The Central Bank of Nigeria (CBN), has assured the banking public that Nigerian banks are buoyant.…
Category: Business
P&G Exit: More firms to shut down operation – MAN warns
The Manufacturers Association of Nigeria says more firms would shut down operations if the federal government…
Illegal loan apps use PSSPs to executive transactions – FCCPC
The Federal Competition and Consumer Protection Commission, FCCPC, has said several illegal digital money lenders (DMLs),…
CBN’s upward review of exchange rate for cargo will incentivise smuggling – CPPE
The Centre for Promotion of Private Enterprise, CPPE, says the recent upward review of cargo clearance…
Nigeria’s external reserves fall by $520m in five weeks
Nigeria’s external reserves fell by $520.22 million in five weeks, figures from the Central Bank of…
Dangote Refinery fixes date to commence diesel, JetA1 production
After several failed commencement dates, the Dangote Petroleum Refinery says it will kick-start producing Automotive Gas…
CBN gives update on Naira scarcity
The Central Bank of Nigeria, CBN, has said enough Naira notes are in circulation amid reports…
Fidelity, others make list of most capitalized banks in Q3 2023
Leading financial institution, Fidelity Bank has been listed as one of most capitalized banks in Nigeria…
I will strenghten education system, revitalise Nigerian economy – President Tinubu
President Bola Tinubu has said his administration will take a comprehensive approach to strengthening the education…
321,867 Nigerian small businesses received $1.4 funding in six years – World Bank
The World Bank says at least 321,867 Nigerian small businesses received $1.4 billion in funding in…
Another victory for Nigeria as UK court orders P&ID to pay £20m damages
A United Kingdom Court has awarded the Nigerian Government £20 million in damages and compensation in…
Electricity: Nigerian govt mulls unbundling of 11 DisCos
The Federal Government plans to unbundle Eleven Electricity Distribution Companies into different states to enhance involvement…
Naira slumps against US dollar at forex market
The Country’s currency, the Naira, slumped massively against the US Dollar on Friday at the official…
2024 Budget: NNPCL rejects Senate’s move to increase crude production benchmark
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, on Friday,…
Shareholders okay N17.42 per unit for GSK buyback amid exit
Amid the exit plan of Glaxo Consumer Nigeria Plc, minority shareholders of the pharmaceutical firm have…
Nigerian Govt records N6.19trn from taxes in 2023’s Q3
The federal government of Nigeria’s revenue from company income tax and value-added tax increased to N6.19…
COP28: REA, NASEINI secure $150m lithium battery manufacturing deal with Chinese investor
Two Nigerian agencies, the Rural Electrification Agency, REA, and the National Agency for Science and Engineering…
BREAKING: CBN warns Nigerians on circulation of counterfeit Naira notes
Amid Nigeria’s currency shortage, the Central Bank of Nigeria has warned Nigerians against counterfeit Naira banknotes.…
Dangote refinery gets one million barrels of crude, expects NNPCL’s cargo in weeks
The Dangote Petroleum Refinery and Petrochemicals 650,000 barrels per day plant in Nigeria has purchased one…
$30bn GDP: Enugu govt, National Institute launch pact
The Enugu State Government and the National Institute for Hospitality and Tourism, NIHOTOUR, have commenced a…
FG mulls shutting down organisations violating accessibility requirements for PWDs
The Federal Government has announced plans to shut down public facilities that do not meet the…
Probe NNPCL to end forex crisis – Sanusi
Lamido Sanusi, a former governor of the Central Bank of Nigeria, CBN, has demanded a proper…
Liquidation dividends of 20 banks unaccessed – NDIC
Liquidation dividends amounting to N16.18bn for depositors of 20 closed banks are not yet accessed, the…
NESG picks holes in Tinubu’s 2024 budget
The Nigerian Economic Summit Group has picked holes in the country’s 2024 budget of President Bola…
CBN reviews timeline for issuance of credit letters amid forex crisis
To ensure ease of doing business, the Central Bank of Nigeria, CBN, has extended the timeline…
Naira bounces back, appreciates against US Dollar at forex market
The Country’s currency, the Naira, appreciated against the US Dollar on Thursday at the official foreign…
Poor electricity supply hikes production cost by 40 per cent in Nigeria – Report
The abysmal state of Nigeria’s electricity contributes 40 per cent to the cost of manufactured products…
TCN raises alarm as insecurity threatens facilities
The Shiroro Region of the Transmission Company of Nigeria, TCN, has raised an alarm over threats…
COP28: Nigeria secures over $5bn commitment for adaptation fund
The Federal Government says it has secured more than $5 billion in commitments for its climate…
CBN raises exchange rate for cargo clearance amid forex crisis
The Central Bank of Nigeria has increased the exchange rate for cargo clearance from N783/$ to…
5,000 jobs threatened as P&G announces exit from Nigeria after 31 years
Nigeria may lose five thousand direct jobs as Procter & Gamble, a multinational consumer company, announced…
NIBSS asks banks to remove PSSPs, others from transfer list
The Nigeria Inter-Bank Settlement System has asked banks to delist Payment Solution Service Providers, Switches and…
Naira depreciates against US Dollar at forex market
The Country’s currency, Naira, depreciated against the US Dollar on Wednesday at the official foreign exchange…
2024 budget will achieve 61 per cent increase in health sector to reduce ‘Japa’ – FCTA
The Federal Capital Territory Administration says the improved President Bola Ahmed Tinubu’s 2024 Budget will bring…
Fear looms as eight commercial banks fail to meet CBN’s Capital Adequacy Ratio
Fear is currently looming as eight commercial banks in Nigeria have reportedly failed to meet their…
NGX ASI records 0.78% gains
The Nigerian Exchange Limited closed Wednesday equities trading on a bullish note as the All-Share Index…
COP28: NNPCL signs two LNG deals
The Nigerian National Petroleum Company Limited (NNPCL) has signed two Liquefied Natural Gas (LNG) deals for…
Tinubu’s CoS Gbajabiamila gets N21bn allocation from 2024 budget
President Bola Ahmed Tinubu’s Chief of Staff, Femi Gbajabiamila, will get N21 billion from the 2024…
Again, Naira appreciates against US Dollar at forex market
Again, Nigeria’s currency, the Naira, gained against the US Dollar on Tuesday at the official foreign…
Naira Devaluation: External reserves fall by $1.65bn in six months
Amid persistent foreign exchange fluctuation, Nigeria’s foreign exchange reserves have fallen by $1.6 billion to $32.97…
NGX bounces back, gains 0.43% Tuesday
The Nigerian Exchange Limited has bounced back, appreciating by 0.43 per cent on Tuesday to close…
FG launches National Policy on Welding
The federal government has launched the National Policy on Welding and Welding-Related Fields to conserve about…
Fuel subsidy removal hurts 90% of Nigerian businesses – Report
The fuel subsidy removal policy of President Bola Tinubu’s government, which took off in June 2023,…
Naira gains against US Dollar at forex market
The naira commenced the week on a positive note as it gained against the US Dollar…
NGX records N259bn market capitalization loss
The week kicked off on a bearish note at the Nigerian Exchange Market as losses recorded…
Tinubu govt to revoke unused oil exploration leases
The Nigerian Upstream Petroleum and Regulatory Commission has disclosed the President Bola Tinubu administration’s plan to…
Nigeria’s exports grew by 60 per cent as total trade hits N18bn in Q3 2023
Nigeria’s total exports in the third quarter of 2023 increased by 60.78 per cent, valued at…
‘It’s daydreaming’ – Don faults Tinubu’s 2024 budget
Wumi Iledare, Professor Emeritus and Executive Director, Emmanuel Egbogah Foundation, has faulted President Bola Ahmed Tinubu’s…
Despite €30m profits in October, Spotify mulls 17% job cuts
Music streaming giant Spotify said on Monday it will slash the number of its employees by…
Gold hits record high as Bitcoin trades above $40,000
Gold hit a record high and Bitcoin traded above $40,000 for the first time since May…
FCTA doctors fault 5% budgetary allocation for health sector in 2024
The Association of Resident Doctors, ARD, in the Federal Capital Territory Administration, FCTA, has faulted the…
70% of projects in Nigeria’s budgets don’t last beyond 2 years – Expert
A financial expert and budget analyst, Oluseun Onigbinde, says 70 per cent of projects in Nigeria…
$750m World Bank loan: FG disburses N135bn to 36 states, FCT
The Federal Government has disbursed N135.4 billion to states and the Federal Capital Territory following the…
Delta govt mulls N12bn monthly IGR
Delta State government says it plans to achieve N12 billion monthly Internally generated revenue. Dr Latimore…
Food Inflation: Tinubu’s subsidy on farm inputs will boost food production — APC chieftain, Oyintiloye
A chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, has asserted that…
Nigeria’s local refineries capacity dropped by 92 per cent in 10 years – Report
As the federal government under Bola Ahmed Tinubu brace up to achieve the December deadline to…
Nigeria’s insurance sector grows to 2.8tn, as firms record N729bn premiums in nine months
The Nigerian insurance sector grew to N2.8 trillion as companies recorded N729.1 billion in premiums from…
Taraba dry season farmers embrace alternatives amid subsidy removal
With the recent removal of fuel subsidies, dry season farmers in Taraba State are navigating innovative…
‘Not from us’ – FAAN speaks on ‘Ghana must go’ bags ban at Nigeria’s airports
The Federal Airports Authority of Nigeria (FAAN) has clarified that the ban on “Ghana must go”…
Tinubu targets one million jobs for Nigerians
President Bola Ahmed Tinubu’s administration says it targets one million jobs for Nigerians through the National…
COP28: IMF mulls debt-for-climate swap deal for Nigeria, other countries
Amid Nigeria’s rising foreign debt profile, which stood at $43.2 billion in the second quarter of…
CG Adeniyi inaugurates Customs companies’ board members to drive revenue generation
The Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, inaugurated new chairpersons and members of the…
NGX equities increase by 3.08% in November as ASI crosses 70,000 points
Nigerian Exchange Limited (NGX) equities trading ended November 2023 positively as the All-Share Index crossed 70,000…
Nigeria needs $247bn climate finance by 2030 – AfDB
The African Development Bank (AfDB) says Nigeria needs $247 billion in climate financing by 2030 to…
N135bn intervention fund: CBN, Petroleum Ministry trade words
Senate Committee on Gas Resources Investigating disbursement of N135 billion Central Bank of Nigeria, CBN, to…
OPEC hands Nigeria oil output target of 1.5 million barrels per day
The Organisation of Petroleum Exporting Countries (OPEC) has handed Nigeria a 2024 oil output target of…
Currency depreciation, inflation, debt hindering growth of ECOWAS economies – President
Dr. Omar Touray, President of the ECOWAS Commission on Thursday said that debt, currency depreciation, inflation,…
FMDQ Exchange’s secondary market turnover grew to N21.70tn in October
FMDQ Exchange, Nigeria’s securities and exchange market, says its secondary market turnover in October grew to…
AfDB reviews Africa’s economy growth rate forecast in 2024 to 3.8%
The African Development Bank (AfDB) has reduced Africa’s economic growth rate projection from 4.3 per cent…
Ebonyi govt bans use of scaling machine for measuring rice
The Abakaliki Rice Mill Owners Industry Association, in collaboration with Ebonyi State government, has begun distribution…
Lagos ranked among world’s cheapest cities
Lagos State has been ranked among the world’s cheapest cities. Economists Intelligence Worldwide Cost of Living…
Nigeria records N8.65tn revenue in three quarters of 2023 – Tinubu
President Bola Ahmed Tinubu says Nigeria generated N8.65 trillion in revenue from January to September, first…
Naira gains against US Dollar at forex market
The Naira marginally appreciated against the US Dollar again on Wednesday at the foreign exchange market.…
AfDB evaluates Africa’s economic forecast for 2023, 2024
The African Development Bank (AfDB) has reviewed its short- to medium-term macroeconomic forecasts for Africa for…
Cross River POS agents plead for streamlined tax payments system
Point of Sale, POS, agents in Cross River State have appealed to the government to streamline…
CBN issues fresh update to banks, Nigerians on naira notes
The Central Bank of Nigeria, CBN, has issued a fresh directive to all banks and Nigerians…
Plane diversion: United Nigeria Airlines suspends flight dispatcher
The controversy surrounding the diversion of an Abuja-bound United Nigeria Airlines (UNA) flight to Asaba has…
NDIC partners EFCC to prevent bank failures
The Nigeria Deposit Insurance Corporation (NDIC) has established a dedicated desk at the Economic and Financial…
FIRS, EFCC team up against tax defaulters
Chairman of the Federal Inland Revenue Service, FIRS, Mr Zacch Adedeji, on Wednesday called for a…
Tinubu targets 3.76% economic growth in 2024
President Bola Tinubu has presented the 2024 national budget of N27.5 trillion to the National Assembly.…
Nigeria has 44 distinct minerals – Alake woos foreign investors
Dele Alake, the Minister of Solid Minerals Development, said Nigeria has 44 distinct minerals, urging investors…
Bank recapitalization will fuel Nigeria’s $1trn economy target – Tinubu
President Bola Ahmed Tinubu has backed the recapitalization plan of the financial sector by the Central…
Naira slumps against US Dollar at forex market
Nigeria’s currency, the Naira, depreciated against the US Dollar again on Tuesday at the foreign exchange…
National Carrier: Keyamo reveals controversial deals between Nigeria, Ethiopian Airlines
Festus Keyamo, the Minister of Aviation and Aerospace Development, has revealed suspicious deals in the controversial…
$13.5trn investment needed to achieve net zero in critical industries – WEF
The World Economic Forum said $13.5 trillion investment is needed to decarbonize hard-to-abate key industries and…
Tinubu’s reappointment of Kyari as NNPCL GCEO disservice to Nigeria – Madaki
An oil and gas expert and Managing Partner, BBH Consulting, Barr. Ameh Madaki has berated President…
Naira depreciates against Dollar at forex market
Nigeria’s currency, the Naira, depreciated against the US Dollar on Monday at the foreign exchange market.…
$1tn economy: Mergers, acquisitions loom as CBN plans banks’ recapitalization
Mergers and acquisitions loom as Nigeria’s Deposit Money Banks brace for another round of recapitalization in…
South-South takes highest share as 36 states, FCT receive N8.79tn from FAAC in 2 years
The South-South region took the highest share as the 36 states, the Federal Capital Territory and…
NCAA commences investigation on diversion of United Nigeria Airline flight to Asaba
The Nigeria Civil Aviation Authority (NCAA) said it has commenced investigation into the circumstances surrounding the…
BREAKING: Plane diversion: NCAA suspends all foreign lease aircrafts of United Nigeria Airlines
The Nigeria Civil Aviation Authority, NCAA, has suspended all foreign lease aircraft under United Nigeria Airlines…
BREAKING: Plane diversion: NCAA suspends all foreign lease aircrafts of United Airlines
The Nigeria Civil Aviation Authority, NCAA, has suspended all foreign lease aircraft under United Nigeria Airlines…
Tinubu govt intervenes in high price of cooking gas
The Federal Government has intervened in the skyrocketing price of cooking gas in the country. The…
Service sector grows Nigeria’s GDP by 2.54% in Q3 despite fuel subsidy hardship
Despite the hardship occasioned by fuel subsidy removal in June, the service sector has pushed Nigeria’s…
NCC boss, Maida urges Nokia to invest in Nigeria’s ICT R&D
The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Dr.…
FDI: Nigeria provides 30 per cent return on investment – NEXIM
Amid the push to woo foreign direct investment portfolio, the Nigeria Export-Import Bank has said that…
Nigeria Customs Service mulls upward review of pensions for retired officers
The Nigeria Customs Service, NCS, says it is targeting a thorough upward welfare review for retired…
Nigeria’s inflation will reduce in next two quarters – CBN Governor
The Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, said monetary policy measures put…
Excess Liquidity in banking sector reduced to under N100bn in November – CBN
The Central Bank of Nigeria said Liquidity in the entire banking sector was reduced to under…
CIBN provides solutions to Nigeria’s economic challenges
The Chartered Institute of Bankers of Nigeria has provided the federal government with solutions to the…