Business

The World Bank Group and the African Development Bank Group are partnering on an ambitious effort to provide at least 300 million people in Africa with electricity access by 2030.

Trading activities on the floor of Nigerian Exchange Limited (NGX) halted gains to close on a downturn yesterday, causing market capitalisation to decline by N35 billion.

Worried by the dwindling oil production and the need to drive investments in the nation’s oil and gas sector, the Federal Government, through the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has underscored the imperative of ramping up production as a pivotal strategy to ensure stability in the midstream and downstream sectors of the industry.

The Nigeria Customs Service (NCS) Tin Can Island Port (TCIP) command has reported a 95.3 per cent increase in non-oil exports in the first quarter of 2024, compared to the same period last year.

The Nigerian Ports Authority (NPA) is awaiting the Debt Management Office's (DMO) final review and approval of Citibank's $700 million loan mandate, which will fund the rehabilitation of the Apapa and Tin-Can Island ports in Lagos.

Access Pensions has emphasised its commitment to offering thorough guidance and assistance to customers interested in Pension Backed Mortgages (PBMs).

To further address the energy inefficiency in the country, the Chief Executive Officer, Stanbic IBTC Holding Plc, Dr. Demola Sogunle, said N350 billion fund has been raised to support customers in the energy sector.

Amid geo-political tension marked by uncertainty, volatility, and disruptive forces, the Chartered Institute of Directors Nigeria (CIoD) has tasked directors on effective leadership, noting that their roles as leaders assume even greater significance in turbulent times.

A foreign investor at TLG Capitals, Isaac Marshall, has attributed the naira gain to the decision of the Central Bank of Nigeria (CBN) to clear the FX backlog. Nigeria's foreign exchange (FX) reserves have fallen to a six-year low, Marshall said in a statement on his LinkedIn account on Thursday. He stated that this decline…

Stakeholders in the insurance and pension industry have called on operators in the sectors to adopt artificial intelligence (AI) to drive business expansion in the country.

Though it does not have the power to regulate prices, the Federal Competition and Consumer Protection Commission (FCCPC) will deploy an existing legal framework to enforce fair competition and consumer protection provisions to achieve fair prices of commodities.

Inflation in Nigeria is reaching its peak now and will decelerate toward the middle of the year, Director-General of the Budget Office of the Federation, Ben Akabueze, has said.

Nigerian Breweries (NB) Plc has disclosed that the proposed N600 billion recapitalisation scheme by way of rights issue would settle N153 billion outstanding foreign exchange (FX) losses and part of its local bank debt facility.

The International Renewable Energy Agency (IRENA) is seeking a new approach to energy security amidst geopolitical concerns and a push from fossil fuels.

The Chartered Institute of Bankers of Nigeria (CIBN) 2024 yearly lecture, slated to take place on April 23, at the Civic Center, Victoria Island, Lagos, has its theme as "Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity."

The International Agro Original Equipment Manufacturers (OEM) has called for the exemption of all agriculture equipment from all forms of taxes, import duties, Value Added Tax and other levies for at least two years to enable Nigeria to become self-sufficient in food production.

The Organised Private Sector (OPSN), comprising top Business Membership Organisations (BMOs), has warned that over 65 per cent of private businesses, especially manufacturing concerns and SMEs, may be forced to close down due to the over 200 per cent hike in electricity tariff. The BMOs, comprising the Manufacturers Association of Nigeria (MAN), National Association of…

Wema Bank has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

The law firm of Duale, Ovia and Alex-Adedipe (DOA) has opened the registration portal for the 2024 Technology, Media and Telecommunication (TMT) Business Law Breakfast Series. The event, scheduled to hold at 9am on 2nd May, 2024 at Ebony Life Place, Victoria Hall, Lagos, will serve as a catalyst for collaboration, innovation, and growth in…

The Federal Government has called on oil and gas operators to create ingenious ways of raising capital to expand their investment and tackle myriads of problems facing the sector, especially leveraging the nation's capital market.

Publisher, The Guardian Newspapers Ltd, Lady Maiden Alex-Ibru, has called on the government at all levels in the country to remove obstacles besetting the paper industry, to prevent it from total collapse.

Nigeria’s economy is projected to grow to 3.3 per cent this year, while it may recede to 3.0 per cent in 2025. In its latest World Economic Outlook report, ‘Steady but slow: Resilience amid divergence,’ the International Monetary Fund...

The newly elected executives of the Women’s International Shipping and Trading Association (WISTA) Nigeria have been charged to ensure the attainment of major structural adjustments in the nation’s shipping industry as well as create opportunities..

Some 12,948 startups have so far been registered through the Nigeria Startup Act. The National Information Technology Development Agency (NITDA), which disclosed this, said they were registered for labeling.

Apparently to sanitise the general aviation segment of local aviation, the Civil Aviation Authority (CAA) Nigeria, yesterday, ordered a three-day ultimatum for all private operators and holders of non-commercial flight permits to submit for a re-evaluation.

The Port Terminal Multiservices Limited (PTML) Command of Nigeria Customs Service (NCS) has reiterated its commitment to achieving faster cargo clearance by targeting a two-hour cargo clearance time.

Just last week, Nigeria’s local manufacturing sector was dealt a huge blow as one of the biggest brewers in the country, Nigerian Breweries, announced that it is suspending operations in two of its nine breweries. 

The Nigeria Employers' Consultation Association of Nigeria (NECA) has called on policymakers to adopt a holistic approach to address inflationary pressures and promote economic stability.

To address the growing unemployment rates among seafarers in Africa, a maritime and anti-piracy security expert trained in the United States, Capt. Alfred Oniye, has outlined a comprehensive plan aimed at revitalising job prospects for this skilled workforce.

Shipbuilding is complex. While Liberia has the largest registered tonnage, it doesn’t build ships. Many African nations, including Nigeria, Ghana, and South Africa, established shipyards decades ago recognising shipbuilding’s role in national development.

While the global economic slowdown in 2023 was less severe than originally projected, the United Nations Trade and Development (UNCTAD) in the latest report warned that further growth deceleration could be expected this year.

As the ongoing UNLOCK Training Programme enters its final and crucial phase, participants on Monday, got surprise boosters from the Senior Special Assistant to the President on Technical, Vocational and Entrepreneurship Education

Afriland Properties Plc has urged the Federal Government to intervene in the housing sector and ensure that people borrow for mortgage properties at a reduced rate over a long period of time to bridge nation's huge housing deficit.

The Group Managing Director and Chief Executive Officer of UBA Plc, Oliver Alawuba, said 2023 was marked by geopolitical tensions, inflation spikes, and the transformative emergence of technologies such as generative AI, yet, the bank not only

The financial services industry (measured by volume) dominated in volume terms at the end of last week's transactions with 859.6 million shares valued at N20.6 billion in 12,297 deals, contributing 75.9 per cent to the total equity turnover.

PalmPay has announced the first set of winners in its ongoing Eid campaign tagged PalmPay Eid Bonanza, which kicked off on April 10th and will run until April 30th, 2024. Since the start of the bonanza on April 10th, 5 lucky winners have been emerging daily simply by performing tasks on the PalmPay App such…

Importers and clearing agents have voiced serious concerns over ongoing security issues and operational inefficiencies at some terminals at Tin Can Port. Industry insiders report frequent incidents of vandalism and theft

The evolution of wires and cables stands as a silent yet pivotal force that is essential for connectivity and power distribution, especially in developing economies. In Nigeria, we have come from an era dominated by imported, expensive, and low-capacity electrical wiring to a revolutionary shift led by indigenous companies. An identifiable trailblazer doing this as…

As we approach the midpoint of the third decade of the 21st century, the global economic landscape is poised for a profound shift, with Africa at its heart. Africa stands out as the continent with the most rapidly expanding and youthful population.

Nigeria’s economy is projected to grow to 3.3 per cent this year, while it may recede to 3.0 per cent in 2025. In its latest World Economic Outlook report, ‘Steady but slow: Resilience amid divergence,’ the International Monetary Fund said that Nigeria’s economy is expected to better 2023 growth which was pegged at 2.9 per…

The Management Recruitment Group (MRG Global), a leading UK-based executive search firm with an international presence, has announced its expansion into Africa, solidifying its commitment to providing exceptional talent solutions worldwide. MRG Global specialises in senior appointments in real estate and facilities management across diverse sectors globally. With a central hub in South Africa and…

The Federal Government has created an Incentive Monitoring and Evaluation Platform (IMEP) aimed at cutting down the cost of tax expenditure and ensuring tax incentives positively impact the economy.