Category: Business

The Director-General, Nigeria Governors’ Forum, Mr Asishana Okauru, says worsening insecurity and currency depreciation have been adversely affecting the business environment and taxable income in Nigeria. The NGF DG, who was represented by the Senior Programme Manager, NGF/SFTAS, Mr Lanre Ajogbasile, said this during a presentation at a workshop in Abuja organised by the States’ […]

The African Development Bank Group President, Dr Akinwumi Adesina, says a fertiliser crisis triggered by the Russian war in Ukraine could put more than $10bn worth of food production at risk in Africa. He said this during a three-day official visit to Washington DC, which included several bilateral engagements with stakeholders on African development. This […]

The Federation Accounts Allocation Committee (FAAC) on Wednesday shared the sum of N725.571 billion to the three tiers of government as revenue allocation for March. The Director of Information and Press, Ministry of Finance, Budget and National Planning, Mr. Phil Abiawute-Mowete, disclosed this in a statement in Abuja. Abiawute-Mowete said the Federal Government received N277.1 […]

Naira fell against the U.S. dollar at the official market on Wednesday, extending its decline to two consecutive days. At the close of business on Wednesday, the naira closed at N419.33 to a dollar, implying a N0.83 or 0.2 per cent loss from N418.50 it exchanged hands with the hard currency in the previous session […]

Nigeria and the United Kingdom (UK) have restated commitment to removing bilateral trade barriers between the two countries. They also pledge to establish an official working group to enhance the trade partnership for mutual benefits. Besides, they have agreed to channel their energy towards how the bilateral relations could be exploited and enhanced for the […]

President Muhammadu Buhari has claimed that no administration under a democratic Nigeria has worked as hard as his, especially in lifting Nigeria’s rankings with the ease of doing business. This was disclosed in a statement issued by Mr Femi Adesina, one of President Buhari’s media after the President had an Iftar dinner with members of the business […]

The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has announced the provision of $1.5 billion for the Africa Emergency Food Plan to mitigate the effect of Russia-Ukraine war which is expected to trigger a global food crisis. This is coming about a week after the President of the World Bank Group, David […]

Nigeria’s Vice President, Professor Yemi Osinbajo, has revealed that the Federal Government had spent about N50 billion toward positioning export-oriented businesses in Nigeria. This was made known by Osinbajo at a 2-day National Conference on Non-oil Export with the theme, ‘Export for Survival: Optimising Nigeria’s Non-oil Export Potential’, organised by the Nigerian Export Promotion Council […]

The jolly nature of Nigerians as seen in the importation of assorted wine brands into the country has jumped to its highest level. Data from Euromonitor International a market research company shows wine consumption in Nigeria rose to 33.1 million in 2021 the highest level since 2015. Similar data from Comité Champagne, a trade association […]

Nigerian business magnate, Aliko Dangote, has emerged as the 72nd wealthiest man in the world. According to the latest data on Bloomberg’s billionaires’ index, the chairman and Chief Executive Officer of the Dangote Group has an estimated net worth of $20.4 billion. Dangote was ranked the 97th richest person in the world back in January with […]

Nigerian stocks advanced for the 11th trading day on Tuesday, rising 0.05 per cent as equities from diverse industries including energy, food and beverages as well as conglomerates. Seplat, Nigerian Breweries and Transcorp drove the climb as the size of trade enlarged by 42 per cent compared to that of the previous session and turnover […]

Central African Republic (CAR) is set to become the first country in Africa to adopt bitcoin as a means of payment, following a draft pushed by its Ministry of Digital Economy and the Ministry of Finance. The two ministries proposed a cryptocurrency bill which has been signed by the lower house of the Parliament of CAR, and […]

The Minister of Mines and Steel Development, Olamilekan Adegbite, has disclosed that Nigeria has about 70 per cent road infrastructure deficit while stressing the need for the country to boost local bitumen production. According to the minister, only 50,000km out of 200,000km of road networks are paved in the country. The minister disclosed this in […]

Popular Nigerian fast-food chain, Chicken Republic recently announced a new food menu option which has sparked a series of conversations on social media. The fast-food chain, recently reported the launch of a new “Egg Star” combo under its “Breakfast on a budget” promo, which costs N500. The meal consists of rice, boiled eggs and tomato sauce (stew), […]

The Socio-Economic Rights and Accountability Project (SERAP) has asked the Federal High Court in Lagos to issue an order setting aside the directive by President Muhammadu Buhari to telecommunications companies to block outgoing calls on lines not linked with National Identification Number (NIN). Arguing that the directive did not follow due process of law and […]