Foreign Reserves Build Up Despite Naira Volatility
Nigeria’s foreign exchange reserves have shown a steady recovery, adding $195.01 million to reach $32.64 billion by the end of…
Category: Business
CBN Withdraws Circular on Cybersecurity Levy Collection
The Central Bank of Nigeria (CBN) has retracted its directive that mandated banks and payment service providers (PSPs) to collect…
Afreximbank Reports Net Interest Income Up to 31.73% in Q1
The African Export-Import Bank (Afreximbank) has released its financial results for the first quarter of 2024. Net Interest Income increased…
MTN Nigeria CEO Defends Board of Directors’ Remuneration
MTN Nigeria’s CEO, Karl Toriola, has defended the remuneration of the company’s Board of Directors despite the tough economic climate.…
TAJBank Wins Best Islamic Bank in Nigeria Award for 2023
TAJBank Limited, known for its rapid growth in non-interest banking services, has been awarded the “Best Islamic Bank in Nigeria…
Only 20% Registered Entities Pay Annual Returns – CAC RG
The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Magaji (SAN), revealed that only 20% of registered entities in…
U.S. Factory Production Falls in April
U.S. factory production saw an unexpected decline in April, primarily due to a drop in motor vehicle output. According to…
China’s April industrial output rises 6.7% but Retail Sales Growth Slows
China’s industrial output grew by 6.7% year-on-year in April, showing a significant rise from the 4.5% growth in March. This…
Nigeria Overtakes South Africa as Indonesia’s Top African Investment Destination
Nigeria has become Indonesia’s top investment destination in Africa, surpassing South Africa, with a trade balance exceeding $4.7 billion in…
Microsoft offers cloud customers AMD alternative to Nvidia AI processors
Microsoft is giving cloud computing customers a new option for powering artificial intelligence (AI). They’re offering chips made by AMD,…
Electricity: Most DisCos are technically insolvent— NERC
During the 8th Africa Energy Market Place 2024 in Abuja, the Chairman of the Nigerian Electricity Regulatory Commission (NERC), Engr.…
FAAC Disburses N1.2trn Revenue To FG, States, LG For April
During the May 2024 meeting of the Federation Accounts Allocation Committee (FAAC), Nigeria disbursed a total of N1,208.081 billion in…
FIRS falls short of N4.8trn target, generates N3.94trn in Q1
The Federal Inland Revenue Service (FIRS) did not meet its tax revenue target for the first quarter of 2024, collecting…
Concerns Rise as Dollar Reaches N1,533.99 in Official Market
Nigerians are increasingly worried as the dollar reached N1,533.99 in the official market, creating uncertainty about the country’s economic stability.…
Emirates Returns To Nigeria After 25 Months
Emirates, the flag carrier of the United Arab Emirates (UAE), will resume daily flight services between Lagos and Dubai starting…
Tax Burden Threatening Participation In AfCFTA – MAN
The Manufacturers Association of Nigeria (MAN) has raised concerns about the impact of multiple taxation on the operations of manufacturers…
Tinubu Pledges Support For Local Manufacturers
The federal government is committed to creating a conducive environment for local manufacturers and small-scale producers to conduct business profitably…
8 banks pay N200bn as income tax in Q1’24
In the first quarter of 2024 (Q1’24), eight commercial banks in Nigeria collectively paid a total of N200.19 billion in…
Deployment of CNG pumps rises 233% — Pi-CNG
The deployment of dispensing pumps for Compressed Natural Gas (CNG) in Nigeria has experienced a remarkable surge of 233 percent…
Crypto Exchanges Delist Naira from Peer-to-Peer Trading Platforms, SEC Confirms
The Securities and Exchange Commission (SEC) announced yesterday that crypto exchanges have initiated the delisting of the Naira from Peer-to-Peer…
Gas Supply Gets 25% Boost As Tinubu Unveils 3 Projects
President Bola Tinubu recently commissioned three significant gas projects aimed at enhancing energy supply and fostering industrial growth in Nigeria.…
Senate Approves Tinubu’s $500m Loan Request To Finance Mass Metering
The Senate has given its nod to President Bola Tinubu’s request for a $500 million loan to fund the federal…
Gbarain Power Plant Set to Begin Operations Soon- NDPHC
Mr. Chiedu Ugbo, the Managing Director of Niger Delta Power Holding Company (NDPHC), announced that the 252 Megawatts Gbarain Power…
Naira Recovers to N1,459.02/$ After Week-long Depreciation
The naira made a remarkable recovery on Wednesday, bouncing back to N1,459.02 per dollar after experiencing depreciation for a week…
Tax Now Highest Revenue Source to Federation – AGF
The Federal Government of Nigeria has asked tax collectors to work harder to get more money from taxes. The Accountant-General…
SEC to Work with EFCC on Foreign Exchange Trading Manipulations
The Securities and Exchange Commission (SEC) has pledged to collaborate with the Economic and Financial Crimes Commission (EFCC) to curb…
Firm Unveils $40,000 Funding For Entrepreneurs In Agric Value Chain
Heifer Nigeria has introduced a $40,000 funding initiative through the AYuTe Africa Challenge Nigeria 2024. This program aims to identify…
NACCIMA hosts delegations from China, discusses Nigeria-China trade relations
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) hosted a 22-member delegation from Hunan Province, China,…
Nigeria’s Oil Production Rises to 1.28 Million Barrels Per Day in April 2024
The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s oil production, excluding condensate, increased by 4% in April 2024…
SMEs Urged to Leverage AI for Business Growth at Ecobank MySME Webinar
Small and Medium Enterprises (SMEs) in Nigeria have been encouraged to adopt Artificial Intelligence (AI) technology to enhance their business…