Business Lagos Johannesburg Cairo Set to Lead Africa’s Economic Growth by 2035 November 14, 2024 Ekemini A recent report from Economist Intelligence predicts that Lagos Johannesburg and Cairo will emerge as the top economic cities in Africa by 2035 driven by rapid urbanization population growth and…
Business Nigeria’s Domestic Debt Hits N66.96 Trillion Amid Inflation and Budget Deficits November 14, 2024 Ekemini Nigeria’s domestic debt stock has surged to N66.957 trillion as of mid-2024, marking an 8.74% increase from the previous quarter. The rise reflects an additional N5.379 trillion in debt accumulated…
Business investment NCDMB Seeks Industry Support to Boost Nigeria’s Crude Oil Output and Energy Security November 14, 2024 Ekemini The Nigerian Content Development and Monitoring Board (NCDMB) has called for robust support from industry stakeholders to attract foreign direct investments (FDIs) and address Nigeria’s energy sector challenges. In a…
Business MAN Urges Full Support for Dangote Refinery to Drive Nigeria’s Economic Growth November 14, 2024 Ekemini The Manufacturers Association of Nigeria (MAN) has called on the Nigerian government and citizens to support the Dangote Refinery, emphasizing the economic potential it holds for the country. After a…
Business Market Stock Nigerian Stock Market Rebounds with N96bn Gain, Driven by Key Sector Advances November 14, 2024 Ekemini The Nigerian Exchange Limited experienced a positive shift on Wednesday as investors gained N96 billion, offsetting a previous loss of N68 billion. The market’s growth was largely propelled by increases…
Business foreign investment British International Investment Provides $30M to Boost Renewable Energy in Nigeria November 14, 2024 Ekemini InfraCredit has received a $30 million risk-sharing and blended local currency facility from British International Investment (BII) to support renewable energy development in Nigeria. This dual financing comprises a $20…
Business Okonjo-Iweala Reappointed for Second Term as WTO Director-General November 13, 2024 Ekemini Ngozi Okonjo-Iweala, former Nigerian finance minister, has been reappointed as the Director-General of the World Trade Organization (WTO) for a second term. The WTO confirmed that Okonjo-Iweala was the only…
Business Nigeria’s Rising Debt-Service Costs Threaten Economic Stability Amid Naira Depreciation November 13, 2024 Ekemini Nigeria’s debt-service-to-revenue ratio surged to 162% in early 2024, significantly straining government finances as more revenue is diverted to debt repayment rather than infrastructure and social spending. This increase follows…
Banking Business Finance UBA and Mastercard Unveil 75th Anniversary Commemorative Card with Exclusive Offers November 13, 2024 Ekemini To celebrate its 75th anniversary, the United Bank for Africa (UBA) has partnered with Mastercard to launch a special commemorative debit card aimed at honoring UBA’s long-standing customer relationships. The…
Business 16 major firms incur the loss of N792bn — MAN November 13, 2024 Ekemini The Manufacturers Association of Nigeria (MAN) has revealed that between 2023 and 2024, 16 major manufacturing firms incurred cumulative losses totaling N792 billion due to the challenges posed by the…
Business Economic Finance EFCC Condemns Corruption in Power Sector Urges Stronger Asset Recovery Action November 13, 2024 Ekemini The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has underscored the significant harm that financial crimes and corruption have inflicted on Nigeria’s development. Speaking during…
insurance Elumelu urges increased female leadership in insurance sector November 13, 2024 Ekemini Dr. Awele Elumelu, Chairperson of Heirs Insurance Brokers and Avon HMO, has joined the growing movement calling for gender parity and increased female representation in leadership positions within Nigeria’s insurance…
Business NAICOM Sustains Drive for Outstanding Claims Payment November 13, 2024 Ekemini The Nigerian insurance sector is undergoing significant regulatory changes under the leadership of Ayo Omosehin, the Commissioner for Insurance at the National Insurance Commission (NAICOM). Omosehin’s approach, focused on strengthening…
Business Local TotalEnergies Unveils Competitive Entry Cost and Bonuses to Boost Oil Sector Growth November 13, 2024 Ekemini TotalEnergies has outlined five key propositions to revitalize Nigeria’s struggling oil and gas sector, which has faced underinvestment, declining production, and a loss of momentum over the past decade. Speaking…
Finance Pensioners relish in new narrative for pension administration November 13, 2024 Ekemini The management of Nigeria’s Defined Benefits Scheme (DBS), commonly referred to as the “old pension scheme,” was marred by mismanagement, allegations of corruption, and widespread neglect of pensioners’ welfare before…
Banking Business Nigeria World Bank Push For Financial Inclusion To Reach 28 Million Unbanked Citizens November 13, 2024 Ekemini At the 2024 International Financial Inclusion Conference in Lagos, Nigeria’s Federal Government, the World Bank, and global stakeholders committed to closing the financial divide impacting over 28 million unbanked Nigerians.…
Business Nigeria Seeks $5 Billion Saudi Trade Facility to Propel Economic Reform November 13, 2024 Ekemini Nigeria is in discussion with Saudi Arabia to secure a $5 billion trade facility as part of its ongoing economic reform initiatives. President Bola Tinubu met with Saudi Crown Prince…
Business CBN Launches New Initiatives to Advance Financial Inclusion in Nigeria November 13, 2024 Ekemini At the International Financial Inclusion Conference in Lagos, the Central Bank of Nigeria (CBN) unveiled three new initiatives aimed at reducing financial exclusion in the country, particularly for women, youth,…
Business Crypto Bitcoin jumps 28% since Trump’s win November 13, 2024 Ekemini Bitcoin soared by 28% since Donald Trump’s recent U.S. presidential victory, hitting an all-time high of $88,701. The cryptocurrency’s market cap surged to $1.76 trillion, fueling a broader crypto market…
Finance insurance Local Guinea Insurance Achieves Strong Growth in Revenue and Profit Through Strategic Expansion November 13, 2024 Ekemini Guinea Insurance Plc reported significant financial growth for 2023, with revenue rising by 49.4% to N2.077 billion from N1.390 billion in 2022. Chairman Ugochukwu Godson attributed this success to enhanced…
Business Finance insurance investment PenCom Targets Self-Employed Professionals with Enhanced Micro Pension Scheme November 13, 2024 Ekemini The National Pension Commission (PenCom) has announced plans to expand and promote its micro pension initiative among self-employed professionals, including lawyers, doctors, engineers, and town planners. Aimed at boosting financial…
Business Finance NSITF Disburses N6.6 Billion in Compensation and Expands Employee Welfare Coverage Across Nigeria November 12, 2024 Ekemini The Nigeria Social Insurance Trust Fund (NSITF) has allocated N6.6 billion to cover claims and compensation for over 103,000 beneficiaries in a move to enhance employee welfare through its Employees’…
Business Energy Nigerian Manufacturers Face Rising Energy Costs and Operational Challenges in H1 2024 November 12, 2024 Ekemini In the first half of 2024, Nigerian manufacturers spent a staggering N238.31 billion on alternative energy sources due to unreliable power from the national grid. The Manufacturers Association of Nigeria…
Banking Business foreign ACCESS Bank UK Opens First Branch in Hong Kong to Boost Africa Asia Trade November 12, 2024 Ekemini ACCESS Bank UK has officially launched its new branch in Hong Kong, marking a significant milestone as the first West African bank to establish a presence in the region. The…
Business insurance African Alliance to court nullify NAICOM’s dissolution of our board November 12, 2024 Ekemini African Alliance Insurance Plc has taken legal action against the National Insurance Commission (NAICOM) at the Federal High Court in Lagos, challenging the regulator’s decision to dissolve its board and…
Business insurance NAICOM hosts ibsurers committee November 12, 2024 Ekemini The 16th Insurers Committee meeting, the first under the new Commissioner for Insurance, Mr. Segun Omosehin, was recently held with a focus on shaping the future of Nigeria’s insurance sector.…
Finance investment Stock Stock market posts N83bn gain on positive trading November 12, 2024 Ekemini The Nigerian Exchange Limited (NGX) closed Monday in positive territory, gaining N83 billion in market capitalization, marking the third consecutive session of growth after a period of sell-offs and portfolio…
Business Naira closes at N1,681.42 at official market November 12, 2024 Ekemini The naira on Monday maintained losses, closing at N1,681.42 per dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM), a slight depreciation from Friday’s rate of N1,678.87. This reflects…
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…
