Central Bank of Nigeria Records N40.67bn Loans to Staff in 2022
The Central Bank of Nigeria (CBN) disclosed that it provided loans amounting to N40.67 billion to its staff members by…
Category: Business
Bus Transportation Costs Surge by 98% in One Month as Fuel Price Increases
The National Bureau of Statistics (NBS) reports that the average cost of bus transportation within Nigerian cities experienced a substantial…
Nigerians Express Concern as Naira Falls and Oil Prices Rise, Fueling Apprehensions of Petrol Price Hike
The declining value of the Nigerian naira against the US dollar, accompanied by a recent surge in global crude oil…
National Pension Commission Empowers RSA Owners with Mortgage Access
The National Pension Commission (PenCom) has revealed that a total of 187 Retirement Savings Account (RSA) holders have accessed 25…
Nigeria’s Telecoms Sector Faces Nearly 50% Drop in Foreign Investment, Data Consumption Surges
The Nigerian telecoms sector experienced a substantial decline in foreign direct investment (FDIs) in 2022, with capital inflow plummeting by…
Nigeria’s Oil Production Drops 13.6% in July, Strains Budget and OPEC Quota Targets
In July 2023, Nigeria experienced a significant decline in oil production, registering a 13.6% decrease to an average of 1.08…
Azman Air Halts Operations Amid Forex Challenges, Becoming Second Operator to Suspend Business in Four Years
Azman Air, an aviation company with a nine-year operating history, has ceased its operations due to challenges in accessing foreign…
Nigerian Pension Fund Administrators Set to Engage in Securities Lending, Boosting Capital Market
The National Pension Commission (PenCom) has announced its efforts to establish regulations allowing Pension Fund Administrators (PFAs) to engage in…
First Bank of Nigeria Holdings Amends AGM Agenda Amidst Court Order
First Bank of Nigeria Holdings has made revisions to its agenda for the upcoming Annual General Meeting (AGM), which was…
Nigerian Naira Plunges to Record Low of N925/$1 on Parallel Market Amid Supply Scarcity
The Nigerian Naira has spiraled to an unprecedented low of N925 against the US Dollar on the parallel market, largely…
Canadian Mining Company Silvercorp Metals Invests in Tanzanian Gold Project
Canadian mining firm Silvercorp Metals has entered into a placement agreement with OreCorp, a gold developer, to provide an equity…
Lack of Access to Bank Services Hampers Non-Oil Export Growth in Nigeria
The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, has highlighted the lack of access to…
Rising Business Divestment and Closure Threatens Nigeria’s Economy
The Nigeria Employers’ Consultative Association (NECA) has expressed concern about the escalating instances of business divestment, capital flight, and closures…
Abandoned Projects in Nigeria’s Niger Delta Region Highlight Challenges
A report from the Niger Delta Development Commission (NDDC) has revealed that a total of 1,587 projects worth N612.4 billion…
US Expresses Concern over China’s Influence on Nigeria Through Loans
The United States has expressed concerns about China’s potential to exert influence over the Nigerian government through the provision of…
Strong Demand for Nigerian Treasury Bills Despite Rising Inflation
The latest treasury bill auction in Nigeria on August 9, 2023, saw investors submitting bids worth N808 billion for one-year…
Nigeria LNG Extends Force Majeure Due to Supply Disruption
Nigeria LNG has confirmed the continuation of the force majeure that was declared in October, attributing it to extensive flooding…
Association of Bureaux De Change Operators of Nigeria Calls for Ban on Binance Operations
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Nigerian government to ban the operations of…
Nigerian Safety Investigation Bureau and Lagos State Emergency Management Agency Collaborate to Enhance Crash Site Safety
The Nigerian Safety Investigation Bureau (NSIB) and the Lagos State Emergency Management Agency (LASEMA) have signed a Memorandum of Understanding…
Telecommunication Firms Consider Proposed Repayment Plan to Settle N120bn USSD Debt
Telecommunication companies are contemplating a repayment proposal from Deposit Money Banks (DMBs) to resolve the N120 billion debt related to…
OPEC-13 Crude Oil Production Hits Near Two-Year Low
According to a survey by S&P Global Commodity Insights, OPEC-13’s crude oil production reached a near two-year low in July…
Trans-Saharan Trade at Risk Due to Border Closure
The closure of the border between Nigeria and Niger Republic has put approximately $1.3 billion worth of trade at risk…
Nigeria Suffers $7 Billion Economic Damage from 2022 Floods
The Nigerian government has reported that the direct economic damage caused by floods in 2022 amounts to $7 billion, with…
Nigeria’s Manufacturing Sector Faces Decline in Production Value
The Manufacturers Association of Nigeria (MAN) has reported a decline in the value of manufacturing production due to a challenging…
Nigerian Banks Deposit N822.34 Billion with Central Bank Amid Excess Liquidity
Nigerian Deposit Money Banks (DMBs) deposited N822.34 billion with the Central Bank of Nigeria (CBN) in July 2023, marking a…
Triodos Funds Support Bridge Taxi Finance to Empower South African Entrepreneurs
Triodos Microfinance Fund and Triodos Fair Share Fund have extended a USD 10 million loan to Bridge Taxi Finance in…
Commercial Cold Holdings Expands with Acquisition of Sequence Logistics
Commercial Cold Holdings (CCH), a prominent cold chain logistics platform under the control of African Infrastructure Investment Managers (AIIM), a…
Dangote Cement and BUA Cement’s Fuel and Power Costs Surge Amid Rising Inflation
During the first half of 2023, Dangote Cement Plc and BUA Cement Plc collectively spent a substantial amount of N204.925…
Nigeria-Niger Trade Worth $226.34 Million at Risk Amid Border Closure
Trade worth approximately $226.34 million between Nigeria and Niger is under threat due to the recent closure of the border…
Completion Date of Nigeria’s 11,000 MW Power Project with Siemens Shifted to 2030 Due to Pandemic Delays
The timeline for the completion of the 11,000 megawatts (MW) power project, a collaboration between the Federal Government of Nigeria…