High costs push manufacturing exports down 62% in 4yrs
The manufacturing sector’s contribution to Nigeria’s non-oil exports has experienced a significant decline of 62% over the past four years.…
Year: 2024
Cashew farmers see low output on harsh harmattan
Cashew farmers in Nigeria anticipate a slight decrease in output for the 2024 season due to the severe harmattan season…
CBN’s policy reforms propel naira to high, but challenges remain
The Central Bank of Nigeria (CBN) has successfully implemented most of its long-awaited monetary policy reforms, providing a window of…
U.S. treasury secretary urges China to address global economic concerns
U.S. Treasury Secretary Janet Yellen recently highlighted growing worries about China’s excessive manufacturing capacity, emphasizing the issue during economic discussions…
A near-miss cyberattack put US officials and the tech industry on edge
Last month, German software developer Andres Freund, employed by Microsoft, made a startling discovery during performance tests. He found that…
Johnson & Johnson to acquire Shockwave medical for $12.5 Billion
In a significant move to expand its portfolio of medical devices for heart disease treatment, Johnson & Johnson (J&J) has…
Indonesia reconsiders export regulations after business group raise concerns
Indonesia is reviewing regulations aimed at limiting imports of over 3,000 products, according to a senior trade ministry official. The…
Foxconn forecasts revenue growth in Q2 after dip in Q1
Foxconn, the world’s largest contract electronics manufacturer and key assembler of Apple’s iPhone, anticipates a rise in second-quarter revenue following…
Canada to raise fees for permanent residency applications
Starting April 30, 2024, Canada’s immigration department, IRCC, will increase fees for permanent residency applications. The fee, currently at $515,…
United Capital Plc records 70.9 percent revenue increase
United Capital Plc, a prominent financial and investment services company in Nigeria, has experienced a remarkable surge in revenue, reaching…
Petrol queues returns as NNPC struggles to meet demand
Motorists in certain parts of Lagos encountered renewed queues at petrol stations on Thursday, attributed to challenges faced by the…
Nigeria’s raw material imports surge by 25%
In 2023, imports of raw materials into Nigeria witnessed a substantial increase of 25%, totaling N3 trillion, as per data…
Stock market sees investor losses on bearish trading
Stock investors faced losses totaling N252 billion as the Nigerian Exchange sustained a bearish trend on Thursday, continuing a decline…
Ekiti varsity unveils N1bn agro-tech fund
Dr. Tunji Olowolafe, the Chancellor of Ekiti State University, has announced the establishment of a N1 billion Innovation Fund aimed…
FG to issue foreign currency denominated bonds in June
The Federal Government has announced intentions to launch domestic bonds denominated in foreign currency in the second quarter of this…
Stanbic IBTC bank upgrades mobile app
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, introduced an upgraded version of its mobile app tailored specifically for…
Less than 30% of taxable citizens pay tax in Nigeria
The Christian Aid UK Nigerian Programme has disclosed that less than 30% of taxable citizens in Nigeria contribute to tax…
ThinkBusiness Africa faults proposed sugar tax hike
ThinkBusiness Africa, an economic analysis and policy advocacy group, has raised concerns regarding the assertions made by the Corporate Accountability…
US employment boom leaves factory workers behind
The Ariens Company, famous for its bright orange snow blowers and lawnmowers, had a tough time last summer when sales…
US has not asked India to cut Russian oil purchases, American official says
The United States hasn’t told India to stop buying oil from Russia. Instead, they want to make sure the global…
Global markets watchdog proposes closer scrutiny of stock exchanges
The International Organization of Securities Commissions (IOSCO) suggested new guidelines on Thursday to help regulators keep a closer eye on…
Japanese companies agreed on biggest wage hike in 33 years, union group says
A group of Japanese companies have agreed to increase wages by 5.24% this year, according to Rengo, the country’s largest…
Customs Q1 revenue surpasses N1tn
The Nigeria Customs Service (NCS) has announced a significant increase in its revenue for the first quarter of 2024 compared…
African airlines lead global air cargo demand growth in Feb. 2024
A new report by the International Air Transport Association (IATA) has revealed that African airlines experienced a remarkable 22% year-on-year…
SME agency tightens credit facility process for small businesses
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has implemented a new selection process for beneficiaries of its…
Nigeria’s business activity remains steady in March: Stanbic
According to the latest Purchasing Managers’ Index (PMI) published by Stanbic IBTC, business activities in Nigeria stayed unchanged in March,…
Transcorp plc reports 93% profit growth in 2023
Transnational Corporation Plc (Transcorp) witnessed a substantial increase in its profit before tax, soaring by 93.5% to N58.8 billion in…
Power outages hit Abuja, Lagos, and Nasarawa communities
Several communities in Abuja, Lagos, and Nasarawa are currently experiencing power outages as a result of technical glitches affecting transmission…
FX volatility forces 28 changes in Customs duty rate
The Nigeria Customs Service (NCS) is grappling with significant challenges due to instability in customs duty rates caused by fluctuations…
Dangote refinery to reduce dependency on imported petrol by May
There are signs that Nigeria’s reliance on imported petrol will decrease significantly as the $20 billion Dangote Refinery plans to…