Nigerian Breweries Reports 75% Revenue Growth Amid Economic Challenges
Nigerian Breweries Plc has announced a remarkable 75% increase in revenue for the nine months ending September 30, 2024, reaching…
Category: Finance
Moniepoint gains unicorn status after raising $110m from Google and DIP
Nigerian fintech startup Moniepoint has reached unicorn status, now valued at over $1 billion following a $110 million funding round.…
CBN, IFC to provide $1bn funding options to Nigerian businesses
The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central…
IMF SEES MAJOR MANUFACTURING SHIFT TOWARDS INDIA AND CHINA
The latest International Monetary Fund (IMF) World Economic Outlook report underscores a global shift in manufacturing from advanced economies to…
First Bank fixes October 26 for system migration
First Bank has announced plans to migrate to a new cloud-based procurement and financial platform, aiming to enhance operational efficiency…
U.S. And Nigeria Launch Cryptocurrency Crime Task Force
The U.S. Department of Justice and the Nigerian government have established a Bilateral Liaison Group to address illicit finance and…
Insurance Industry Key to Nigeria’s Economic Transformation, NIA Chairman
The Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, emphasized the critical role that the insurance industry plays…
Forex crisis stalls Nigeria’s participation in $3.4tn AFCFTA – Exporters
Four months into Nigeria’s participation in the African Continental Free Trade Area (AfCFTA) under the Guided Trade Initiative, local exporters…
Nigeria still borrowing amid high debt costs
Nigeria’s engagement with the global debt market continues to thrive, according to the International Monetary Fund (IMF), despite the hurdles…
Business Journal summit to highlight insurance’s role in economic growth
The Business Journal Annual Lecture 2024 is set to highlight the critical role of the insurance industry in catalyzing sustainable…
UBA grows profit by 20% to N603bn
United Bank for Africa (UBA) Plc announced a 20.2% rise in profit before tax (PBT) for the third quarter of…
MTN Nigeria Urges Telecom Sector Reforms Amid Mounting Financial Pressures
MTN Nigeria’s CEO, Karl Toriola, has highlighted the urgent need for the telecommunications industry to return to profitability, citing escalating…
Inflation Leads To Manufacturers Collapse And Out Of Jobs
Nigeria’s manufacturing sector is grappling with severe challenges, including rising energy costs, aggressive production expenses, and logistical constraints. Energy prices,…
Low Pension Fund Investment in Infrastructure Reflects Unattractive Market and Regulatory Constraints
Despite Nigeria’s significant infrastructure deficit, pension fund investments in the sector remain around one percent, far below the 15 percent…
CBN verifying disputed $2.4bn FX claims – Cardoso
The Central Bank of Nigeria (CBN) has launched a re-validation process to address complaints from manufacturers and importers regarding foreign…
Federal High Court Extends Freeze on 818 Bank Accounts Linked to N10 Billion Cyberattack
The Federal High Court in Abuja has extended the freezing of 818 bank accounts connected to a N10 billion cyberattack…
Banks refund N7.05bn, $714,569 to customers – CBN
The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569…
High petrol price pushes inflation to 32.70% – Report
Nigeria’s headline inflation rate rose to 32.7% in September 2024, marking a marginal increase of 0.55% from August, as reported…
Cash transfer: FG releases N24bn to 991,261 households
The Nigerian government has given out N24.78 billion to help 991,261 poor families across the country. This is part of…
PenCom reports over N5.72trn public sector contributions in Q2 2024
The National Pension Commission (PenCom) has reported significant growth in both public and private sector pension contributions, with public contributions…
Regency Alliance grows profit to N1.93bn
Regency Alliance Insurance Plc reported a 225% increase in profit after tax for the year ending December 31, 2023, reaching…
Nigeria’s trade surplus hits N6.9tn in Q2 – NBS
Nigeria’s foreign exchange earnings saw significant growth in the second quarter of 2024, with the trade surplus rising to N6.95tn…
Financial sector grew by 30% – FG
Nigeria’s financial sector grew by more than 30% in the first half of 2024, signaling strong economic recovery from contractions…
Credit to Private Sector Increased by 38% YoY in June
Credit to Nigeria’s private sector saw a significant increase of 38% year-on-year in June 2024, reaching N73.12 trillion, up from…
Nigeria’s debt service-to-revenue may return to 98% in 2 years, economist warns
Economist Paul Alaje criticized the Nigerian government’s simultaneous removal of petroleum subsidies and devaluation of the naira, calling these actions…
Net FX flows increase by 55% to $25.4 billion in six months – CBN
Net foreign exchange inflows in Nigeria rose to $25.4 billion from January to June 2024, a 55 percent increase compared…
Nigeria’s NLNG dividend falls 43% on gas constraints
Nigeria’s revenue from Nigeria Liquefied Natural Gas (NLNG) Limited has dropped by 43% due to persistent gas supply issues. In…
Bank directors disagree with Otedola, Elumelu on FX windfall tax
The Bank Directors Association of Nigeria (BDAN) has expressed disagreement with the views of FBN Holdings Chairman Femi Otedola and…
FG’s revenue surpassed budgetary target, says minister
Nigeria’s Finance and Coordinating Minister of the Economy, Wale Edun, announced that the Federal Government’s revenue for the first half…