Tag Archives: Business News in Nigeria

The African Development Bank (AfDB) President, Akinwumi Adesina, and Nigerian billionaire Femi Otedola have recently offered their perspectives on the challenges faced by the Dangote Refinery project. The massive refinery, located in Lekki, Nigeria, is one of the largest oil refineries in Africa and is expected to significantly boost Nigeria’s …

…Tags as Cornerstone for Financial Stability and Wealth Creation Stanbic IBTC Bank has announced a new initiative to make homeownership more accessible for Nigerians. Recognizing the challenges of finding affordable housing, the bank is introducing a Home Loan solution designed to bridge the gap. The Chief Executive of Stanbic IBTC …

Nigeria’s external reserves dropped by $915m after the Central Bank of Nigeria officially floated the naira and liberalised the foreign exchange market. CBN data obtained on Sunday showed that the reserves, which stood at $34.66bn as of June 14, 2023, when the naira was floated, fell to $33.74bn as of …

President Bola Tinubu on Tuesday in Abuja expressed his resolute commitment to break the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues. Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, …

The Federal Government is set to make about N12bn a year from the N1,000 Proof of Ownership Certificate verification fee motorists are to pay. Last week, the Permanent Secretary, Lagos Ministry of Transportation, Abdulhafiz Toriola, disclosed this. He stated that this certificate would help vehicle owners and the government assure …

The Debt Management Office, DMO, yesterday announced plans to raise up to N1.2 trillion through FGN bonds in the first quarter of the year 2023. The DMO disclosed this in its FGN Bonds issuance calendar for Q1 2023. Among other things, the calendar shows that the DMO will sell between …

The World Bank has downgraded Nigeria’s 2023  growth by 0.3 percentage point to 2.9 percent from its previous projection of 3.2 percent. The Bank said the downgrade was due to production challenges in the oil sector, rising insecurity, and flooding. The World Bank disclosed this in a  report titled : …

The Nigerian Exchange Limited (NGX) has listed Wema Bank Plc on the NGX 30 Index following the outcome of the 2022 market index review. This was disclosed by the NGX in a statement detailing the results of its full-year market index reviews. Note that the NGX 30 Index tracks the …

Twenty-five youth-led agriculture sector companies from 14 African countries have advanced to the finalist round of the African Development Bank (www.AfDB.org) Group’s 2022 AgriPitch Competition. The Bank, in collaboration with the implementing lead Private Equity Support and partner organizations Eldohub and the Private Finance Advisory Network, announced the 25 finalists …

The Central Bank of Nigeria recently sent a presentation to Nigerian banks about the e-Naira project, revealing more details about its design and operational module. As reported, the presentation described how the new currency would be designed and operated. In fact, the report states that the e-Naira is a legal …