Naira drops to 1690.37/$ as dollar supply falls
The naira fell 2.31% on Monday at the National Autonomous Foreign Exchange Market (NAFEM), closing at ₦1,690.37/$, down from ₦1,652.25/$…
Category: Business
Foreign inflow on NGX drops to N11bn
Foreign inflows into the Nigerian Exchange Limited (NGX) experienced a notable decline in September 2024, dropping to N11.26 billion, the…
Dangote Refinery signs 60 million litres weekly petrol deal with marketers
The Dangote Petroleum Refinery has finalized a major agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to supply…
Stanbic IBTC Capital Becomes Issuing House For N40bn Multi-Instrument Issuance Programme
Stanbic IBTC Capital Limited has been appointed as the lead issuing house for RMB Nigeria’s ₦40 billion multi-instrument issuance programme,…
UBA Achieves Record N2.4 Trillion Earnings in Q3 2024
United Bank for Africa (UBA) Plc has recorded a historic N2.4 trillion in gross earnings for the first nine months…
Stanbic IBTC Seeks to Increased Agriculture Funding
Stanbic IBTC Bank has reaffirmed its dedication to transforming Nigeria’s agricultural sector by improving access to finance, technology, and capacity…
Access Bank Named Nigeria’s Sole Firm on Forbes 2024 World’s Best Employers List
Access Bank PLC has been recognized as the only Nigerian company on Forbes’ 2024 World’s Best Employers List, reflecting its…
Naira Volatility Deters South African Investors from Nigeria
South African investors are increasingly hesitant to explore Nigeria’s market potential due to the naira’s unpredictable devaluations. Between 2004 and…
Rising Inflation Concerns Amid Energy and Currency Pressures in Nigeria
Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.70% in September, driven by rising energy costs, and…
LAPO advocates financial inclusion for underserved communities
LAPO Microfinance Bank is championing financial inclusion across Nigeria, focusing on underserved communities. The institution highlighted its efforts in bridging…
Investors gain N295bn as stock market turns bullish
The Nigerian stock market rebounded strongly last week, with investors gaining N295 billion following two weeks of losses. The All-Share…
InfraCredit Secures $30m Co-financing Facility from BII to Support Renewable Energy Projects in Nigeria
InfraCredit has secured a $30 million investment from British International Investment (BII), the UK’s development finance institution, to support Nigeria’s…
Renewed Interest in UBA, Zenith Bank, 28 Others Lift Stock Market
The Nigerian Exchange Limited (NGX) closed positively on the previous trading day, recording a 0.16% gain, driven by renewed investor…
EFCC, NAICOM partner to boost insurance sector
The Economic and Financial Crimes Commission (EFCC), led by Chairman Mr. Ola Olukoyede, has pledged to enhance its efforts in…
Federal Government working on industrial relations policy
The Federal Government, through the Minister of Labour and Employment, Muhammadu Dingyadi, is developing a national policy on industrial relations…
Minister pledges support for indigenous tech firms
The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has pledged government support for indigenous technology companies to help…
Nigeria’s Power Sector Set to Seek $10 Billion in Private Investment for 24-Hour Electricity Supply
The Nigerian government aims to bridge a $10 billion investment gap in the power sector through Public-Private Partnerships (PPP) over…
Lagos Johannesburg Cairo Set to Lead Africa’s Economic Growth by 2035
A recent report from Economist Intelligence predicts that Lagos Johannesburg and Cairo will emerge as the top economic cities in…
Nigeria’s Domestic Debt Hits N66.96 Trillion Amid Inflation and Budget Deficits
Nigeria’s domestic debt stock has surged to N66.957 trillion as of mid-2024, marking an 8.74% increase from the previous quarter.…
NCDMB Seeks Industry Support to Boost Nigeria’s Crude Oil Output and Energy Security
The Nigerian Content Development and Monitoring Board (NCDMB) has called for robust support from industry stakeholders to attract foreign direct…
MAN Urges Full Support for Dangote Refinery to Drive Nigeria’s Economic Growth
The Manufacturers Association of Nigeria (MAN) has called on the Nigerian government and citizens to support the Dangote Refinery, emphasizing…
Nigerian Stock Market Rebounds with N96bn Gain, Driven by Key Sector Advances
The Nigerian Exchange Limited experienced a positive shift on Wednesday as investors gained N96 billion, offsetting a previous loss of…
British International Investment Provides $30M to Boost Renewable Energy in Nigeria
InfraCredit has received a $30 million risk-sharing and blended local currency facility from British International Investment (BII) to support renewable…
Okonjo-Iweala Reappointed for Second Term as WTO Director-General
Ngozi Okonjo-Iweala, former Nigerian finance minister, has been reappointed as the Director-General of the World Trade Organization (WTO) for a…
Nigeria’s Rising Debt-Service Costs Threaten Economic Stability Amid Naira Depreciation
Nigeria’s debt-service-to-revenue ratio surged to 162% in early 2024, significantly straining government finances as more revenue is diverted to debt…
UBA and Mastercard Unveil 75th Anniversary Commemorative Card with Exclusive Offers
To celebrate its 75th anniversary, the United Bank for Africa (UBA) has partnered with Mastercard to launch a special commemorative…
16 major firms incur the loss of N792bn — MAN
The Manufacturers Association of Nigeria (MAN) has revealed that between 2023 and 2024, 16 major manufacturing firms incurred cumulative losses…
EFCC Condemns Corruption in Power Sector Urges Stronger Asset Recovery Action
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has underscored the significant harm that financial…
NAICOM Sustains Drive for Outstanding Claims Payment
The Nigerian insurance sector is undergoing significant regulatory changes under the leadership of Ayo Omosehin, the Commissioner for Insurance at…
TotalEnergies Unveils Competitive Entry Cost and Bonuses to Boost Oil Sector Growth
TotalEnergies has outlined five key propositions to revitalize Nigeria’s struggling oil and gas sector, which has faced underinvestment, declining production,…