Business

The Nigerian Ports Authority has secured a $700 million loan from Citibank and funded the United Kingdom Export Finance to rehabilitate the Apapa and Tincan Island Ports in Lagos. The Managing Director of the NPA, Mohammed Bello-Koko, disclosed this in a statement on Wednesday, noting that the loan mandate letter would be sent to the […] More

THE $20 billion Dangote Petroleum Refinery has slashed the price of diesel by 16.6 per cent to N1,000 per litre, from N1, 200 per litre in order to assist in impacting Nigeria’s domestic economy. The price of diesel was relatively high for months, due mainly to the importation of the product from the global market and foreign exchange […] More

The Federal Competition and Consumer Protection Commission (FCCPC) has resolved to monitor and investigate unusual hikes in prices of goods and services. Ag. Executive Vice Chairman/Chief Executive Officer, Dr. Adamu Abdullahi in a statement issued on Wednesday said it was unacceptable that despite the recent appreciation of the Naira against the Dollar, consumers continue to […] More

The Leader of INRI Evangelical Church, Primate Elijah Ayodele, on Tuesday advised President Bola Tinubu to change his approach towards economic hardship because he still foresees more economic crises for Nigeria. Primate Ayodele who commended Tinubu for his intervention in the Naira devaluation issue, maintained that the government hasn’t done the right thing to tackle […] More

Investors have continued to backpedal on the stock market, especially in the banking sector, on the back of the proposed recapitalization of the banks announced late last month by the Central Bank of Nigeria, CBN. The risk-off sentiment resulted in the loss of N633 billion as investors took profits from the banks. Consequently, the market capitalization of […] More

The Naira on Friday, April 12, experienced huge appreciation at the official market, trading at N1,142.38 to the dollar.   The recovery made by the Naira was discovered from data on the official trading platform of the FMDQ Exchange. The platform, which oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the Naira gained N88.23. […] More

The Peoples Redemption Party, PRP, has said the decision of the federal government to increase electricity tariff by 300 percent was not only insensitive but demonstrated a blatant disregard for the plight of the citizens. The Acting National Publicity Secretary of the party, Muhammed Ishaq in a statement issued Wednesday said the policy would result […] More

Few days to the commencement of the 13th Gateway International Trade Fair, excitement has continues to build across the Southwest geopolitical zone of Nigeria as stakeholders get prepared to storm Abeokuta, Ogun State for the much awaited yearly event. The trade fair, which holds from April 19 and 29, 2024 at the M.K.O Abiola International […] More

The volume of dollar traded (turnover) in the official Nigerian Foreign Exchange Market, NAFEM, increased year-on-year (YoY) by 95% to $12.68 billion in the first quarter of the year (Q1’24) from $6.5 billion in Q1’23. The sharp increase reflects impact of recent measures by the Central Bank of Nigeria, CBN to liberalise the forex market and improve dollar […] More

Two days after its Monetary Policy Committee (MPC) meeting, the Central Bank of Nigeria has announced the inflow of $1.5 billion foreign exchange into the country. CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali said that the data showed that the inflows stemmed from CBN’s initiatives to stabilize the foreign exchange market. Reiterating […] More

Interest rate and huge demand  have propelled investments in Mutual Funds to 82.2 % rise with its Net Asset Value, NAV, reaching N2.82 trillion Year-on-Year, YoY, in February 2024, from N1.55 trillion recorded in the corresponding period of 2023. Mutual fund is a collective investment platform that pools funds from investors and managed professionally by investing […] More

Amidst fresh upsurge in public debt, financial and public affairs analysts have expressed fears that Nigeria’s debt service ratio may become unmanageable, while more borrowing is beginning to crowd out private sector funding. Nigeria’s total public debt stock rose by 10.73 percent, quarter-on-quarter (QoQ), to N97.34 trillion in the fourth quarter of 2023 (Q4’23) from N87.91 […] More