Inflation Soars to 34.19% in June, Food Prices Drive Increase
The National Bureau of Statistics reported that the headline inflation rate in Nigeria rose to 34.19% in June. Food inflation…
Year: 2024
FG Inaugurates More CNG Conversion Centres In Abuja
The Presidential Compressed Natural Gas (CNG) Initiative has opened conversion centres in Abuja to accelerate the switch from petrol and…
Nigeria Loses N13.7trn To Illegal Mining Annually – Reps
The House of Representatives Committee on Solid Minerals announced that Nigeria loses $9 billion annually due to illegal mining activities.…
FIRS Seals AEDC Headquarters Over Tax Dispute
The Federal Inland Revenue Service (FIRS) sealed the headquarters of the Abuja Electricity Distribution Company (AEDC) yesterday, causing an emergency…
Jumia Connects Over 11,000 SMEs to Millions of Consumers Across Africa
Jumia, an e-commerce platform, has connected over 11,000 Small and Medium Enterprises (SMEs) to millions of consumers in Nigeria and…
FG, USAID partner on $75 million for energy transition
The U.S. Agency for International Development (USAID) and the Federal Ministry of Power have signed a memorandum of understanding (MoU)…
Cornerstone Embraces Technology, Restructures to Achieve Significant Growth
Cornerstone Insurance Plc has implemented a series of reforms aimed at enhancing service delivery, including process reorganization and technology adoption.…
Naira’s stability pinned on sustained dollar sales by CBN
Analysts predict that the stability of Nigeria’s currency, the naira, will hinge on the Central Bank of Nigeria (CBN) sustaining…
China plans low-carbon upgrades for coal power sector
China has unveiled a government plan aimed at significantly reducing carbon emissions from its coal-fired power industry by implementing low-carbon…
Oil falls on lingering demand concerns in China
Oil prices retreated on Tuesday amid concerns over a slowing Chinese economy impacting demand, despite expectations of an upcoming interest…
Thailand’s Energy Absolute share prices plunge after resumption of trading
Energy Absolute (EA.BK), a leading Thai renewable energy firm, saw its share prices plummet by nearly 30% during Tuesday morning…
Deutsche Bank’s profit streak at risk as Postbank lawsuit looms
Deutsche Bank (DBKGn.DE) is anticipated to report a loss for the second quarter, marking an end to its streak of…
Dangote Refinery to Start Petrol Sales in August 2024
At a press briefing in Lagos, Dangote announced that his refinery will begin selling petrol directly to marketers starting in…
High yields force firms to reduce bond issuance by 98%
The value of corporate bonds issued by Nigerian companies plummeted by 98 percent between Q4 2022 and Q1 2024 due…
NNPC holds 7.2% stake in Dangote Refinery, not 20% – Aliko Dangote
Aliko Dangote has clarified that the Nigerian National Petroleum Company (NNPC) now holds a 7.2% stake in the Dangote Refinery,…
Banks’ Credits To Private Sector Grow By N30tr In One Year
Determined to bolster the private sector, Nigerian commercial banks have increased lending by about N30 trillion, according to a new…
Kaduna DisCo Gets New Owners
ASI Engineering Limited (ASI) has announced the acquisition of a 60% equity stake in the Kaduna Electricity Company Plc (Kaduna…
Consumer spending down as Nigerians remain gloomy on economy
Nigerians reduction in purchasing power have led to a decline in electronic payment transactions and this has been reflected in…
Equity market down as investors eye inflation, H1 earnings reports
The Nigerian Exchange (NGX) experienced continued declines last week due to profit-taking and sell pressure on highly priced stocks and…
Zenith Bank set to unveil capital-raising drive
Zenith Bank Plc is preparing to finalize its capital raising efforts to meet the Central Bank of Nigeria’s new banking…
P’Harcourt refinery undergoes licensing, minister defends rehabilitation exercise
The Port Harcourt Refining Company has completed mechanical work and received crude oil, but its operational start is delayed pending…
CBN drops BDC operators in $123m sale
The Central Bank of Nigeria (CBN) excluded Bureau De Change (BDC) operators from its latest forex sales, amounting to $122.67…
Taiwan president thanks Micron CEO for his trust in Taiwan
Taiwan President Lai Ching-te recently expressed gratitude to Micron’s Chief Executive Sanjay Mehrotra for the company’s ongoing investment and trust…
Japan households’ inflation expectations heighten, quarterly survey shows
Nearly 90% of Japanese households expect prices to rise in the next year, according to a quarterly Bank of Japan…
US lawmakers raise worries about China in Microsoft deal with Emirati AI firm
Republican lawmakers have requested an intelligence assessment from the Biden administration on Microsoft’s $1.5 billion investment in UAE-based AI firm…
Australia to bring anti-scam law targeting internet giants this year, regulator says
Australia plans to introduce a law by the end of the year requiring internet companies to proactively prevent scams or…
BIPC Seeks $500m UNHCR-IFC For IDPs Sustainability
The Benue Investment and Property Company Limited (BIPC) has proposed a business model to leverage a $500 million grant from…
FG To Invest In Made-In-Nigeria Vehicles, Transmit To CKD Assembly
The Director-General of the National Automotive Design and Development Council (NADDC), Oluwemimo Joseph Osanipin, has announced the federal government’s commitment…
Nigeria’s oil production adds 25,000 barrels per day
Nigeria’s daily oil production increased by 25,000 barrels per day, rising from 1.251 million barrels per day in May to…
NIDF posts N8.37bn post-tax profit
The Nigeria Infrastructure Debt Fund (NIDF) reported a 15.8% increase in post-tax profit for the first half of 2024, reaching…