeria’s healthcare and tertiary education sectors is facing significant challenges, according to Paul Erubami, the President of…
EAIF Pledges $30 Million Investment to AXIAN Energy’s Ambitious Renewable Energy Expansion in Africa
The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG), has committed a senior secured…
Nigeria Launches Automated Passport Application System
“”Nigeria is set to launch a highly anticipated reform with the automation of the passport application and issuance process starting…
IFC Boosts Cabo Verde’s Tourism Sector with €35.5 Million Financing for Oásis Atlântico
The International Finance Corporation (IFC) has unveiled a comprehensive financing package of up to €35.5 million to Oásis Atlântico, a…
IFC Partners with Facility for Energy Inclusion Fund to Drive Clean Energy Access in Africa
On December 22, 2023, the International Finance Corporation (IFC) announced a significant financing collaboration with the Facility for Energy Inclusion…
African Development Bank Leads USD 117 Million Financing for Menengai Geothermal Plant in Kenya
Financial close has been achieved for a USD 117 million financing deal, led by the African Development Bank (AfDB) as…
Renergen’s Helium Discovery in South Africa Unveils Billion-Dollar Potential
South African startup Renergen made an unexpected discovery of abnormally high concentrations of helium in grassy fields near Virginia, Free…
India and Nepal Officially Agree on 10,000 Megawatts Electricity Export Deal
India and Nepal have formalized a significant agreement for the export of 10,000 megawatts of electricity from Nepal to India…
ACP Urges Revision of U.S. Treasury Department’s Green Hydrogen Proposal
The Chief Executive Officer of the American Council on Renewable Energy (ACP), Jason Grumet, has issued a statement in response…
3 Million Bank Accounts at Risk: Deadline Approaches for BVN/NIN Linkage- CBN
“Millions of bank accounts face the risk of being blocked as the deadline approaches for linking them to either a…
Nigeria’s Public Debt to Surge to N95trn in Ten Years
“Nigeria’s public debt is set to see an over eightfold increase in the next decade, surging to about N95trn. Including…