Federal Government’s Borrowings from World Bank Total $4.95bn in 12 Months
Over the past year, the Federal Government of Nigeria has borrowed a total of $4.95 billion in loans from the…
Category: Business
SEforALL Reappoints Damilola Ogunbiyi as CEO for Second Term
The Sustainable Energy for All (SEforALL) Governance Board has approved the reappointment of Ms. Damilola Ogunbiyi for a second term…
FG, World Bank Trains 496 Youth in Web, App Development
In collaboration with Information Technology (IT) firms, the World Bank and the federal government have trained 496 young Nigerians in…
WFP partners Nigeria, others to kickstart food assistance program, targets 7.5 million people
The United Nations World Food Program (WFP) has partnered with Nigeria and other West and Central African countries to launch…
EnjoyCorp Acquires 86.5% Stake in Champion Breweries Plc
The Board of Champion Breweries Plc has announced the completion of an 86.5% stake acquisition by EnjoyCorp Limited. This acquisition…
Dangote refinery enters Asian market, ships first low-sulfur oil to Singapore
Nigeria’s Dangote Refinery is set to dispatch its first shipment of low-sulfur straight-run fuel oil (LSSR) to Singapore, marking its…
Asian, local companies take over as western multinationals exit Nigeria
As major multinationals from the US and Europe exit Nigeria, Asian and local companies are stepping in to fill the…
Big oil buyers’ shift to electric vehicles threatens Nigeria petrodollars
The increase in electric vehicle (EV) sales in major importers of Nigerian crude oil, such as France, Spain, India, and…
Nigeria ranks 88th out of 141 countries in Logistics Performance Index
Nigeria has improved its standing in the World Bank Logistics Performance Index (LPI), rising from 91st position in 2022 to…
NERC okays 450MW deal to avert Zungeru plant shutdown
The Nigerian Electricity Regulatory Commission (NERC) has sanctioned a deal to procure 450 megawatts of electricity from the newly completed…
Court orders Arik Air to pay over $24,000 to ex-worker
An Industrial Court in Lagos has mandated Arik Air to compensate a former employee, Mrs. Andreia Perdigao, with eight months’…
FG offers 17 new oil blocks for bidding
The Federal Government of Nigeria has announced the inclusion of 17 deep offshore oil blocks in the 2024 Licensing Round,…
Modular refiners, Afreximbank begin talks over $18bn loan
Investors in Nigeria’s modular refinery sector have initiated discussions with the African Export-Import Bank (Afreximbank) to access part of the…
Worry as NCAA acting DG tenure expires
There is growing tension among staff and management of the Nigeria Civil Aviation Authority (NCAA) and the Ministry of Aviation…
Reps summon NNPC, Agip, NUPRC, others over alleged $72m diversion
The House of Representatives Committee on Public Petitions has summoned the managing director and senior management staff of Nigeria AGIP…
Toyota Re-elects Chairman Akio Toyoda despite certification scandals
Toyota’s Chairman Akio Toyoda, along with nine other board members, was re-elected at the automaker’s annual general meeting on Tuesday.…
Ekpo Woos Canadian Businesses, Investors to Nigeria’s Gas Sector
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized the necessity of global partnerships, innovation, and a collective…
Universities Scotland says 20% decline in int’l student market reduces subsidized tuition for domestic students
Universities Scotland has raised alarms over the potential 20% reduction in international student numbers, warning it could significantly hinder the…
NEPZA Offers Duties Waiver, Tax Holiday To Startups In Free Trade Zones
The Nigeria Export Processing Zones Authority (NEPZA) has announced new measures aimed at retaining foreign businesses and startups within Free…
Airtel Launches Submarine Cable, Taps Network International For Payments Processing
Airtel Telesonic, the wholesale division of Airtel Africa, has achieved a significant milestone by activating the 2Africa Submarine Cable System.…
AfDB to match Italy’s $150m concessional loans for Africa
The African Development Bank (AfDB) has announced its commitment to match the $150 million in concessional loans and grants from…
Import duty: FG summons 80 private jets owners over operating papers
The Nigerian Customs Service (NCS) has launched a new initiative aimed at cracking down on operators of improperly imported private…
Chinese investors’ rush for offshore assets spurs Hong Kong wealth inflows
Wealthy Chinese investors are increasingly turning to Hong Kong investment products, such as insurance and high-yield time deposits, to safeguard…
China’s factory output disappoints, property sector stuck in doldrums
China’s economic data for May revealed a mixed picture, with industrial output growth slowing to 5.6% year-on-year, below expectations, while…
Goldman Sachs raises S&P 500 year-end target to 5,600
Goldman Sachs has increased its 2024 year-end target for the S&P 500 Index to 5,600, up from a previous target…
SK Group to protect affiliates from hostile takeover after chairman’s divorce ruling
South Korea’s SK Group Chairman, Chey Tae-won, addressed concerns on Monday about the potential impact of his recent divorce payment…
At Toyota shareholder meeting, all eyes on level of support for chairman
Toyota Motor Corporation’s Chairman, Akio Toyoda, is expected to secure re-election at the automaker’s annual general meeting (AGM) despite recent…
Nigeria’s FX reserves stablise at $33.16bn amid inflation surge
Nigeria’s foreign exchange (FX) reserves have demonstrated remarkable stability, holding firm at $33.16 billion, which signals economic steadiness despite rising…
FG sets 9-month timeline for 2024 oil block licensing round
In a significant shift from previous practices, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has established a nine-month timeline for…
SEC Chief Warns on Risks of Innovation at Capital Market Summit
Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), has urged stakeholders in Nigeria’s capital market to remain…