Category: Business

The Central Bank of Nigeria (CBN) has highlighted advancements in financial inclusion, revealing that 52% of Nigerian adults now have formal bank accounts. However, 32% of the population—around 33.9 million individuals—remain outside the formal banking system. This data was shared at the Financial Literacy Fair held in Abuja in celebration of the 2024 World Savings…

By Daniel Edu In recent years, Nigeria has seen a growing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility, and rising operational costs. The latest company to announce its departure from Nigeria is the South African grocery retailer Pick n Pay, which confirmed on Monday…

The World Bank has projected that Nigeria, along with Angola and Sierra Leone, will maintain high interest rates for an extended period due to double-digit inflation and weakened currencies. The bank’s latest Africa’s Pulse report highlighted these economic challenges, stating that the Central Bank of Nigeria (CBN) may even raise rates further if inflation persists.…

The Central Bank of Nigeria (CBN) has initiated a re-validation process to address $2.4 billion in foreign exchange (FX) claims by manufacturers and importers. CBN Governor Dr. Olayemi Cardoso made this announcement during a summit dinner in Abuja. He revealed that the first stage of verification has been completed, and the bank is now in…

The Ogun State chapter of the All Progressives Congress (APC) has lauded Governor Dapo Abiodun’s administration for attracting $25 million in foreign direct investments over the past year. This announcement was made in a statement from the party’s Publicity Secretary, Tunde Oladunjoye, distributed to journalists on Wednesday. The statement noted, “Ogun State has been recognized…

The Federal Capital Territory (FCT) Minister, Nyesom Wike, has urged investors to explore strategic partnerships in Abuja, highlighting opportunities in agriculture, healthcare, tourism, construction, mining, and renewable energy. This call coincides with remarks from Charles Soludo, former Governor of the Central Bank of Nigeria and Anambra State, advocating for investment in made-in-Nigeria products to boost…

Transcorp Power Plc, a key subsidiary of Transcorp Group, delivered an impressive financial performance in the third quarter of 2024, with profit before tax surging by 198% to N81.1 billion. This strong growth marks a significant improvement over the N27.3 billion recorded during the same period in 2023. According to the company’s interim financial report…

Stephen Olufemi Oni, Ilorin Fuel scarcity is imminent across the country over pricing disagreement between members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the management of the Nigeria National Petroleum Company Limited (NNPCL). Speaking with journalists on Friday in Ilorin, the Kwara State capital, the IPMAN national Public Relations Officer (PRO), Alhaji…

FG Unveils Requirements for Accessing N40,000 for 50kg Bag of Rice As Nigerians face severe hunger, the Federal Government has revealed the necessary documents required to access a subsidized price of N40,000 for a 50kg bag of milled rice. To obtain the rice, citizens must present several documents, including their National Identification Number (NIN), an…

The Naira continued its downward slide yesterday, depreciating to N1,625.13 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This marks a sharp decline from the previous day’s rate of N1,561.76, representing a loss of N63.37. According to data from FMDQ, the volume of dollars traded in the official market also fell by 32.7%,…