Business investment Investment in Nigerian Manufacturing Surges Despite Economic Challenges November 12, 2024 Ekemini In the first half of 2024, Nigeria’s manufacturing sector recorded a 30% increase in investments, reaching N250.13 billion, with significant contributions from industry giants such as Dangote Group, BUA Group,…
Business Finance investment FX Scarcity Weighed Down Nigeria’s Ranking in Africa Financial Markets Index 2024 November 12, 2024 Ekemini Nigeria secured third place in the 2024 Absa Africa Financial Markets Index (AFMI) with an overall score of 64, following South Africa and Mauritius, which maintained scores of 87 and…
Finance Proposed Tax Reforms Exempt Minimum Wage Earners From PAYE November 12, 2024 Ekemini In a significant shift, Nigerian workers earning the new minimum wage or slightly above will be exempt from pay-as-you-earn (PAYE) tax, as part of proposed reforms announced by Taiwo Oyedele,…
Business Nigeria-Taiwan Partnerships Set to Drive Growth in Africa’s Key Sectors November 12, 2024 Ekemini At the 2024 Taiwan-Africa Business Forum in Taiwan, Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), advocated for new collaborations between Taiwan, Nigeria, and other African…
Business Finance Market Exchange rate to hit N1.993/$ by 2028 — Fitch November 12, 2024 Ekemini Fitch Solutions projects a significant depreciation of Nigeria’s naira, forecasting it could fall to N1,993 per US dollar by 2028. The company’s subsidiary, BMI Research, reports that although Nigeria’s economy…
Banking Finance Money supply rises to N108.95 trillion November 11, 2024 Ekemini The Central Bank of Nigeria (CBN) has reported a significant year-on-year increase in broad money supply (M3) by 62.8%, reaching N108.9 trillion, alongside a rise in currency-in-circulation to N4.31 trillion.…
Business RoutePay expands access for under-banked businesses November 11, 2024 Ekemini RoutePay, a fintech company, has expanded access to formal banking for under-banked individuals and Small and Medium Enterprises (SMEs) in Nigeria through its digital platforms. The firm offers a variety…
Business Crypto Nigeria and South Africa Lead Africa’s Crypto and Stablecoin Surge Amid Economic Challenges November 11, 2024 Ekemini Nigeria and South Africa are at the forefront of Africa’s growing cryptocurrency adoption, driving significant on-chain activity in Sub-Saharan Africa. While the region represented only 2.7% of global crypto transactions…
Business Banks’ investment securities more than double on juicy yields November 11, 2024 Ekemini Nigerian banks have experienced a significant 145 percent increase in investment securities over the first nine months of 2024, driven by rising yields on bonds and other fixed-income assets. Major…
Local Moniepoint, Yellow Card lead Africa start-ups funding November 11, 2024 Ekemini In October, African start-ups secured over $250 million in funding, with Nigeria leading the continent’s investment landscape. Fintech giant Moniepoint dominated the month, raising $110 million in a Series C…
Business Finance Market FIRS Chief Highlights Taxpayer-Friendly Reforms at Lagos Trade Fair November 11, 2024 Ekemini The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, emphasized the agency’s commitment to becoming more taxpayer-friendly through ongoing reforms and innovations. He made these remarks…
Finance Stock market end in slight load shed November 11, 2024 Ekemini Nigeria’s stock market closed in the negative at the end of the week, with the Nigerian Exchange (NGX) All Share Index (ASI) falling by 0.2% to 97,236.19 points, down from…
Business Finance Africhange Secures IMTO License to Boost Remittance Services in Nigeria November 11, 2024 Ekemini Africhange, a leading cross-border remittance service, announced that its Nigerian subsidiary, Currenzo, has received the International Money Transfer Operator (IMTO) license from the Central Bank of Nigeria. This license allows…
Business Energy Heirs Energies Charts Africa’s Energy Future at AEW 2024 with Bold Solutions and Strategic Vision November 11, 2024 Ekemini Heirs Energies, a top African energy firm, significantly impacted the African Energy Week (AEW) 2024 held in Cape Town. CEO Osayande Igiehon shared insights on harmonizing traditional and renewable energy…
Business Economic Finance Nigeria Inflation Expected to Remain High Amid Rising Costs November 11, 2024 Ekemini Nigeria’s inflation rate is projected to remain elevated, with October inflation anticipated to reach 33.10%, largely due to rising fuel prices, naira depreciation, and recent flooding affecting agricultural productivity. Analysts…
Banking Business FCMB Offers ₦30 Million Clean Energy Loans for Homes and SMEs November 9, 2024 Ekemini Uba First City Monument Bank (FCMB) has boosted it’s energy finance loan, offering up to ₦30 million to help Nigerian households and small businesses buy solar panels, batteries, inverters, and other…
Business Economy Finance Banks free to trade with deposited FX – CBN November 7, 2024 Ekemini The Central Bank of Nigeria (CBN) has released guidelines for banks to implement a new foreign exchange deposit scheme aimed at integrating dollar bills held outside the formal financial system.…
Banking Energy Oil Marketers Oppose Dangote Refinery’s Bid for Petrol Import Monopoly in Nigeria November 7, 2024 Ekemini Three major oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have challenged Dangote Refinery’s bid to control Nigeria’s petrol import market. They filed a…
Business Economic Finance Global Markets React as Trump Election Victory Boosts US Stocks and Cryptos November 7, 2024 Ekemini Financial markets worldwide responded variably to Donald Trump’s victory in the U.S. presidential election. Asia, response was generally bearish, with the Hong Kong Stock Exchange seeing a 2.23% drop, while…
Banking Business Finance FBN Holdings Shares Surge as Rights Issue Launches to Bolster Capital Base November 7, 2024 Ekemini FBN Holdings’ share price rose by 1.65% on the Nigerian Exchange Limited (NGX) on Wednesday, closing at N27.65 its highest in a week. This increase coincides with the bank’s opening…
Business Economy IMF Chief Highlights Four Steps In Managing Systematic Reforms November 7, 2024 Ekemini In a recent interview, IMF’s Deputy Division Chief, Antonio David, outlined a strategic approach for African nations to mobilize resources and stabilize their economies through structured reforms. As Mission Chief…
Business Finance AIICO Insurance Urges Collaboration to Strengthen Nigeria’s Agricultural Sector November 7, 2024 Ekemini AIICO Insurance Plc has emphasized the importance of collaboration among stakeholders to advance Nigeria’s agricultural sector. Speaking at AIICO’s annual training session for the Nigerian Association of Insurance and Pension…
Business Finance Technology Zenith Bank Completes Major IT Upgrade to Boost Customer Experience and Digital Innovation November 7, 2024 Ekemini Zenith Bank Plc has announced the completion of a comprehensive IT infrastructure upgrade aimed at enhancing customer experience across its banking services. The Group Managing Director/CEO, Dr. Adaora Umeoji, thanked…
Business Economy Finance Nigeria’s Fiscal Deficit Hits N4.53 Trillion in Q2 2024 as Spending Outpaces Revenue Growth November 7, 2024 Ekemini Nigeria’s fiscal deficit reached N4.53 trillion in the second quarter of 2024, up from N3.88 trillion in the first quarter, underscoring a widening gap between federal government spending and revenue.…
Business Energy Africa Targets $58 Billion Investment to Boost Oil and Gas Sector November 7, 2024 Ekemini Nigeria, Libya, and Angola are set to spearhead a forecasted $58 billion investment influx into Africa’s oil and gas upstream sectors, highlighted at the African Energy Week (AEW) 2024 in…
Business Energy Consumers protest as Discos hike meter price by 28% November 7, 2024 Ekemini Nigeria’s power distribution companies (Discos) have announced a significant increase in electricity meter prices, the second hike in just four months. The price for a single-phase meter has now risen…
Business Regency Alliance Insurance Reports Record Profits and Growth Amid Economic Shifts November 6, 2024 Ekemini Regency Alliance Insurance Plc announced significant growth in its 2023 financial performance, with gross written premium rising to N6.017 billion, a 7.99% increase from the previous year’s N5.572 billion. The…
Business Nigerian Consumer Rights Agency Urges Fairness in Electricity Metering Transition November 6, 2024 Ekemini The Federal Competition and Consumer Protection Commission (FCCPC) head, Tunji Bello, has urged electricity distribution companies (DisCos) to prioritize consumer rights amid Nigeria’s metering transition. In a meeting with stakeholders…
Business Sahara Group Foundation Launches MADAA Initiative to Empower African Entrepreneurs November 6, 2024 Ekemini Sahara Group Foundation has launched its “Making A Difference Around Africa” (MADAA) initiative to support emerging African entrepreneurs. This initiative, part of Sahara Group’s Entrepreneurship model, was unveiled at a…
Agriculture Business Nigeria Calls for Investment in Mechanized Farming to Boost Agricultural Sector November 6, 2024 Ekemini The Nigerian government is encouraging local and international stakeholders to invest in large-scale mechanized farming as part of the efforts to boost the agricultural sector. This appeal was made by…
