Category: Business

By Milcah Tanimu The Federal Government has unveiled a N200 billion Presidential Intervention Fund aimed at supporting Micro, Small, and Medium Scale Enterprises (MSMEs) as well as manufacturers in Nigeria. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made the announcement on Monday in Abuja. This initiative, following the ongoing disbursements focused on aiding one…

The International Monetary Fund (IMF) has forecasted that Nigeria’s public debt to Gross Domestic Product (GDP) ratio will rise to 46.6 percent in 2024, and further to 46.8 percent in 2025. This projection indicates a 0.3 percentage point increase in 2024 and a 0.5 percentage point increase in 2025 compared to the IMF’s previous forecast…

Recent reports indicate a fluctuation in the value of the Naira in the Nigerian Foreign Exchange Market (NAFEM), with the currency depreciating to ₦1,148.14 per dollar. However, it rebounded to ₦1,072.74 per dollar, marking an appreciation of N75.4. This shift has narrowed the margin between the parallel market and NAFEM rates to N32.26 per dollar,…

The National Pension Commission (PenCom) is urging Retirement Savings Account (RSA) holders considering switching Pension Fund Administrators (PFAs) to assess performance as a key factor. Mrs. Aisha Dahir-Umar, the Director-General of PenCom, emphasized this stance, highlighting the importance of informed decision-making. To facilitate this process, PenCom has established a dedicated section on its website where…

The Central Bank of Nigeria (CBN) has reiterated its dedication to fostering digital innovation as a driver of economic growth. Dr. Balla Bello, Deputy Governor of Fiscal System Stability, emphasized the bank’s strategic focus on creating an environment conducive to innovation and entrepreneurship during a discussion with participants from the Senior Executive Course (SEC 46)…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant increase in Nigeria’s crude oil reserves. From January 1, 2023, to January 1, 2024, the reserves climbed from 36.96 billion barrels (bb) to 37.50 bb. Additionally, the country’s Natural Gas reserves saw growth from 208.83 trillion Cubic Feet (TCF) to 209.26TCF during the same…

Minister Adebayo Adelabu has offered an apology to Nigerians for his recent remarks regarding electricity consumption and tariffs. Speaking on Channels Television’s “Politics Today,” Adelabu expressed regret for any offense caused by his previous statements. His comments had sparked criticism from the public after he suggested that Nigerians kept freezers running for days due to…

The Federal Government has disclosed plans to achieve significant savings of N1.5 trillion this year following the recent hike in electricity tariffs for Band A customers. Additionally, it aims to install approximately 2.5 million meters to address the metering gap across Nigeria and ensure accurate billing for consumers. According to a document released by the…

FBN Holdings Plc has unveiled its strategy to raise up to N300 billion through a combination of public offering, private placement, and rights issue. In a disclosure to the Nigerian Exchange Limited (NGX), the Group announced that the proposed capital raise is contingent upon approval from regulatory authorities and its shareholders at an Extraordinary General…

Dele Oye, President of the Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has reiterated the organization’s stance that duties collected by the Nigeria Customs Service (NCS) should be denominated in Naira rather than in foreign currency. Responding to the Central Bank of Nigeria’s (CBN) directive allowing foreign currency collateral for Naira…