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Persistent Power Outages Plague Nigeria Despite Billions in Investments
Despite significant investments in Nigeria's power sector and its privatization in 2013, the country continues to…
Nigerian Banks Experience 50% Surge in Lending Despite Rising Interest Rates
Eleven banks in Nigeria collectively witnessed a 50% increase in lending during the first half of 2023, despite…
Nigeria Sets Ambitious Goal of 2 Million Barrels per Day in Oil Production by End…
The Nigerian government aims to achieve a daily oil production rate of 2 million barrels by December 2023. This…
Customer Complaints Surge by 117% in Nigerian Banks Amidst Challenges
The number of complaints lodged by customers in five Nigerian banks has surged by 117% to reach 6,865,217…
FBN Holdings Seeks Approval for ₦139 Billion Capital Raise Through Rights Issue
FBN Holdings Plc, a Nigerian financial services group, has applied for approval from the Nigerian Exchange…
Central Bank of Nigeria Removes Forex Restrictions on 43 Items
The Central Bank of Nigeria (CBN) has lifted foreign exchange restrictions on 43 items, allowing importers to…
EKEDC Assures Refund to Meter Scheme Participants
The Eko Electricity Distribution Company (EKEDC) has announced that customers who paid for meters under the Meter…
Central Bank of Nigeria Lifts Restrictions on 43 Prohibited Items, Aims to…
The Central Bank of Nigeria (CBN) has granted approval for the importation of 43 items previously prohibited from…
Export Expansion Grant Backlogs and Bureaucracy Hamper Nigeria’s Revenue…
The Export Expansion Grant (EEG), Nigeria's primary incentive scheme for exporters, has faced challenges including…
Nigeria Achieves Highest Crude Oil Output in 2023 at 1.35 Million Barrels/Day
Nigeria's crude oil production reached an all-time high of 1.35 million barrels per day in September 2023, marking…
Insurers Prepare for Transition to IFRS17 Reporting
As the December 31, 2023 deadline approaches, insurers are gearing up for the transition from the IFRS4 model to…
Citigroup Advises CBN to Remove Forex Restrictions on 43 Items
Citigroup has recommended that the Central Bank of Nigeria (CBN) should lift restrictions on foreign exchange…
Deployment of N50bn Modular Floating Dock to Prevent N300bn Capital Flight and…
Stakeholders in the maritime industry are advocating for the deployment of a N50 billion modular floating dock,…
Former CBN Deputy Governor Advises Against Free Floating Naira
Dr. Tunde Lemo, a former Deputy Governor of the Central Bank of Nigeria, has cautioned against allowing the naira…
Portfolio Investment in Nigeria Plummets by Over 80% in Q2 2023
According to the latest report from the National Bureau of Statistics, portfolio investment inflow into Nigeria…
Nigerian Domestic Airlines Advocate for Jet Fuel Importation License and Forex…
The Airline Operators of Nigeria (AON), representing domestic airlines, have urged the Federal Government to grant…
Nairagram Partners with CBN, Sebastian BDC, and Keystone Bank to Address FX…
Nairagram, a licensed International Money Transfer Operator, has entered into a partnership with the Central Bank…
NNPC Partners with Four Consortia for Pipeline Rehabilitation on Build, Operate,…
The Nigerian National Petroleum Company Limited (NNPCL) has announced that four consortia will finance the…
Nigerian Government Approves Appointment of Retired Healthcare Workers on Contract
The Nigerian government has given the green light for the appointment of retired doctors, nurses, and other…
Nigerian Government Plans to Open Petrol Stations Along Border Areas
The Acting Comptroller General of Nigeria Customs Service, Adewale Adeniyi, has announced that the Federal…
Nigerians Anxiously Await Report on Central Bank Investigation
Nigerians are growing increasingly anxious as they await the report of the Jim Obazee panel appointed to…
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…
Ajaokuta Steel Complex Nearing Completion, Promises 500,000 Jobs, says President…
President Bola Tinubu has announced that the Ajaokuta Steel Complex, a long-abandoned project, is nearing…
CrossBoundary Access and Mobile Power Partner to Bring Affordable Energy Access to…
CrossBoundary Access and Mobile Power have formed a $10 million partnership to deploy Mobile Power's MOPO Hubs in…
Fitch Ratings Anticipates Continued Naira Depreciation Amidst Official-Parallel…
Fitch Ratings Inc., a credit ratings and research firm, predicts that the Nigerian naira will continue to…
Nigerian Companies Experience Margin Contraction Despite Marginal Revenue Growth…
A diverse range of Nigerian companies have reported significant reductions in their profit margins in the second…
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…
Nigeria’s Debt Management Office Plans to Raise N1.2 Trillion through Bond…
Nigeria's Debt Management Office (DMO) has unveiled plans to raise up to N1.2 trillion by re-issuing federal…
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…
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,…