Dangote Industries Limited and BUA Group have become embroiled in a dispute over allegations that Dangote was being investigated for illegal foreign exchange dealings. Dangote Group vehemently denied these allegations, accusing BUA of spreading false and damaging information about the … Continue reading Dangote and BUA point fingers in dispute over forex probe allegations
The Federal Government of Nigeria has officially inaugurated a pilot conversion center in the Federal Capital Territory, dedicated to converting vehicles to run on compressed natural gas (CNG). The government believes that this center will play a pivotal role in … Continue reading Federal government launches CNG conversion center in Abuja
Bolaji Balogun, CEO of Chapel Hill Denham and an economic expert, has expressed a contrary viewpoint to Nigeria’s official Gross Domestic Product (GDP) estimates, suggesting that the country’s GDP might be valued at approximately $600 to $650 billion. While Nigeria’s … Continue reading Economic expert suggests Nigeria’s GDP could be valued at $600b
The National Agency for Science and Engineering Infrastructure (NASENI) has reached a significant achievement by finalizing a $200 million procurement agreement with the Rural Electrification Agency (REA). Khalil Suleiman Halilu, the Executive Vice Chairman of NASENI, revealed this momentous deal … Continue reading NASENI finalizes $200m procurement agreement with REA
The Agriculture Development Farmers Association of Oyo State is calling on the Central Bank of Nigeria to significantly reduce lending rates to stimulate food production. The association’s Chairman, Salihu Imam, emphasized that a substantial reduction in lending costs would accelerate … Continue reading Farmers advocate interest rate reduction to enhance food security
The Nigeria Customs Service’s Lilypond Terminal in Lagos has facilitated the export of 12,438 containers worth $519 million between January and September 2023, according to a statement by the National Public Relations Officer of the service, Abdullahi Maiwada. The Customs … Continue reading Customs facilitates export of 13,000 containers in nine months at terminal
Despite strong demand for its iPhones and services like Apple TV+, Apple’s sales have continued to decline. The tech giant reported a 1% dip in revenues, reaching $89.5 billion for the three months ending on September 30, compared to the … Continue reading Apple’s revenues drop 1% despite iPhone demand and strong services growth
Uganda’s Energy Minister presented a bill to parliament, aiming to grant exclusive importation rights for petroleum products in the country to Bahraini firm Vitol. The proposed changes to the petroleum law have already been approved by Uganda’s cabinet. Historically, the … Continue reading Uganda strikes petroleum importation deal with Bahraini company
The Nigerian naira has exhibited a positive trend, strengthening to N1,120 against the US dollar in response to news that the Central Bank of Nigeria (CBN) initiated the clearance of some of its foreign exchange (FX) backlog. This marks a … Continue reading Naira bounces back as CBN resolves forex debt backlog
The Edo State Government has forged a strategic partnership with Sunora Foods to enhance palm oil production in the region. This collaboration is expected to result in a substantial investment of $100 million and the creation of 25,000 job opportunities … Continue reading Edo state partners with palm oil company to boost production
JP Morgan, a US multinational financial services firm, has projected that the Nigerian naira will trade at N850/$ at the Investors’ and Exporters’ Forex window by the conclusion of 2023. The financial institution also believes that the recent efforts to … Continue reading JP Morgan forecasts naira to reach N850/$ by December
Chevron Brands International LLC and Tethys Ltd have joined forces in a Branded Business Development Agreement, enabling the local production, distribution, and marketing of Texaco®-branded lubricants in Nigeria. This partnership will provide Nigerian motorists with access to a wide range … Continue reading Chevron and Tethys collaborate to produce local lubricants in Nigeria
Bureau de Change operators reported that the Nigerian naira traded at 1,185 to the US dollar on the parallel market on Wednesday, reflecting ongoing liquidity challenges. While this represented a slight improvement compared to the 1,190/$ rate observed on Tuesday, … Continue reading Naira trades at 1,185/$ amid ongoing liquidity concerns
The Federal Government has unveiled ambitious plans to introduce one million Compressed Natural Gas (CNG) powered vehicles by the year 2027. The announcement came during a stakeholders’ meeting held at the Bank of Industry headquarters in Abuja, with the revelation … Continue reading FG set to launch one million CNG vehicles by 2027
President Bola Tinubu raised concerns on Monday regarding the state of Nigeria’s power sector privatisation, emphasizing that it has not fully achieved its goals despite being in private hands for a decade. During the Nigeria Electricity Supply Industry’s market participants … Continue reading Tinubu advocates N2tn recapitalization for discos and tariff review
Nigerian Breweries Plc has disclosed its unaudited financial statement for the third quarter ending on September 30, 2023, revealing a total revenue of N402 billion. This marked a 2% increase compared to the N393 billion generated in the same period … Continue reading Nigerian breweries reports N402bn revenue for Q3 2023
The Central Bank of Nigeria (CBN) has officially clarified that it has no intentions of redenominating or restructuring the Nigerian naira notes in the year 2024. This statement was made in response to circulating text messages suggesting otherwise. In a … Continue reading CBN denies plans to redenominate naira in 2024
The Lagos State Government has lifted the closure order on the Alaba International Market and several markets within the Trade Fair Complex, Ojo, which were temporarily shut down due to environmental issues, including improper waste management. Commissioner for the Environment … Continue reading Lagos reopens Alaba international and trade fair markets
Aliko Dangote, who recently rejoined the prestigious group of the world’s top 100 billionaires, has now dropped below the $16 billion mark, causing him to exit the elite list. ALSO READ: Dangote sugar and GSK drive equity market up by … Continue reading Aliko Dangote’s net worth falls to $15.8 billion, exiting top 100 billionaires list
Optimism is running high among key players in Nigeria’s coffee industry, with expectations that the sector holds the potential to generate $2 billion in revenue over the next two to three years. This positive outlook is driven by the increasing … Continue reading Nigeria’s coffee industry sets sights on $2 billion in revenue
Bearish sentiments persisted on the Nigerian Exchange Limited as the market reacted to the recent Supreme Court judgment concerning the 2023 general elections, resulting in a market capitalization loss of N67 billion. This marked the second consecutive day of negative … Continue reading MTN, Flour Mills, and others reduce NGX market cap by N67 billion
During a meeting held on Monday, the Federal Executive Council approved the application for a $3.45 billion loan to fund various projects. The financing is designated for the power sector, renewable energy, state resource mobilization programs, an initiative for adolescent … Continue reading FG approves $3.45bn world bank loan for power and other projects
The Lagos State Government has announced the commencement of a comprehensive training program designed to enhance revenue collection and boost transparency across all revenue-generating agencies within the state. This initiative is part of the government’s strategy to address revenue leakages … Continue reading Lagos trains revenue agencies to prevent revenue leakages
The Minister of Housing and Urban Development, Ahmed Dangiwa, has unveiled plans to develop cost-effective housing designs and facilitate the construction of high-quality, affordable housing options to address the housing requirements of 80 percent of low- and medium-income earners in … Continue reading FG’s initiative to provide affordable housing for 80% of low income earners
The Federal Government of Nigeria has proudly announced that it has successfully drawn over $2 billion in investments in the renewable energy sector over the past ten years. This achievement was revealed by the Rural Electrification Agency (REA), which also … Continue reading FG attracts $2bn in renewable energy sector investments
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