News and analysis of global and local business trends, markets, and industry developments.
The Nigeria Agricultural Quarantine Service (NAQS) has increased the deployment of officers to both land and sea borders in order to deter hoarders and smugglers of food items and other agricultural produce. This decision, announced by the agency in a statement on Monday, aims to complement the Federal Government’s initiatives to stabilize food prices across…
“In the latest report by the National Bureau of Statistics, it’s revealed that in the fourth quarter of 2023, the total capital imported into the country surged to US$1,088.48 million. This marks a significant increase of 66.27% from the third quarter of 2023, hitting US$654.65 million. Additionally, compared to the same period in the previous…
The Cement Producers’ Association of Nigeria, CEPAN, has expressed readiness to support the President Bola Tinubu administration in reducing the price of cement in 30 days. The Chairman of CEPAN, Prince David Iweta, said on Monday that the current hike in price of the product is due to production being overwhelmed by demand. He said…
Renowned nonagenarian business magnate, Alhaji Aminu Dantata, lends his weighty support to the parliamentary system of government, deeming it the most favorable course of action for Nigeria. Having previously served as a parliamentarian during the First Republic, Dantata expressed his sentiments on Thursday as he welcomed a delegation of 60 House of Representatives members advocating…
Amidst escalating economic challenges, the Nigeria Labour Congress (NLC) announces a two-day nationwide protest slated for February 27 and 28. NLC President Joe Ajaero revealed this development during a press conference at Labour House, Abuja, on Friday. The NLC, in conjunction with the Trade Union Congress (TUC), had issued a 14-day ultimatum to the Federal…
President Bola Tinubu has officially endorsed the Electricity Act (Amendment) Bill 2024, solidifying its status as law. The announcement came from Ajuri Ngelale, Special Adviser to the President, in a statement issued on Friday. The legislative journey of the bill saw the House of Representatives passing it on July 27, 2023, followed by the Senate…
In a recent market development, the Nigerian Naira experienced a marginal uptick against the US dollar and other global currencies as the week concluded. According to data from FMDQ, the Naira strengthened, trading at N1,469.97 per US dollar on Wednesday, marking a noteworthy 0.6 percent gain of N9.5 in comparison to Friday’s rate of N1,479.47….
By Ayeloja Khaleed D. H22 / Mac /0005 The Polytechnic Ile-Ife, Osun State President Bola Tinubu’s appointment of Dr. Dele Alake as Minister of Solid Minerals Development marked a pivotal moment in Nigeria’s pursuit of economic diversification. The believed ambitious “Agenda for the Transformation of Solid Minerals” seeks to elevate the mining sector’s contribution to…
The Central Bank of Nigeria Governor, Yemi Cardoso, and Finance Minister, Wale Edun, are presently addressing the House of Representatives in the ongoing economic sector debate. Simultaneously, the Federal Inland Revenue Service (FIRS) Executive Chairman, Zacch Adedeji, and Minister of Budget and National Planning, Abubakar Bagudu, are also engaging with lawmakers. This parliamentary session is…
By Johnson Olajumoke, H22/MC/0074 Department of Mass Communication. The Polythenic Ile-Ife, Osun State Nigeria, a nation with a population of 211.4 million, grappled with a significant challenge – the alarming surge in youth unemployment. The working-age population, constituting 53.9% of the total, encompasses both the labor force and those not actively seeking employment. However, the…
The Naira concluded the week on a positive note, experiencing a marginal appreciation against the US Dollar in the Foreign Market, driven by strategic interventions by the Central Bank of Nigeria. According to data from FMDQ, the Naira strengthened to N1,435.53 per US Dollar on Friday, marking a noteworthy 1.8% or 26.37 gain compared to…
In a significant development, the preeminent accounting institution in Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN), has announced the appointment of Dr. Musibau Olasunkanmi as its new Registrar/Chief Executive. This revelation surfaced through an official statement released by ICAN on Friday. According to the statement, the decision to appoint Olasunkanmi was sanctioned by…
The Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Adamu Abdullahi, firmly asserts the irreversible commitment to regulate digital money lenders in the nation. In an exclusive interview with Channels Television, Abdullahi unveiled the commission’s dedication to formulating new regulations aimed at purging the sector of illegal lenders and…
The Federal Government has intensified discussions with the Kingdom of Morocco to expedite the Final Investment Decision (FID) for the Nigeria-Morocco Gas Pipeline. According to a statement by the Nigerian National Petroleum Company Limited (NNPC). The talks focused on enhancing the partnership between the two nations to accelerate the Nigeria-Morocco Gas Pipeline Project, aligning with…
United States Secretary of State, Anthony Blinken, has just landed in Abuja, Nigeria. The high-profile visit includes a stop at Nnamdi Azikiwe International Airport, with plans to meet Nigerian President Bola Ahmed Tinubu at the Presidential Villa. Despite his ongoing African tour, Blinken will swiftly move to Lagos by 10pm for further commitments on Wednesday,…
The Dangote Petroleum Refinery and Petrochemicals has registered three oil marketers’ associations to distribute diesel and aviation fuel. The three groups, who collectively represent 75 percent of the total market in Nigeria, are a big step towards ensuring efficient distribution of these vital resources. This move is part of Dangote’s commitment to providing affordable, high-quality…
The Federal Government of Nigeria has filed additional charges against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, raising the number of charges from six to 20. The new charges are in connection with alleged forgery, conferring of corrupt advantages, and criminal breach of trust. Emefiele is currently on trial for misappropriating N1.2 billion,…
Dangote Petroleum Refinery, one of the new starting oil processing facilities, has announced the commencement of refined petroleum products production. The refinery, which has the capacity to process 650,000 barrels of crude oil per day, received its fifth shipment of one million barrels of Bonny Light supplied by the Nigerian National Petroleum Corporation Limited last…
Transparency plays a crucial role in building and maintaining strong business relationships. In today’s digital age, customers have access to a vast amount of information about businesses and their practices, understanding how to improve customer satisfaction is very key. They can easily compare products, prices, and customer service reviews from various sources. As a result,…
Nigeria has announced it will commence gas supply to South Africa in the first quarter of 2024. David Ige, the Executive of Riverside LNG, a Nigerian-based energy company, disclosed this in a recent interview in Abuja. According to him, both nations have kick-started discussions of serious energy collaboration. Earlier this year, Riverside LNG entered into…
THE Governor of the Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso has said that the proposed banking recapitalisation was necessary to protect banks from macroeconomic risks and to enable them fund big ticket transactions. Cardoso stated this while speaking at the 2023 Nigeria Sustainability Summit organised by Access Holdings Plc in partnership with European…
The Senate has challenged the various revenue generating agencies owned by the Federal Government to surpass the N18.324trillion aggregate revenue target set for the 2024 fiscal year. This is as the Senator representing Niger East, Sani Musa, opined that a N100trn budget size for the nation was achievable if revenue leakages were plugged. Recall that…
Sen. George Akume, the Secretary to the Government of the Federation, says the efforts of the Nigerian Navy have led to increased daily crude oil production to about 1.5 million barrels per day as of November. Akume said this at the Nigerian Navy’s Ceremonial Sunset and Awards Night 2023 on Friday in Abuja. He commended…
In a move that sent shockwaves through the African e-commerce scene, Jumia, the continent’s leading online retailer, announced it will shutter its food delivery service, Jumia Food, by the end of December 2023. This sudden departure leaves a gaping hole in the burgeoning African food delivery market, raising questions about its future and the challenges…
The Confederation of African Football (CAF) has announced Ecobank, the leading pan-African banking group, as the Official Sponsor of the TotalEnergies CAF Africa Cup of Nations (AFCON), Côte d’Ivoire 2023. This major football tournament, kicking off on January 13th and running until February 14th, 2024, will see Ecobank join forces with CAF to deliver a…
Managing director/CEO of Wema Bank, Moruf Oseni, has stressed the need to provide a platform to address fundamental issues impacting Micro, Small and Medium Enterprises (MSMEs) and Women in Nigeria, while also focusing on climate issues. Oseni spoke at the Bank’s Donor Roundtable, tagged: “Innovative Financing: Gender-lens and climate resilient solution”, held in Lagos. He…
The Exchange Traded Funds (ETFs) market on the Nigerian Exchange (NGX) Limited grew by N12.646 billion in 11 months of 2023. ETFs are amongst the fastest growing asset classes in Nigeria and are classified as Collectives Scheme. The Funds are a more recent asset class in Nigeria and are securities that track the performance of…
The Plateau Chapter of the Joint National Association of Persons with Disabilities (PWDs) has called on the state government to grant employment waivers to employable PWDs, roll out empowerment packages and provide free education and healthcare services to their families. Mr Shindol Aaron, the chairman of the chapter, made the call in a news conference…
Governor Ahmadu Fintiri has presented a N225.8 billion budget proposal for the 2024 fiscal year to the Adamawa State House of Assembly. Tabling the Appropriation Bill before the Assembly on Friday, Fintiri said that the ‘Budget of Reengineering’, has provision for N111.3 billion, representing 49.3 per cent, for recurrent services while N114.5 billion, representing 50.7…
Nigerian National Petroleum Company Limited is to alter how its crude cargoes are priced from next month; a step that traders said may make handling the nation’s barrels more risky. According to a company circular seen by Bloomberg News, NNPC will start pricing its supplies against the monthly average of Dated Brent, the physical-crude benchmark….
The Nigeria Inter-Bank Settlement System has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment or transfer list. The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes…
