FG explains minimum wage July 29 backpay
The Federal Government has announced that payments for the new minimum wage will begin on July 29, 2024, following President…
Month: September 2024
CBN, banks sell $9.9bn as naira weakens to N1,670/$
In August 2024, foreign exchange turnover through Nigeria’s Autonomous Foreign Exchange Market surged to N15.74 trillion ($9.90 billion), a 33.88%…
Domestic air fare rises 25% to N123, 700 in one month
In August 2024, the average fare for air travel in Nigeria surged to N123,700.14, a sharp 25.51% increase from N98,560.28…
PENGASSAN urges FG to increase stake in Dangote refinery to 45%
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to raise its…
Nigeria’s unemployment rate rose to 5.3% in Q1 – Report
Nigeria’s unemployment rate increased slightly to 5.3% in Q1 2024 from 5.0% in Q3 2023, with females facing higher unemployment…
Aviation stakeholders back Emirates on dollar airfares
Aviation experts have expressed support for Emirates Airlines’ decision to charge Nigerian passengers in dollars, citing the airline’s dollar-denominated expenses…
FG raises N2.75bn via savings bond
The Federal Government’s savings bond for September 2027 has attracted successful subscriptions worth N2.75 billion, with a coupon rate of…
Legal implications of CBN’s 5% borrowing Cap: Agbakoba and Ozekhome weigh in
Legal experts have examined the implications of the Central Bank of Nigeria’s (CBN) reaffirmation to maintain its Ways and Means…
South African Rand Appreciates by 11% Amid Economic Recovery
As of September 25, 2024, the South African Rand (ZAR) has risen by 11% against the US dollar since February,…
PZ Cussons cuts pre-tax losses by 86%, boosts revenue for period ending August 31
PZ Cussons Nigeria Plc reported a pre-tax loss of N5.2 billion in its interim financial statements for Q2 2024 (ending…
Ethiopian Plans 10 weekly Flights To Rome, Celebrates Six Decades of Services
Ethiopian Airlines has announced plans to expand its weekly flights to Rome, Italy, increasing the frequency to 10 flights per…
Car-Free-Day: Lagos, group, restate commitment to NMT infrastructure devt
The Lagos State Government has announced its plans to integrate Non-Motorised Transport (NMT) infrastructure into its road planning and design…
Dangote: NNPC Made Huge Mistake By Reducing Stake in Our Refinery from 20% to 7.2%
Aliko Dangote, Africa’s wealthiest man and President of Dangote Group, has criticized the Nigerian National Petroleum Company (NNPC) for reducing…
FG Offers N150bn in Bonds for September Auction with Competitive Rates
The Debt Management Office (DMO) has announced that the Federal Government of Nigeria is offering N150 billion worth of bonds…
APM Terminals Apapa sees 25% non-oil exports
APM Terminals Apapa announced a 25% increase in non-oil export throughput for the first half of 2024, handling 51,000 TEUs…
NSIA Insurance grows premium to N22.3bn
NSIA Insurance has reported a 24% growth in Gross Written Premium (GWP), rising to N22.3 billion in 2023 from N18…
Multilateral banks’ climate financing hit $125bn – AfDB
Multilateral development banks, including the African Development Bank (AfDB), have reached a record $125 billion in climate financing for 2023,…
Equity market starts week with N79bn gain
The Nigerian equity market started the week on a positive note, gaining N79 billion on Monday due to the appreciation…
Finance ministry, Customs’ bureaucracy stalls zero food import take-off
The United States Chamber of Commerce has committed $320 million toward mortgage refinancing and SME financing in Nigeria, marking a…
Tariff hike looms as monthly power subsidy hits N181bn
Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), announced that the construction of the $3.5 billion Bakassi…
New US rules to exacerbate trade dispute with China
China has issued a warning to the United States, urging it not to take “discriminatory actions” against Chinese firms, following…
Construction of $3.5bn Bakassi seaport to begin soon – ICRC
Dr. Jobson Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), announced that the construction of the $3.5 billion Bakassi…
Customs, SMEDAN partner to ease SMEs’ cross-border trade
The Nigeria Customs Service (NCS) is partnering with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to enhance…
$3.5bn business deals sealed at Indonesia-Africa Forum 2024
The 2nd Indonesia-Africa Forum held in Bali, Indonesia, resulted in the signing of 32 business partnership deals worth over $3.5…
Stock market sustains bullish trend
Ahead of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting, the Nigerian stock market has maintained positive…
CBN Expected to Maintain Interest Rates as Inflation Declines Ahead of MPC Meeting
As the Central Bank of Nigeria (CBN) commences its 297th Monetary Policy Committee (MPC) meeting, financial analysts expect the apex…
PenCom reports over N5.72trn public sector contributions in Q2 2024
The National Pension Commission (PenCom) has reported significant growth in both public and private sector pension contributions, with public contributions…
External reserves hit 22-month high amid naira struggles
Nigeria’s external reserves have surged to a 22-month high of $37.31 billion as of September 2024, driven by significant foreign…
Cooking gas price rose by 69% in August 2024
The price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has seen a significant increase in Nigeria over…
Nigerian economy to hit $400bn by 2026 – Rewane
Bismarck Rewane, the Managing Director of Financial Derivatives Company, forecasts Nigeria’s economy to grow by 3.5% by 2026, increasing the…