Bank of Ghana to Auction $120 Million to BDCs in Q2 of 2025 to Ease Forex Pressure
The Bank of Ghana (BoG) has announced plans to auction a total of $120 million to Bulk Oil Distribution Companies…
Category: Business
NGX Faces Setback Despite Strong Earnings Season
The Nigerian Stock Exchange (NGX) started April on a negative note, reversing the previous week’s gains and continuing the bearish…
Experts Endorse Nigeria Re’s AI Strategy to Boost Insurance Sector Growth
Stakeholders in Nigeria’s insurance sector have shown strong support for Nigeria Reinsurance Corporation’s new artificial intelligence (AI) strategy, lauding its…
CBN Intervenes in FX Market as Naira Struggles Amid Trump Tariffs and Oil Price Drops
The Central Bank of Nigeria (CBN) stepped in to stabilize the foreign exchange market on Friday by selling $197.71 million…
Nigeria Considers Strengthening Trade Ties with China, EU, and BRICS in Response to US Tariffs
In response to the imposition of new US tariffs, Nigerian fund managers from Cory Assets Management Limited, led by Johnson…
NNPC Appoints New Management Team, Ojulari Takes Over from Kyari
The Nigerian National Petroleum Company Limited (NNPC Ltd) has officially welcomed its new Group Chief Executive Officer (GCEO), Mr. Bashir…
CBN May Slow Down Reserve Accumulation to Stabilize Naira, JPMorgan Predicts
JPMorgan analysts have suggested that the Central Bank of Nigeria (CBN) may reduce its pace of absorbing foreign inflows into…
Tinubu Appoints Ayo Sotinrin as New MD of Bank of Agriculture
President Bola Tinubu has appointed Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, effective immediately. The…
Nigeria Seeks $10.5 Million Loan from World Bank to Boost CBN’s Capacity and Payment Infrastructure
Nigeria has approached the World Bank for a new loan of $10.5 million to enhance the technical capacity of the…
China Hits Back with 34% Tariffs on U.S. Imports, Escalating Trade Tensions
In a sharp retaliation to President Donald Trump’s recent tariff hikes, China has announced new tariffs of 34% on all…
Trump Suggests China Could Receive Tariff Relief in Exchange for TikTok Approval
President Donald Trump recently indicated that China could receive tariff relief if it approves the sale of TikTok, the popular…
FCMB Records N111.9bn Profit Before Tax for 2024, Announces Strong Growth
First City Monument Bank (FCMB) posted a remarkable Profit Before Tax (PBT) of N111.9 billion for the financial year ending…
Macron Calls for Suspension of US Investments Amid Tariff Dispute
French President Emmanuel Macron has called for European companies to suspend planned investments in the United States following the announcement…
Nigerian Breweries Reports N1.07 Trillion Revenue Amid Economic Challenges
In 2024, Nigerian Breweries achieved a significant revenue of N1.07 trillion, nearly doubling its 2023 performance of N599.5 billion. However,…
Telcos Invest in Network Upgrades Amid Tariff Hikes to Satisfy Nigerian Customers
Telecom operators in Nigeria are embarking on major network infrastructure upgrades to address growing frustrations among customers due to poor…
U.S. Ambassador Reassures Ghana Amid Trade Policy Shifts
The United States Ambassador to Ghana, Virginia Evelyn Palmer, sought to calm concerns regarding the future of U.S.-Ghana trade relations…
US Tech and Retail Stocks Plunge as Trump’s Tariffs Trigger Global Market Panic
A sharp market sell-off was triggered after President Donald Trump announced sweeping new tariffs, which sent megacap U.S. tech and…
Softening Inflation Fuels Private Sector Growth to 54.3 in March 2024
Private sector growth in Nigeria saw a significant uptick in March 2024, with the Stanbic IBTC Bank Purchasing Managers’ Index…
Obasanjo’s $700 Million Investment in Cameroon Sparks Concerns Over Nigeria’s Business Climate
Former Nigerian President Olusegun Obasanjo, through his firm Agro-Allied Business Ltd (OABL), is set to invest $700 million in Cameroon’s…
Nigeria and Japan Launch Youth-Centric Venture Fund to Boost Innovation
In a move to support youth entrepreneurship, Nigeria and Japan have launched a venture capital fund aimed at stimulating high-growth…
MRS Oil Nigeria Forecasts N2.93bn Q2 Profit Amid Delisting Plans from NGX
MRS Oil Nigeria Plc has projected a profit after tax of N2.93 billion for Q2 2025, according to its financial…
OpenAI Secures $40 Billion Funding to Propel AGI Research and Stargate Initiative
OpenAI has raised $40 billion in a new funding round aimed at accelerating its pursuit of Artificial General Intelligence (AGI).…
CBN refutes new N5,000, N10,000 banknotes report
The Central Bank of Nigeria (CBN) has dismissed a report circulating online that it had introduced new N5,000 and N10,000…
African Startup Funding Declines 5% in Q1 2025 Amid Drop in Mega Deals
In the first quarter of 2025, venture capital funding into African startups dropped by 5%, reaching $460 million. This marks…
PMI Global Summit Series Africa Returns to Rwanda in 2025 with Focus on Innovation and Youth Development
The PMI Global Summit Series Africa 2025 is set to take place in Kigali, Rwanda, from August 19 to 21,…
Trump Tariffs Set to Strike Italian Companies Hard, Warns Business Lobby
The head of Confindustria, Italy’s leading business lobby, Emanuele Orsini, warned that U.S. President Donald Trump’s new tariffs could have…
Equinix Expands Data Center in Lagos to Boost Nigeria’s Digital Economy
Equinix, formerly known as MainOne, has unveiled the expansion of its Lagos data center, LG2.3, to meet the rising demand…
Bank of Ghana Urges Continued Efforts to Tackle Inflation Amid Economic Growth
The Governor of the Bank of Ghana, Dr. Johnson Asiama, has stressed that while some progress has been made in…
Nigeria’s Foreign Exchange Reserves Surge to $23.11bn in 2024
Nigeria’s foreign exchange reserves have surged to $23.11 billion at the close of 2024, marking the highest level in over…
Business Confidence Hits 14-Month High as Inflation Eases in Nigeria
Business confidence in Nigeria reached its highest point in 14 months in March, as businesses experienced rising demand for their…