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Adesina: Africa’s Future Lies Within the Continent

  Akinwumi Adesina On Friday, Dr. Akinwumi Adesina, President of the African Development Bank, advocated for youth investment in Nigeria’s agri-business sector. Adesina made this call during his keynote address at the Council of Anglican Provinces of Africa Primates and Wives’ Retreat in Abuja. He spoke on the topic “Food Security and Financial Sustainability in […]

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CBN Warns Banks, FX Dealers Against Rejecting Lower Dollar Denominations and Old Bills

CBN Warns Banks, FX Dealers Against Rejecting Lower Dollar Denominations and Old Bills The Central Bank of Nigeria (CBN) has issued a warning to Deposit Money Banks (DMBs) and authorized forex dealers, advising them against rejecting old and lower denomination dollar bills from customers. This directive follows numerous complaints from customers after the CBN conducted […]

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NGX: Investors Lose N103bn as Insurance and Banking Stocks Decline

The NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32% week-on-week. This contributed to a 0.18% decline in the broader market indices. The NGX 30 Index followed with a 0.16% decline, and the NGX Banking Index fell by 0.04% week-on-week. Conversely, the NGX Oil and Gas Index led the gainers, […]

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Comply with KYC Laws or Face Consequences,’ EFCC Warns Extractive Industries

These laws mandate financial institutions to verify customer identities and monitor transactions for suspicious activity. Lawal said, “The extractive industry is particularly vulnerable to fraud and corruption, with schemes spanning different segments, including upstream, midstream, and downstream. This can result in significant revenue loss for the government and individuals. “Know Your Customer (KYC) compliance is […]

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Nigeria’s Trade Balance Rises to $1.43bn Despite Economic Challenges

Nigeria’s current account balance has risen to $1.432 billion in 2024, despite the economic downturn impacting the country, according to the International Monetary Fund’s World Economic Outlook. The IMF data suggests a positive outlook for Nigeria’s economic growth and stability, reflecting a growing economy with increasing investment and savings, even amid eroding investor confidence. Nigeria’s […]

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MMNL to Invest $50M to Scale Tubular Battery Production to 100,000 Units Over Next 5 Years

Metal Manufacturing Nigeria Limited (MMNL) Expands to Dominate Tubular Battery Market and Diversify Ventures Metal Manufacturing Nigeria Limited (MMNL) is not just Nigeria’s largest tubular battery company; it is also diversifying into multiple business verticals, including backward and forward integration and mining, to stay ahead of its competitors. To meet the rapidly growing demand in […]

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Nigeria Secures $30bn Investment Commitment in One Year – Industry Minister

She also noted the revenue increase to ₦430 million for the Lagos International Trade Fair Complex. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced that Nigeria secured over $30 billion in investment commitments over the past year. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced that Nigeria secured over $30 billion […]

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Dangote Reduces Diesel and Aviation Fuel Prices to N940, N980

Aliko Dangote Dangote Petroleum Refinery announced on Tuesday a further reduction in the prices of diesel and aviation fuel to N940 and N980 per liter, respectively. This price cut follows a celebrated decrease to N1,000 just two weeks prior. Customers purchasing five million liters or more from the refinery will benefit from the N940 price […]

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FG Needs N3.2tn Subsidy to Reverse Electricity Tariff Hike – NERC

Electricity Tariff Hike The Chairman of the Nigeria Electricity Regulatory Commission, Sanusi Garba, stated on Thursday in Abuja that the Federal Government of Nigeria would need to allocate N3.2 trillion in 2024 to undo the recent increase in electricity tariffs. During a stakeholders meeting hosted by the House of Representatives Committee on Power, Garba acknowledged […]

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“WHO Commends Nigeria as First to Deploy Latest Meningitis Vaccine”

The World Health Organization logo is pictured at the entrance of the WHO building, in Geneva, Switzerland, December 20, 2021. REUTERS/Denis Balibouse/File Photo Purchase Licensing Rights “World’s First: Nigeria Leads with Groundbreaking Men5CV Meningitis Vaccine Rollout, WHO Confirms Nigeria, a Meningitis Hotspot in Africa, Pioneers Revolutionary Vaccine Deployment In a significant stride towards eradicating meningitis, Nigeria […]

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Deadline Set: Banks Given Three Months to Cease Offering Forex-Backed Loans

Nigeria’s Central Bank Intensifies Efforts to Boost Foreign Exchange Liquidity, Mandates Banks to Halt Forex-Backed Loans within 90 Days In an ongoing bid to bolster foreign exchange liquidity within the economy, the Central Bank of Nigeria (CBN) issued a new directive on Monday instructing Deposit Money Banks to cease accepting foreign currencies as collateral for […]

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Naira Surges to N1,270 in Parallel Market

  Today, Tuesday, the Naira experienced an upturn, reaching N1,270 per dollar in the parallel market, marking a favorable shift from last week Thursday’s N1,290 per dollar. Likewise, in the NAFEM, the Naira saw an increase to N1,278.58 per dollar. According to data from FMDQ, the indicative exchange rate for NAFEM dropped to N1,278.58 per […]

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NNPCL Emphasizes Bridging Energy Access Gap for Nigeria’s Economic Advancement

“In efforts to close Nigeria’s energy access gap, Kyari highlights NNPC Ltd’s commitment to developing essential infrastructure for oil and gas delivery, aimed at fostering prosperity for Nigerians.” Nigerian National Petroleum Company Limited (NNPCL) logo The Nigerian National Petroleum Company Limited (NNPC Ltd) underscores the pivotal role of addressing the energy access deficit in fostering […]

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Obasanjo: Affordable Financing, Stable Policies Vital for Enhancing Food Production

Former President Obasanjo Urges Government Action on Cheap Credit and Policy Consistency for Food Production Boost Olusegun Obasanjo, Nigeria’s former president, has emphasized the critical need for the government to facilitate access to affordable credit and maintain policy consistency to empower farmers and enhance food production in the country. Obasanjo’s remarks come amidst growing concerns […]

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Touchdown: Air Peace’s Debut London Flight Sparks Enthusiasm

  Nigerians Celebrate as Air Peace Executes First Full London Flight Air Peace made history on Saturday with its inaugural full flight to London, utilizing a Boeing 777 for this landmark journey. The airline marked the occasion with a brief ceremony at the Muhammed International Airport (New Terminal), drawing notable figures like Festus Keyamo, Minister […]

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CBN Reports Nigerian Economy Receives $1.5 Billion Inflow in One Week

CBN Nigerian Economy Sees $1.5 Billion Inflow in a Week Following CBN’s Interest Rate Hike After the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) by 200 basis points to 24.75 percent, the Nigerian economy welcomed a $1.5 billion inflow within a week. Mrs. Hakama Sidi Ali, the Bank’s Acting Director of […]

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“Federal Government Breaks Fiscal Responsibility Act, Secures Borrowing to Fund 2024 Workers’ Salary Review”

Amidst pressure from organized labor, there are signals that the Federal Government (FG) plans to resort to borrowing to implement its salary increase for federal workers in 2024. The Budget Office of the Federation (BOF) has disclosed details in the 2024 FG budget, attributing the escalating deficit to factors such as salary review. The estimated […]

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World Bank Names Wale Edun as Finance Minister

World Bank Names Nigerian Finance Minister Wale Edun as Chairman of African Governors’ Forum In a historic development, the World Bank has designated Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, as the Chairman of the African Governors’ Forum. This appointment is an unprecedented first for Nigeria, as affirmed by a […]

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Lagos Start-Up Scene: Optimism Prevails in Nigeria

Entrepreneurs in Nigeria are demonstrating the potential for significant achievements with relatively small investments in the country’s booming start-up scene. One such entrepreneur is Ifeoluwa Dare-Johnson, whose personal tragedy of losing her father to an undiagnosed condition spurred her to co-found Healthtracka. This healthtech start-up, funded partly out of Silicon Valley, offers home health tests, […]

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Ngozi Okonjo-Iweala: Nigeria’s Esteemed Leader

Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO) President Bola Ahmed Tinubu recently attended the Global Financing Pact Summit in Paris, organized by French President Emmanuel Macron. This marked his first official foreign trip as the newly elected president, aimed at fostering diplomatic relationships, attracting investments, and improving Nigeria’s image. The president and […]