Nigeria Gains Traction with Foreign Investors as Economic Reforms Pick Up
Following a slowdown in reforms, Nigeria is back on the radar of foreign investors. The Central Bank of Nigeria’s decision…
Category: Local
Unlocking Over $2 Billion Investments: Lagos CNG Conversion Facility Inaugurated
The newly inaugurated Compressed Natural Gas (CNG) conversion facility in Lagos, spearheaded by the Presidential Compressed Natural Gas Initiative Steering…
Naira Gains Ground as Stock Market Hits Historic Highs
Despite recent fluctuations, the Nigerian Naira has made significant gains, settling at N1,170/$1 in the parallel market. This uptick in…
Controversy Surrounds Allocation of Billions for Presidential Yacht and Luxury Cars in Supplementary Budget
President Bola Tinubu’s submission of a N2.1 trillion supplementary budget to the National Assembly has sparked widespread criticism, particularly due…
President Tinubu Seeks Approval for $7.8 Billion and €100 Million Borrowing Plan for Development Projects
President Bola Tinubu has submitted separate letters to the National Assembly seeking approval for a borrowing plan totaling $7.8 billion…
Business Activity Contracts in Nigeria for the First Time in Seven Months, PMI Shows
According to the latest Purchasing Managers’ Index (PMI) report from Stanbic IBTC Bank, business activity in Nigeria experienced contraction in…
Flights to Dubai Expected to Resume by December as Nigeria Clears Trapped Funds
The Nigerian government has cleared part of the trapped funds for Emirates and Etihad Airlines, paving the way for flights…
Crude Shortages Hamper Nigerian Refineries, Dangote’s Production Targets Missed
Despite hopes for increased domestic refining capacity in Nigeria, including from the much-anticipated Dangote Refinery, the country continues to face…
JP Morgan Forecasts Naira to Trade at N850/$ Before End of 2023
JP Morgan, a prominent US multinational financial services firm, has projected that the Nigerian naira will reach a trading rate…
UN Supports 3.6 Million Vulnerable Individuals in Nigeria’s Northeast in H1 2023
Matthias Schmale, the United Nations (UN) resident and humanitarian coordinator in Nigeria, announced that the UN provided assistance to 3.6…
Nigerian Naira Faces Challenges Amid Global Economic Factors
The Nigerian naira has encountered significant challenges in the foreign exchange market, with its value surpassing a crucial resistance level…
Senate Investigates Printing of New Naira Notes by NSPMC in 2022
The Nigerian Senate has resolved to launch an investigation into the printing of new Naira notes by the Nigerian Security…
Airtel Africa Reclaims Title as Most Valuable Company on Nigerian Stock Market
After more than six months, Airtel Africa Plc has regained its position as the most valuable company on the Nigerian…
Navigating Economic Hardships: How Nigerians Are Adapting to Rising Costs
The removal of fuel subsidies in May has led to challenging economic conditions in Nigeria, impacting the daily lives of…
Economic Contraction: Nigeria Sees First Business Activity Decline in Seven Months
According to the latest Purchasing Managers’ Index (PMI) report released by Stanbic IBTC Bank, business activity in Nigeria has contracted…
MTN Nigeria Adapts Strategies to Offset Forex Losses and Bolster Growth
Amidst foreign exchange challenges, MTN Nigeria, the country’s leading telecom service provider, is proactively localizing its spending to mitigate anticipated…
Dangote Refinery Faces Delays in Commencing Diesel and Jet Fuel Refining
Despite earlier projections, Dangote Refinery has experienced delays in initiating its diesel and jet fuel refining operations. This setback is…
Lagos State Secures $1.352 Billion Investment for Key Infrastructure Projects
The Lagos State Government has successfully entered into a strategic partnership with the African Export-Import Bank (Afreximbank) and Access Bank…
Nigeria Approves N2.18tn Supplementary Budget to Address Urgent National Priorities
The Federal Government of Nigeria has greenlit a supplementary budget of N2.18tn for the fiscal year 2023. This additional funding…
Nigeria Records 5.7% Increase in Crude Oil Production for 2023
A review of industry data by THISDAY reveals that Nigeria’s crude oil production has shown a 5.7% year-on-year increase between…
Nigeria’s Push for Green Industries in the Face of Energy Transition
As the global call for energy transition gains momentum, the Nigerian federal government has announced its intention to capitalize on…
TotalEnergies’ $15 Million Investment in Host Communities: A Milestone in Nigerian Oil Industry
TotalEnergies, a prominent oil major, has achieved a significant milestone by fully funding its Host Community Development Trusts (HCDTs) with…
Nigerian Government Plans Tax Penalties and Interest Waivers to Boost Business and Revenue
The Nigerian government is taking steps to waive tax penalties, outstanding penalties, and interest to make it easier to conduct…
Nigerian Oil and Gas Firms’ Debt Soars by Over 40% Due to Naira Devaluation
The debts owed by oil and gas companies to Nigerian commercial banks have surged by over 40% due to the…
Delay in Seplat’s ANOH Gas Processing Plant Completion Poses Challenge to Nigeria’s Gas Development Plans
The completion date for Seplat’s ANOH Gas Processing Plant, a critical component of Nigeria’s gas development plans, has been pushed…
Naira Hits All-Time Low of N993.82 per Dollar, Prompting Government Actions
The Nigerian Naira experienced a significant depreciation, reaching an all-time low of N993.82 per dollar at the official foreign exchange…
Bloomberg: Nigerian Government Aims to Bring Dollar Rate Down to N750 by December
The Nigerian government, through the Chair of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, is targeting…
Expert Views on MSCI’s Reclassification and Its Impact on Nigeria’s Financial Market
MSCI’s reclassification of Nigeria from Frontier to Standalone Markets has raised concerns among experts. The ongoing FX liquidity challenges and…
National Pension Commission Introduces Framework for Additional Benefits Schemes
The National Pension Commission (PenCom) has introduced a framework for the establishment of Additional Benefits Schemes (ABS) under the Contributory…
Nigerians Spend $340.84 Million on Foreign University Applications in H1 2023
Nigerians seeking admission to foreign universities spent approximately $340.84 million on funding their application processes in the first half of…