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INFLATION: Manufacturers’ unsold goods up 45.4% to N272bn
Inventory of unsold finished products in the manufacturing sector shot up significantly by 45.4 percent, Year-on-Year (YoY), in the first half of 2023 (H1’23) to N271.96 billion from N187.08 billion in the…
FG to tax wealthy Nigerians to achieve revenue target
The Federal Government has stated its plan to begin taxing wealthy Nigerians to achieve its 18% Tax-GDP ratio revenue target. This was disclosed by Mr. Taiwo Oyedele, Chairman, of the Presidential Committee on Fiscal Policy…
Trade facilitation: Customs to dedicate port terminal for export
…Exceeds N307 b revenue target The Nigeria Customs Service (NCS) is to dedicate a port terminal, exclusively, for the exportation of Nigerian goods, in the fresh push to ramp up trade facilitation. The Ag.…
Gap in dollar rate between official window, black market now N244
Data from the official window and the black market has shown that the dollar rate gap between both forex channels has increased to N244.92 kobo. The…
Recharge cards business fizzling as fintechs, banks take control
From her usual spot at Abu-Alfred Street in the Ogba area of Lagos, Mrs. Judith was conveniently making at least N3,000 profit in a day while sitting under her MTN-branded umbrella. But that has now become a story of…
Bank customers pay N154bn fees for e-banking services
•As account maintenance fee hits N66.7bn Customers of nine leading commercial banks paid N154 billion fee for using electronic banking services in the first half of the year (H1’23). Details of the banks’…
Nigeria’s bitter kola farming gains steam on high demand
Bitter kola farming, going extinct in Nigeria, is now gradually gaining steam owing to increased local consumption and export, both of which have combined to drive…
How rate hikes, weaker naira hurt FMCG firms
A combination of rising interest rates and naira devaluation dealt a severe blow to the financials of many fast-moving consumer goods (FMCG) firms…
Diesel may trade near N1500/litre as oil prices spike
• FG to face another round of subsidy payment crisis The Federal Government will, in the coming weeks,…
Floating Naira: Importers Abandon Tokunbo Cars At Seaport
Due to the rise in foreign exchange rate, the Nigeria Customs Service (NCS), on Tuesday, said vehicle importers abandoned thousands of imported…
Afreximbank approaches oil traders to finance $3bn loan to NNPC – Report
Afreximbank is approaching oil traders to finance a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is central to the country’s efforts to support the naira. On August 16, 2023, the…
Cardoso proposes CBN ‘reset’ as naira plunges to 1,000/$
Olayemi Cardoso, who was confirmed Tuesday by the Senate as governor of the Central Bank of Nigeria (CBN), alongside his…
More factories, businesses may shut down as diesel hits N1,100/litre
• Over N1000/$ FX, rising crude oil prices, falling grid worsen plight • Inflation, unemployment may rise amidst looming increase in gas prices • NECA urges FG to…
Listed FGN Bonds crash 99.9% to 148bn
The value of listed Federal Government of Nigeria, FGN, Bonds on the Nigerian Exchange Limited, NGX, in the 8 months ended August 31, 2023 declined drastically by 99.9% to N148 .2 billion from N1.6 trillion…
Trouble looms as foreign suppliers reject letters of credit
Several Nigerian businesses that rely on imports have been cut off by their foreign suppliers who are rejecting letters of credit (LC) and…
Naira appreciates to N993/$ at parallel market as demand moderates
The naira, on Monday, appreciated at the parallel market to trade at N993 per dollar. The figure signifies an appreciation of N2 or 0.20 percent from the…
UNGA: Tinubu ‘ll Revamp Nigeria’s Economy, Boost Energy Sector, Says Rone, FLNG Boss
The Managing Director of UTM Offshore Ltd, owner of Nigeria’s first Floating Liquified Natural Gas (UTM FLNG) company, Dr Julius Rone has assured that President Bola…
Concrete roads: Cement price to hit N9,000, say manufacturers
The Cement Producers Association of Nigeria has warned that the ongoing plan of the federal government to introduce concrete roads will raise the price of cement to N9, 000 per bag from the current price of N5, 000. It…
Nigerian billionaire Mike Adenuga in spotlight over $260-million debt and bribery allegations
Globacom Limited (Glo), one of Nigeria’s foremost telecom giants led by billionaire businessman Mike Adenuga, is embroiled…
Clamp down on those hoarding dollars – Ooni tells FG
The Ooni of Ife, Oba Adeyeye Ogunwusi, has advised the Federal Government to clamp down on citizens who are hoarding dollars, amid the freefall in naira exchange value. The monarch also called on Nigerians to patronise…
Again, Dangote wins ‘Brand of the Year’ award
Dangote Industries Limited has been honoured with the Brand of the Year award, in recognition of the company’s exceptional corporate performance over the past year. During the ceremony in Lagos, the Publisher of…
Manufacturers incur heavy losses as forex crisis, inflation bite harder
•Costs of raw materials up by 19%•Analysts list measures to contain pressureIn apparent reflection of the …
CNG: Marketers urge govt to expedite action on spread
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the adoption of Compressed Natural Gas (CNG), is the solution to…
Diesel could hit N1500/litre amid global geopolitics, FX shortages
The retail price of diesel is expected to surge to N1500 per litre in the coming days amid naira depreciation and rising global oil prices, BusinessDay…