Trade Deficit Declined To $340m In July – CBN
Nigeria’s trade deficit declined to $340m in July from $2.4bn in June, figures obtained from the Central Bank of Nigeria revealed on Sunday. The apex bank disclosed in its July…
Amethis’s MENA Fund II Buys Minority Stake In Tarjama
Africa-focused private equity firm Amethis said Tuesday it has made its second investment from the new fund that invests in North Africa and part of the Middle East. Amethis MENA…
Analysts See Nigeria’s Inflation Rate Rising In Nov, Dec
Amid the steady decline in headline inflation rates over the past few months, analysts have predicted an uptrend for the last two months of the year as the festive season…
UK To Require Charge Points For Electric Vehicles In New Buildings
Charging points for electric vehicles will be required to be installed in new buildings in Britain from next year under new legislation to be announced by Prime Minister Boris Johnson,…
India Police Charge Amazon Execs In Alleged Marijuana Smuggling Case
Indian police said on Saturday they had charged senior executives of Amazon’s local unit under narcotics laws in a case of alleged marijuana smuggling via the online retailer. Police in…
Net Forex Inflow Rose To $2.77bn July, Says CBN
The net foreign exchange inflow into the Nigerian economy rose slightly to $2.77bn in July from $2.27bn in June, the Central Bank of Nigeria said in its report on forex…
Firm Launches Global Lottery Game In Nigeria
MegaMillions Naija has launched a global jackpot lottery in Nigeria to drive access to lottery games that will give the opportunity to Nigerians to participate and win millions of naira…
CBN Orders Farmers To Insure ACGSF Loans
The Central Bank of Nigeria has said farmers must have an insurance cover for loans to be disbursed to them under the Agricultural Credit Guarantee Scheme Fund. The CBN said…
Investors Lose N18bn As 49 Stocks Drag Market Lower
Investors in the equities market of the Nigerian Exchange Limited saw an N18.05bn weekly loss at the end of trading on Friday as 49 firms’ share prices closed lower. The…
Playtech Investor Gopher Pulls Out Of Potential Takeover Battle
Gopher Investments, the No.2 shareholder in Playtech, walked away from a potential three-way takeover battle for the British gambling software maker on Friday, saying it was committed to a separate…
China Evergrande EV Unit To Raise $347 Mln From Share Sale To Fund Production
China Evergrande’s electric vehicle division is raising about HK$2.7 billion ($347 million) from a share sale to fund production of new-energy cars, it said on Friday. China Evergrande New Energy…
China Fines Tech Giants For Failing To Report 43 Old Deals
China’s market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities,…
External Reserves Resume Decline, Lose $410m In 17 Days
After rising by a record $5.05bn last month, Nigeria’s external reserves dropped by $410m in the past 17 weeks, the latest data from the Central Bank of Nigeria have shown.…
Remove Fuel, Electricity Subsidies Early 2022, IMF Tells FG
The International Monetary Fund said on Friday that the Nigerian government should remove fuel and electricity subsidies completely early next year and implement revenue-based fiscal consolidation. The IMF, in a…
Low Transparency May Hamper Debt Restructuring, World Bank Warns
Limited transparency will delay critical debt reconciliation and restructuring of the poorest countries, the World Bank Group President, David Malpass, has warned. He argued that improving debt transparency required a…
Apple To Let IPhone Users Repair Their Own Devices
Starting next year, Apple will sell to its customers using iPhone 12 and 13 “parts, tools, and manuals” to repair the smartphone in the comfort of their homes. The ‘”Self…
Microsoft Empowers Nigeria’s Financial Services Providers for Digital Transformation
Microsoft, on Wednesday, hosted a virtual digital transformation roundtable for financial services industry (FSI), where it unpacked its digital transformation initiative to accelerate meaningful transformation for Nigeria’s financial services providers…
Nigeria’s 2060 Net-zero Projection
For Nigeria, it was revealed that the nation plans to zero out carbon emissions by 2060 through its Energy Transition Plan for achieving net-zero emissions. President Muhammadu Buhari made this…
EXPLAINER: Prices Are Going Up But Inflation Rate Is Dropping — What’s The Magic?
On Monday, the National Bureau of Statistics (NBS) released its monthly inflation report for October. Since NBS released the report, Nigerians have queried if the data is a true reflection…
Buhari Okays N656.11bn Fresh Bailout For 36 States
President Muhammadu Buhari has approved a fresh N656.112billion Bridge Financing Facility to the 36 States. This was announced Thursday at the National Economic Council (NEC) meeting presided over by Vice…
Meet This 23-Year-Old Footballer Who Is Richer Than Messi, Ronaldo
Lionel Messi and Cristiana Ronaldo are in a class of their own but 23-year-old Faiq Bolkiah has been rated above them in terms of wealth. According to UK Sun, the…
Insurers Run From Ransomware Cover As Losses Mount
Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts.…
AfDB Approves $150m To Support Agriculture In Africa
The African Development Bank Group has approved a $150m facility for ETC Group Limited to address the working capital requirements for the company and its agriculture value chain development in…
BoI Offers Funding Opportunities For Startups
The Bank of Industry has unveiled new funding opportunities for tech startups with creative solutions to problems faced by Nigerians. The Managing Director of the bank, Kayode Pitan, noted that…
Investors Lose N33bn, Banking, Industrial Stocks Decline
Stock investors in the Nigerian Exchange Limited recorded a loss of N33.36bn at the end of trading on Thursday as banking and industrial stocks suffered declines. The NGX All-Share Index…
FG To Begin Disbursement Of N655bn Bridge Financing
The Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the National Economic Council on Thursday, that the Bridge Facility is now being processed by the Central Bank of…
Coca-Cola Empowers 1,000 Lagos Women
Coca-Cola Nigeria Limited has announced the completion of its women empowerment programme, tagged ‘Catalyst for change 2.0, with the graduation of 1,000 women in Alausa, Ikeja. The company said the…
Experts Blame High Unemployment, Inflation as GDP falls to 4.03%
Nigeria’s recovery from the fallout of the COVID-19 pandemic slowed sharply in the third quarter of this year, with economists saying the economy’s growth was hit by high unemployment, inflation…
Nigeria Leads Africa With $18bn As Global Remittances Hit 7.3%
Nigeria again led the rest of Africa as remittances to low- and middle-income countries are projected to register a 7.3 percent to reach $589 billion in 2021. The return to…
Obasanjo Advocates Made-in-Africa Brand
A former President of Nigeria, Chief Olusegun Obasanjo, has called for a special ‘Made-in-Africa’ brand to promote intra-African trade and boost the export of products made on the continent. According…