Investment in Nigerian Manufacturing Surges Despite Economic Challenges
In the first half of 2024, Nigeria’s manufacturing sector recorded a 30% increase in investments, reaching N250.13 billion, with significant…
Month: November 2024
FX Scarcity Weighed Down Nigeria’s Ranking in Africa Financial Markets Index 2024
Nigeria secured third place in the 2024 Absa Africa Financial Markets Index (AFMI) with an overall score of 64, following…
Proposed Tax Reforms Exempt Minimum Wage Earners From PAYE
In a significant shift, Nigerian workers earning the new minimum wage or slightly above will be exempt from pay-as-you-earn (PAYE)…
Nigeria-Taiwan Partnerships Set to Drive Growth in Africa’s Key Sectors
At the 2024 Taiwan-Africa Business Forum in Taiwan, Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI),…
Exchange rate to hit N1.993/$ by 2028 — Fitch
Fitch Solutions projects a significant depreciation of Nigeria’s naira, forecasting it could fall to N1,993 per US dollar by 2028.…
Money supply rises to N108.95 trillion
The Central Bank of Nigeria (CBN) has reported a significant year-on-year increase in broad money supply (M3) by 62.8%, reaching…
RoutePay expands access for under-banked businesses
RoutePay, a fintech company, has expanded access to formal banking for under-banked individuals and Small and Medium Enterprises (SMEs) in…
Nigeria and South Africa Lead Africa’s Crypto and Stablecoin Surge Amid Economic Challenges
Nigeria and South Africa are at the forefront of Africa’s growing cryptocurrency adoption, driving significant on-chain activity in Sub-Saharan Africa.…
Banks’ investment securities more than double on juicy yields
Nigerian banks have experienced a significant 145 percent increase in investment securities over the first nine months of 2024, driven…
Moniepoint, Yellow Card lead Africa start-ups funding
In October, African start-ups secured over $250 million in funding, with Nigeria leading the continent’s investment landscape. Fintech giant Moniepoint…
FIRS Chief Highlights Taxpayer-Friendly Reforms at Lagos Trade Fair
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, emphasized the agency’s commitment to becoming more…
Stock market end in slight load shed
Nigeria’s stock market closed in the negative at the end of the week, with the Nigerian Exchange (NGX) All Share…
Africhange Secures IMTO License to Boost Remittance Services in Nigeria
Africhange, a leading cross-border remittance service, announced that its Nigerian subsidiary, Currenzo, has received the International Money Transfer Operator (IMTO)…
Heirs Energies Charts Africa’s Energy Future at AEW 2024 with Bold Solutions and Strategic Vision
Heirs Energies, a top African energy firm, significantly impacted the African Energy Week (AEW) 2024 held in Cape Town. CEO…
Nigeria Inflation Expected to Remain High Amid Rising Costs
Nigeria’s inflation rate is projected to remain elevated, with October inflation anticipated to reach 33.10%, largely due to rising fuel…
FCMB Offers ₦30 Million Clean Energy Loans for Homes and SMEs
First City Monument Bank (FCMB) has boosted it’s energy finance loan, offering up to ₦30 million to help Nigerian households and…
Banks free to trade with deposited FX – CBN
The Central Bank of Nigeria (CBN) has released guidelines for banks to implement a new foreign exchange deposit scheme aimed…
Oil Marketers Oppose Dangote Refinery’s Bid for Petrol Import Monopoly in Nigeria
Three major oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have challenged Dangote Refinery’s…
Global Markets React as Trump Election Victory Boosts US Stocks and Cryptos
Financial markets worldwide responded variably to Donald Trump’s victory in the U.S. presidential election. Asia, response was generally bearish, with…
FBN Holdings Shares Surge as Rights Issue Launches to Bolster Capital Base
FBN Holdings’ share price rose by 1.65% on the Nigerian Exchange Limited (NGX) on Wednesday, closing at N27.65 its highest…
IMF Chief Highlights Four Steps In Managing Systematic Reforms
In a recent interview, IMF’s Deputy Division Chief, Antonio David, outlined a strategic approach for African nations to mobilize resources…
AIICO Insurance Urges Collaboration to Strengthen Nigeria’s Agricultural Sector
AIICO Insurance Plc has emphasized the importance of collaboration among stakeholders to advance Nigeria’s agricultural sector. Speaking at AIICO’s annual…
Zenith Bank Completes Major IT Upgrade to Boost Customer Experience and Digital Innovation
Zenith Bank Plc has announced the completion of a comprehensive IT infrastructure upgrade aimed at enhancing customer experience across its…
Nigeria’s Fiscal Deficit Hits N4.53 Trillion in Q2 2024 as Spending Outpaces Revenue Growth
Nigeria’s fiscal deficit reached N4.53 trillion in the second quarter of 2024, up from N3.88 trillion in the first quarter,…
Africa Targets $58 Billion Investment to Boost Oil and Gas Sector
Nigeria, Libya, and Angola are set to spearhead a forecasted $58 billion investment influx into Africa’s oil and gas upstream…
Consumers protest as Discos hike meter price by 28%
Nigeria’s power distribution companies (Discos) have announced a significant increase in electricity meter prices, the second hike in just four…
Regency Alliance Insurance Reports Record Profits and Growth Amid Economic Shifts
Regency Alliance Insurance Plc announced significant growth in its 2023 financial performance, with gross written premium rising to N6.017 billion,…
Nigerian Consumer Rights Agency Urges Fairness in Electricity Metering Transition
The Federal Competition and Consumer Protection Commission (FCCPC) head, Tunji Bello, has urged electricity distribution companies (DisCos) to prioritize consumer…
Sahara Group Foundation Launches MADAA Initiative to Empower African Entrepreneurs
Sahara Group Foundation has launched its “Making A Difference Around Africa” (MADAA) initiative to support emerging African entrepreneurs. This initiative,…
Nigeria Calls for Investment in Mechanized Farming to Boost Agricultural Sector
The Nigerian government is encouraging local and international stakeholders to invest in large-scale mechanized farming as part of the efforts…