Nigerian Cement Makers Enter Pricing Battle as BUA Cuts Prices
Nigerian cement manufacturers are gearing up for a potential pricing war after BUA Cement announced a significant reduction in its…
Category: Local
Ajaokuta Steel Complex Nearing Completion, Promises 500,000 Jobs, says President Tinubu
President Bola Tinubu has announced that the Ajaokuta Steel Complex, a long-abandoned project, is nearing completion and will have the…
CrossBoundary Access and Mobile Power Partner to Bring Affordable Energy Access to Nigeria
CrossBoundary Access and Mobile Power have formed a $10 million partnership to deploy Mobile Power’s MOPO Hubs in Nigeria, providing…
Fitch Ratings Anticipates Continued Naira Depreciation Amidst Official-Parallel Exchange Rate Disparity
Fitch Ratings Inc., a credit ratings and research firm, predicts that the Nigerian naira will continue to depreciate against the…
Nigerian Companies Experience Margin Contraction Despite Marginal Revenue Growth in Q2 2023
A diverse range of Nigerian companies have reported significant reductions in their profit margins in the second quarter of 2023,…
Nigeria’s Money Supply Declines Marginally to N64.8 Trillion in August 2023
Nigeria’s money supply, represented by M2, saw a marginal drop to N64.8 trillion in August 2023 compared to N64.9 trillion…
Nigeria’s Debt Management Office Plans to Raise N1.2 Trillion through Bond Reissuance
Nigeria’s Debt Management Office (DMO) has unveiled plans to raise up to N1.2 trillion by re-issuing federal government bonds. The…
Nigeria Loses N843 Billion Due to Gas Flaring from January 2022 to August 2023
Between January 2022 and August 2023, Nigeria suffered a significant financial loss of approximately N843 billion due to the burning…
Rising Inflation Puts Pressure on Nigerian Downstream Firms as Input Costs Soar
In the first half of 2023, Nigeria’s downstream firms, including Eterna, Total Energies, Conoil, and MRS Oil, faced increasing challenges…
Legal Expert Analyzes Atiku’s Request for Fresh Evidence in Presidential Election Appeal
Monday Ubani, former Chairman of SPIDEL (Section of Public Interest and Development Law) at the Nigerian Bar Association, has expressed…
Atiku Abubakar to Address President Tinubu’s Academic Records in Press Conference
Atiku Abubakar, the People’s Democratic Party’s presidential candidate, is scheduled to hold a press conference today, where he is expected…
Nigerian Naira Faces Significant Depreciation in 2023, World Bank Reports
The World Bank’s Africa’s Pulse report highlights that the Nigerian Naira has undergone nearly a 40 percent depreciation in 2023,…
Naira Appreciates on Low Demand for Dollars
The Nigerian Naira gained 1.33 percent against the US Dollar at the official foreign exchange (FX) market, trading at N745.19…
Top 5 Best-Performing Stocks on NGX in 2023
Despite macroeconomic challenges in 2023, some stocks listed on the NGX have delivered remarkable returns, exceeding 100%. Factors contributing to…
Federal Government Opens Subscriptions for 10-Year Ijarah Sukuk at 15.75% Interest
The Debt Management Office (DMO) has initiated subscriptions for a 10-year Ijarah Sukuk with a 15.75% interest per annum, due…
Nigerian Forex Market Faces New Challenge as US Dollar Strengthens
The surge in the US dollar, driven by rising US Treasury yields, is posing a fresh challenge for Mr. Yemi…
Naira Faces Significant Depreciation in Q3 2023, Raising Economic Concerns
The Nigerian currency, the naira, experienced a notable depreciation in the third quarter of 2023, with both official and unofficial…
Nigeria’s Over-Reliance on Imports Hinders Industrialization Efforts
After 63 years of independence, Nigeria is still heavily reliant on imports, which is impeding efforts to boost industrialization. The…
Nigeria’s Equities Market Starts Q4 Positively, Anticipating Q3 Earnings Season
Nigeria’s equities market has begun the fourth quarter of 2023 on a positive note, aiming to recover recent losses. Analysts…
Rising Inflation Forces Nigerians to Opt for 2G Devices as Buying Power Shrinks
Inflation in Nigeria has surged to an 18-year high of 25.80% in August, impacting consumers’ purchasing power. Many individuals are…
Chairman of Fiscal Policy Committee Urges Sale of Non-functional Nigerian Refineries
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, suggested selling Nigeria’s non-functional refineries, highlighting that over…
First Bank and Lafarge Africa Pledge Support for Cement Distributors Amid Challenges
First Bank Plc and Lafarge Africa have expressed their commitment to continue supporting their cement distributor customers in the SouthWest…
Nigeria Aims to Boost Startup Funding to $5 Billion Annually by 2027
Nigeria has set an ambitious goal to facilitate startups in raising a total of $5 billion annually by 2027. Dr.…
Impact of Central Bank’s Exchange Rate Unification Policy in Nigeria
The Central Bank of Nigeria’s exchange rate unification policy has resulted in significant financial shifts. The Federal Government and banks…
Nigerian Stock Exchange Records Loss of N516 Billion in One Week
Investors on the Nigerian Exchange Limited (NGX) experienced a loss of N516 billion in one week of trading, with a…
Nigeria’s President Tinubu Faces Scrutiny Over Economic Reforms and Governance Style
Nigeria’s President Bola Tinubu, in office for just over four months, has made significant economic reforms, including removing petrol subsidies…
Nigeria’s Labour Unions Suspend Nationwide Strike for 30 Days Following Government Agreements
Nigeria’s Labour Congress (NLC) and Trade Union Congress (TUC) have agreed to suspend the planned indefinite nationwide strike, scheduled to…
Nigerian Banks’ Borrowing from Central Bank Drops Sharply in May 2023
Deposit Money Banks (DMBs) in Nigeria borrowed significantly less from the Central Bank of Nigeria (CBN) in May 2023, with…
Decline in Nigerian Banks’ Borrowing from Central Bank Indicates Improved Liquidity
In May 2023, Deposit Money Banks (DMBs) in Nigeria borrowed significantly less from the Central Bank of Nigeria (CBN), as…
Nigerian Banks Record ₦154 Billion in Fees for Electronic Banking Services in H1 2023
Customers of nine leading Nigerian commercial banks paid ₦154 billion in fees for using electronic banking services in the first…