business
TotalEnergies has announced the sale of its participation stake in three additional licenses, primarily generating gas, to a Mauritian company. These assets currently contribute 40% of Nigeria’s LNG production. Despite the divestment, TotalEnergies will retain its production share, ensuring continued access to essential infrastructure and pipelines required for supplying gas […]
Akinwumi Adesina On Friday, Dr. Akinwumi Adesina, President of the African Development Bank, advocated for youth investment in Nigeria’s agri-business sector. Adesina made this call during his keynote address at the Council of Anglican Provinces of Africa Primates and Wives’ Retreat in Abuja. He spoke on the topic “Food Security and Financial Sustainability in […]
CBN Warns Banks, FX Dealers Against Rejecting Lower Dollar Denominations and Old Bills The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and authorized forex dealers, advising them against rejecting old and lower denomination dollar bills from customers. This directive follows numerous complaints from customers after the CBN conducted […]
The NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32% week-on-week. This contributed to a 0.18% decline in the broader market indices. The NGX 30 Index followed with a 0.16% decline, and the NGX Banking Index fell by 0.04% week-on-week. Conversely, the NGX Oil and Gas Index led the gainers, […]
These laws mandate financial institutions to verify customer identities and monitor transactions for suspicious activity. Lawal said, “The extractive industry is particularly vulnerable to fraud and corruption, with schemes spanning different segments, including upstream, midstream, and downstream. This can result in significant revenue loss for the government and individuals. “Know Your Customer (KYC) compliance is […]
Nigeria’s current account balance has risen to $1.432 billion in 2024, despite the economic downturn impacting the country, according to the International Monetary Fund’s World Economic Outlook. The IMF data suggests a positive outlook for Nigeria’s economic growth and stability, reflecting a growing economy with increasing investment and savings, even amid eroding investor confidence. Nigeria’s […]
Metal Manufacturing Nigeria Limited (MMNL) Expands to Dominate Tubular Battery Market and Diversify Ventures Metal Manufacturing Nigeria Limited (MMNL) is not just Nigeria’s largest tubular battery company; it is also diversifying into multiple business verticals, including backward and forward integration and mining, to stay ahead of its competitors. To meet the rapidly growing demand in […]
She also noted the revenue increase to ₦430 million for the Lagos International Trade Fair Complex. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced that Nigeria secured over $30 billion in investment commitments over the past year. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced that Nigeria secured over $30 billion […]
Aliko Dangote Dangote Petroleum Refinery announced on Tuesday a further reduction in the prices of diesel and aviation fuel to N940 and N980 per liter, respectively. This price cut follows a celebrated decrease to N1,000 just two weeks prior. Customers purchasing five million liters or more from the refinery will benefit from the N940 price […]
Electricity Tariff Hike The Chairman of the Nigeria Electricity Regulatory Commission, Sanusi Garba, stated on Thursday in Abuja that the Federal Government of Nigeria would need to allocate N3.2 trillion in 2024 to undo the recent increase in electricity tariffs. During a stakeholders meeting hosted by the House of Representatives Committee on Power, Garba acknowledged […]
The World Health Organization logo is pictured at the entrance of the WHO building, in Geneva, Switzerland, December 20, 2021. REUTERS/Denis Balibouse/File Photo Purchase Licensing Rights “World’s First: Nigeria Leads with Groundbreaking Men5CV Meningitis Vaccine Rollout, WHO Confirms Nigeria, a Meningitis Hotspot in Africa, Pioneers Revolutionary Vaccine Deployment In a significant stride towards eradicating meningitis, Nigeria […]
Nigeria’s Central Bank Intensifies Efforts to Boost Foreign Exchange Liquidity, Mandates Banks to Halt Forex-Backed Loans within 90 Days In an ongoing bid to bolster foreign exchange liquidity within the economy, the Central Bank of Nigeria (CBN) issued a new directive on Monday instructing Deposit Money Banks to cease accepting foreign currencies as collateral for […]
Today, Tuesday, the Naira experienced an upturn, reaching N1,270 per dollar in the parallel market, marking a favorable shift from last week Thursday’s N1,290 per dollar. Likewise, in the NAFEM, the Naira saw an increase to N1,278.58 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,278.58 per […]
“In efforts to close Nigeria’s energy access gap, Kyari highlights NNPC Ltd’s commitment to developing essential infrastructure for oil and gas delivery, aimed at fostering prosperity for Nigerians.” Nigerian National Petroleum Company Limited (NNPCL) logo The Nigerian National Petroleum Company Limited (NNPC Ltd) underscores the pivotal role of addressing the energy access deficit in fostering […]
Former President Obasanjo Urges Government Action on Cheap Credit and Policy Consistency for Food Production Boost Olusegun Obasanjo, Nigeria’s former president, has emphasized the critical need for the government to facilitate access to affordable credit and maintain policy consistency to empower farmers and enhance food production in the country. Obasanjo’s remarks come amidst growing concerns […]
Nigerians Celebrate as Air Peace Executes First Full London Flight Air Peace made history on Saturday with its inaugural full flight to London, utilizing a Boeing 777 for this landmark journey. The airline marked the occasion with a brief ceremony at the Muhammed International Airport (New Terminal), drawing notable figures like Festus Keyamo, Minister […]
CBN Nigerian Economy Sees $1.5 Billion Inflow in a Week Following CBN’s Interest Rate Hike After the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 200 basis points to 24.75 percent, the Nigerian economy welcomed a $1.5 billion inflow within a week. Mrs. Hakama Sidi Ali, the Bank’s Acting Director of […]
Amidst pressure from organized labor, there are signals that the Federal Government (FG) plans to resort to borrowing to implement its salary increase for federal workers in 2024. The Budget Office of the Federation (BOF) has disclosed details in the 2024 FG budget, attributing the escalating deficit to factors such as salary review. The estimated […]
World Bank Names Nigerian Finance Minister Wale Edun as Chairman of African Governors’ Forum In a historic development, the World Bank has designated Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, as the Chairman of the African Governors’ Forum. This appointment is an unprecedented first for Nigeria, as affirmed by a […]
Entrepreneurs in Nigeria are demonstrating the potential for significant achievements with relatively small investments in the country’s booming start-up scene. One such entrepreneur is Ifeoluwa Dare-Johnson, whose personal tragedy of losing her father to an undiagnosed condition spurred her to co-found Healthtracka. This healthtech start-up, funded partly out of Silicon Valley, offers home health tests, […]