AGS NEWS – Britain’s economic output grew more than expected in May, official data revealed Thursday, providing an early boost to the newly-elected Labour government. The Office for National Statistics reported that GDP growth was 0.4 percent in May, compared … Continue reading UK economy sees unexpected growth in May – Report
AGS NEWS – India has once again affirmed its position as the world’s fastest growing major economy, recording a robust expansion of 8.4% in the final quarter of 2023 compared to the previous year. This economic feat comes amidst preparations … Continue reading India economy surpasses expectations, achieves 8.4% growth
AGS NEWS – According to a recent report by the African Development Bank (AfDB), Nigeria’s economic growth is anticipated to remain sluggish in 2024, unlike other West African nations. The report indicates that while growth is projected to reach four … Continue reading Nigeria faces slowest economic growth among west african nations in 2024, says AfDB
The Nigerian Communications Commission (NCC) has urged states and local governments to reduce taxes on telecom companies, warning that excessive taxation could hinder industry growth. The appeal comes amidst the Federal Government’s plan to impose a five percent excise duty … Continue reading NCC appeals to states to reduce telecom taxes, citing industry growth concerns
Ecobank Group has reported a substantial 59% increase in its gross earnings, reaching N1.21 trillion by the end of September 2023, compared to N761.29 billion during the same period in 2022. The Audited Consolidated Financial Statements, filed with the Nigerian … Continue reading Ecobank achieves impressive growth, records earnings of N1.21tn
The Manufacturers Association of Nigeria (MAN) has underscored the critical importance of creating a conducive business environment for the productive sector to achieve Nigeria’s aspirations of rapid industrialization and economic diversification. Francis Meshioye, the association’s President, made this assertion on … Continue reading Manufacturers in Nigeria say tough business conditions could stop growth
Six major Nigerian banks have collectively increased their profits by an impressive 214%, totaling N2.06 trillion in the third quarter of 2023 compared to N656.15 billion in the same period of 2022. Despite the challenging economic environment, these financial institutions … Continue reading Top Nigerian banks achieve N2.1tn in profits for Q3, 214% growth
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
The insurance sector has shown signs of recovery, posting an 8.29% growth rate in the second quarter of 2023, according to the latest data from the National Bureau of Statistics (NBS). Earlier in the year, the sector faced a setback … Continue reading Insurance sector bounces back with 8.29% growth
Revenue generated from Value Added Tax (VAT) and Company Income Tax (CIT) witnessed substantial Year-on-Year (YoY) growth of 17 percent, amounting to N3.48 trillion in the first half of 2023 (H1’23), compared to N2.97 trillion recorded in the corresponding period … Continue reading Strong Growth: Tax revenue surges to N3.48 trillion in H1’23, up 17
Aradel Holdings Plc, an energy conglomerate, has experienced a substantial surge in its revenue during the first half of 2023, registering an impressive 217.6% increase to N74.5 billion compared to N23.5 billion reported for the same period in 2022. These … Continue reading Aradel Holdings achieves 218% revenue growth
Transnational Corporation Plc (Transcorp), a prominent indigenous conglomerate with investments in power, hospitality, and oil sectors, has revealed significant growth in its H1 2023 financial results. According to its Unaudited Condensed Consolidated Financial Statements for the period ending June 30, … Continue reading Transcorp achieves 31% revenue growth, surpassing N82 billion mark
Airtel Africa Plc has reported a loss of $151 million resulting from the harmonization of foreign exchange rates in Nigeria. The telecom company disclosed this information in its second-quarter report filed with the Nigerian Exchange Limited. The loss was primarily … Continue reading Airtel loses $151 million due to Nigeria’s FX rates harmonization
A recent report by McKinsey titled “Reimagining economic growth in Africa: Turning Diversity into Opportunity” reveals that Nigeria, Egypt, and South Africa were responsible for 65% of Africa’s Gross Domestic Product (GDP) slowdown. The report indicates that if these three … Continue reading Nigeria and other countries contribute to 65% slowdown in Africa’s GDP growth
According to a statement released by Linkage Assurance Plc, the company experienced a 16% increase in its gross written premium, reaching N12.98 billion in the 2022 financial year. This achievement is notable considering the challenging operating environment during that period. … Continue reading Linkage Assurance Plc reports 16% growth in gross written premium
Nigeria’s gross domestic product (GDP) experienced a year-on-year growth rate of 2.31% in the first quarter (Q1) of 2023, indicating a decline from the 3.11% recorded in the same period of 2022. The latest GDP report by the National Bureau … Continue reading Nigeria’s GDP growth slows to 2.31% in Q1 2023 amid cash crunch
Former Nigerian President, Goodluck Jonathan, has commended current President Muhammadu Buhari for prioritizing economic self-reliance and directing the National Agency for Science and Engineering Infrastructure (NASENI) to train 100 Bayelsa youths in modern electrical installation and maintenance. Speaking at the … Continue reading Goodluck Jonathan calls for increased government investment in science and technology
The President of Côte d’Ivoire, Alassane Ouattara, delivered his third State of the Nation Address at the Sofitel Abidjan Hotel Ivoire on April 25, 2023, highlighting the country’s resilience in the face of economic crises and announcing a brighter economic … Continue reading Cote d’Ivoire President Ouattara projects 7.2% GDP growth in 2023
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