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Nigeria records $2bn trade deficit in cereal — World Bank Report
The World Bank yesterday said Nigeria recorded a $2 billion trade deficit in cereal in 2023. The World Bank disclosed this in a Report titled: “Transport connectivity for food security in Africa, Strengthening…
Time Magazine names Aliko Dangote among Top 100 Philanthropists in the World
…Says ADF spends over N50bn yearly on 'Giving Back to Africa' Aliko Dangote, the Chairman Aliko Dangote Foundation and President/Chief Executive, Dangote…
Dollar outflow for fuel imports surges 119%
The oil and gas sector more than doubled its demand for foreign exchange in 2024, rising by $1.23bn (119 per cent) year-on-year despite reduced fuel imports and efforts to boost domestic refining, according to data…
CBN Retains Monetary Rates At 27.5%
The Central Bank of Nigeria (CBN) has retained Monetary Policy Rates (MPR) at 27.5 per cent. Central Bank Governor, Olayemi Cardoso, made the disclosure in Abuja while briefing the press on the outcome of the 300th…
Refinery: If we understood magnitude, we may not have attempted it — Dangote
Africa’s richest man and industrialist, Alhaji Aliko Dangote, said yesterday he wouldn’t have attempted his $20 billion refinery, if he knew the magnitude of the facility. He also expressed commitment to…
FDI slumps as Tinubu’s $50bn investment plan falters
Foreign direct investment into Nigeria sank nearly 50%, central bank data shows, despite headline-grabbing pledges from high-level…
OMO market yields outpace T-bills on limited participation
Open Market Operations (OMO) bills have consistently traded at higher yield levels than Nigerian treasury bills (NTBs) despite their…
Marketers import N436bn petrol amid row with Dangote
A fresh wave of Premium Motor Spirit (petrol) importation into the country has made the row between oil marketers and the Dangote Petroleum Refinery to linger, amid signs of deepening tensions in Nigeria’s downstream…
Court hears NIBSS suit seeking exclusive power to manage BVN database
The Federal High Court in Abuja on Monday fixed May 26 to hear a suit filed by the Nigeria Inter-Bank Settlement System (NIBSS) Plc against the Central Bank of Nigeria (CBN) and others. NIBSS, in the suit, is seeking an…
‘Banking Sector Is Stable’ – CBN Shuts Down Rumour
The Central Bank of Nigeria has dismissed reports suggesting distress in a regulated financial institution. In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank…
MPC at crossroads over rate hike amid sticky prices, global uncertainty
• Policy can’t be tighter, but easing will be premature, says Yusuf • Economists expect MPC to keep interest rate at 27.5% •…
Seplat Energy Shareholders Get N203 Per Share Dividend Payout
Having recorded revenue surpassing $1.1 billion, and a net profit of $145 million in 2024, the shareholders of Nigeria’s leading independent…
UBA Fights To Protect 21.54% Stake In Ibadan Disco
United Bank for Africa Plc (UBA) has moved to join 86 Gardens Limited in a suit at the Federal High Court, Lagos, to safeguard its 21.54 per cent stake in a 60 per cent ownership interest in Ibadan Electricity…
Manufacturers’ energy cost jumps 44x amid factory shutdowns
Ten years ago, Louis Carter Industries boomed. Its products were everywhere and sought-after by traders of household items. The firm’s Nnewi,…
Renaissance Africa Surpasses Oil Production Target By 40% In First Month
Renaissance Africa Energy Company Limited has announced that it exceeded its oil production target by 40…
Nigeria’s $200bn free zones face trade abuse allegations
Nigeria’s Free Trade Zones (FTZs) are facing trade abuse allegations from manufacturers who cite loopholes in regulatory oversight.…
FG’s electricity debt balloons by N800bn – Senate
The Senate Committee on Power has raised concerns over the liquidity crisis bedeviling the power sector, lamenting that the tariff shortfalls in the industry have indicated that the government owes about N200bn to…
CBN slashes FG loans by over N4tn
The Central Bank of Nigeria recorded a significant decline of N4.145tn in net loans and receivables in 2024, driven primarily by a reduction in its overdraft exposure to the Federal Government and changes across other…
Exchange rate gap widens as official closes at N1,599/$1, parallel N1,635/$1
The naira ended the week on a stronger note, appreciating slightly against the U.S. dollar to close at N1,599.01/$1 in the official foreign exchange market on Friday, according to data from the Central Bank of Nigeria…
Death scare, oversupply drag 50kg rice price to N54,000
The price of a 50kg bag of rice has dropped to an average of N54,000 following rumours of alleged deadly rice in circulation. The drop is also a result of the oversupply of the staple from India, according to a…
CBN Recapitalization: 95% of BDC operators risk shutdown by June 2025
The Association of Bureau De Change Operators of Nigeria (ABCON) has revealed that the majority of the licensed currency traders are faced with uncertainty, as only less than 5% of its members have so far been…
Sallah: Ram Prices May Rise As Niger Republic Bans Livestock Export
As this year’s Eid al-Adha approaches, livestock dealers and buyers have expressed concern that rams and other sacrificial animals may become more expensive due to rising cases of rustling in parts of the North…
Dangote, BUA to freeze cement price for govt projects
Chairman of BUA Group, Abdul Samad Rabiu, on Thursday announced that the company has agreed to freeze the price of cement for all contractors engaged in projects under the Federal Government’s Renewed Hope agenda, as…
Shell confirms it paid Nigeria $5.34bn in taxes, charges in 2024, its highest government payout…
Energy major Shell Plc paid $5.34 billion to the Nigerian government in 2024, the largest amount it remitted to any country, even as it continues to divest from its onshore oil operations in Africa’s largest crude…