Nigerian shoemakers tap national pride, nostalgia to spur local industry
Two men in grey jumpsuits brush glue onto rubber soles, while factory machines whir in the background. Elsewhere, women perched…
Category: Business
Trump suspends travel from Europe – except the United Kingdom
President Donald Trump announced on Wednesday that all travel from Europe, except for the United Kingdom, will be suspended for…
Global stocks plunge after Trump announces coronavirus response package
US stock futures and markets around the world slid late Wednesday night as concerns about the economic fallout from the…
Oil Drop May Force Nigeria to Devalue Naira as Reserves Sink
The plunge in oil prices is piling pressure on Nigeria to devalue the naira as dwindling export revenue depletes foreign-exchange…
Nigeria spends N1.7 trillion to import fuel in 2019
Nigeria spent N1.713 trillion on the importation of Premium Motor Spirit, also known as petrol, in 2019, according to data…
Dow rebounds 1,167 points a day after suffering worst plunge since financial crisis
US stocks surged into the close to end a volatile session on Tuesday. Sharp mid-day fluctuations came as investors weighed…
Coronavirus: £130bn wiped off FTSE 100 in minutes
The FTSE 100 has seen more than £130bn wiped from the value of its constituent companies within minutes, in…
Nnewi: Nigeria’s self-made Industrial hub
Nnewi is not a tier-one city in Africa, and not in Nigeria. Even within Anambra, it is masked by the…
Oil prices plunge below $35, Saudi Arabia triggers price war
Saudi Arabia rattled the already depressed oil market to its foundation early Monday after unilaterally slashing prices and promising to…
Much worse than 2008 Global Financial Crisis?
The breathtaking volatility that has rocked the stock market for two weeks is rippling through other asset classes — and…
Saudis Plan Big Oil Output Hike, Beginning All-Out Price War
Saudi Arabia plans to increase oil output next month, looking to boost it well above 10 million barrels a day,…
Aramco Drops Below IPO Price in Blow to Saudi Economic Plan
Saudi Aramco shares dropped below their IPO level for the first time as a looming price war in global crude markets…
Silk roadblock: coronavirus exposes Nigeria’s reliance on China
Yetunde Oluyide has run a gift shop in bustling Lagos for nearly a decade, but with coronavirus curtailing imports of…
The U.S. May Already Be in a Recession
Let’s just say it: The longest economic expansion in U.S. history may already be over, killed by Covid-19. It might…
Foreign investment inflow reverses trend
Foreign Direct Investment (FDI) into Nigeria may have returned to the downward trend after a mild recovery in 2018. The…
Coronavirus: Fear returns to stock markets
Global stock markets have fallen sharply as investors continue to worry about the broader economic effects of the coronavirus. London’s…
US markets in sharp drop amid rollercoaster over coronavirus
US stock markets closed sharply lower again on Thursday as fears about fallout from the virus outbreak sent more shudders…
OPEC seeks big oil cut in crunch talks with Russia amid virus outbreak
OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional…
FX intervention pressure mounts on Brazil central bank to sell dollar reserves
Brazil’s currency is weakening so quickly the central bank may soon be forced to set aside its free-market principles and…
IMF: coronavirus means 2020 growth will be lower than 2019
The International Monetary Fund is to offer $50bn (£39bn) in emergency funding for countries hit by the coronavirus, as it…
Moving goods from Apapa port 10 times costlier than Ghanaian, South African ports
A research carried out by SBM Intelligence has shown that it is 10 times costlier to move goods from the…
Next Bank of England governor calls for funds for coronavirus-hit firms
The incoming governor of the Bank of England, Andrew Bailey, has called on the government to offer emergency financial support…
South Africa Central Banker Sees No Need for Emergency Rates Meeting
South Africa’s central bank sees no need for an emergency meeting on interest rates and will wait for its regular…
Vitafoam reassures as shareholders okay N525.4m dividend
THE board and management of Vitafoam Nigeria Plc yesterday reassured shareholders and other stakeholders that the company would continue to…
Court grants claim for breach of contract against Shell
A Lagos High Court has set aside the arbitral tribunal award, which dismissed Global Gas and Refining Limited’s claim for…
Report Says Port Transport Is 10 Times Costlier In Nigeria Than Ghana, SA
Local transportation of goods from Apapa and Tincan Island ports in Lagos costs up to 10 times higher than the…
FEC okays $2.571b Ajaokuta-Kaduna-Kano gas project
THE issuance of a sovereign guarantee to the tune of 85 per cent of the Engineering Procurement and Construction (EPC)…
Nigerians, operators kick as FIRS plans to impose VAT on sports betting
For a while, the sports betting industry in Nigeria has been rife with the news that the Federal Inland Revenue…