Taiwan to assist Nigeria achieve technological growth
Taiwan is ready to support Nigeria in boosting its technology sector, as revealed by Mr. James Huang, Chairman of the…
Category: Local
VAT remains 7.5%, no hike planned –Edun
Nigeria’s Minister of Finance, Mr. Wale Edun, has debunked rumors that the Federal Government raised the Value-Added Tax (VAT) rate…
FG’s dollar bond attracted $900m subscription – Edun
Nigeria’s first-ever foreign-currency domestic bond has successfully attracted $900 million in subscriptions, surpassing expectations. The Minister of Finance, Wale Edun,…
Why NNPC may not lift Dangote petrol on Sunday
Four days before the Nigerian National Petroleum Company Limited (NNPC) was set to begin lifting Premium Motor Spirit (PMS) from…
Naira weakens to N1637/$
The Nigerian naira continued to decline against the US dollar, closing at N1637.59 at the end of trading on Tuesday.…
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…
Oil production rose to 1.35mbpd in August – OPEC
Nigeria’s crude oil production increased from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd in August, according…
Kuda launches virtual PoS for SMEs
Kuda, through its Kuda Business platform, has launched virtual and physical point-of-sale (PoS) products aimed at streamlining payment processing for…
FG eyes slice of OPay, Palmpay N46tn transactions
The Nigerian government is set to implement a new Electronic Money Transfer Levy (EMTL) from September 9, 2024. This levy…
Boon for Nigeria as Shell’s $1.3bn assets sale gets regulatory nod
Shell International Plc has secured approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its onshore assets to…
Nigeria, China sign $3.3 billion deal for brass industrial park
Nigeria and China have signed a $3.3 billion agreement to develop the Brass Industrial Park and Methanol Complex in Bayelsa…
Forex crisis crashes border trade by 80% – Operators
Licensed customs agents operating at Nigeria’s land borders have reported a significant 80% decline in trade activities due to the…
Agriculture led company income tax with 474.50% in Q2 2024 – NBS report
Nigeria’s agricultural sector led the growth in Company Income Tax (CIT) during the second quarter of 2024, recording a massive…
Electricity DisCos collects N150 billion as revenue in June- NERC
In June 2024, electricity distribution companies (DisCos) across Nigeria collected N150.86 billion, achieving an 85.44% revenue collection efficiency, according to…
Wike signs MoU with Chinese engineering firms for electricity and water projects in FCT
The Federal Capital Territory (FCT) Minister, Nyesom Wike, has formalized a Memorandum of Understanding (MoU) with two major Chinese engineering…
Japaul Gold & VenturesLists N20bn Worth of Shares on NGX
Japaul Gold & Ventures Plc has received approval from the Securities & Exchange Commission (SEC) for a special placement of…
CBN Boosts Forex Liquidity, Sells Dollars To BDCs At N1,580
The Central Bank of Nigeria (CBN) has injected liquidity into the foreign exchange market by selling US dollars to Bureau…
Company Income Tax revenue rises 151% in Q2 2024 to N2.47 trillion
Nigeria’s Company Income Tax (CIT) skyrocketed by 150.83% in Q2 2024, reaching N2.47 trillion compared to N984.61 billion in Q1…
Transcorp Hotels Named Best Hospitality Service Provider
Transcorp Hotels Plc, listed on the Nigerian Exchange (NGX), has been honoured as the Best Hospitality Service Provider at the…
Atiku slams Tinubu admin on VAT raise, warns of worsening economic crisis
Former Vice President Atiku Abubakar has condemned the recent Value Added Tax (VAT) increase from 7.5% to 10%, describing it…
CBN Raises N9.27tn via NTBs as Investors Seek Longer Maturities, Higher Returns
The Central Bank of Nigeria (CBN) successfully raised N9.27 trillion from Nigerian Treasury Bills (NTBs) across auctions held between January…
Economic Insight: 50% electricity subsidy for public hospitals and educational institutions: In the right direction
In the 21st century, a nation’s wealth is measured by its human capital—its people’s education, healthcare, and skills—rather than natural…
Stock market returns bearish amid increase in price of petrol
The Nigerian stock market closed bearish last week, impacted by a sharp rise in petrol prices, which surged from N600…
Nigeria’s SEC to begin crackdown on unregulated crypto exchanges, others
The Securities and Exchange Commission (SEC) of Nigeria has announced that it will soon begin enforcement actions against unregulated individuals…
Investors’ Negative Sentiment Drags Stock Market YtD Performance to 28.97%
The Nigerian stock market has experienced a decline, with the Year-to-Date (YtD) performance dropping to 28.97% due to profit-taking in…
As multinationals exit, these Nigerian companies are spending billions on expansion projects in 2024
Nigeria is experiencing a notable exit of companies due to economic challenges and reforms in energy and forex markets. Major…
Only Nigerians with NIN can buy ₦40,000 rice – FG
The Federal Government has launched the sale of 30,000 metric tonnes of subsidised milled rice, requiring buyers to present a…
BoI boosts funding with Euro 1.43b global loan syndication
The Bank of Industry (BOI) has successfully raised €1.43 billion in a global loan syndication, marking a 142.5% oversubscription, a…
Nigeria targets 30GW power supply by 2030
Nigeria’s Minister of Power, Adebayo Adelabu, has announced that the country is committed to achieving universal energy access by 2060,…
Unity Bank restores service, begins duty collection
Unity Bank Plc has announced the restoration of its services and readiness to collect customs duties from licensed customs agents…