Business

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has declared its readiness to push up the nation’s yearly earnings in non-oil exports to 35 billion dollars in the next five years. The director-general of SMEDAN, Mr. Charles Odii, disclosed this during a three-day capacity-building programme on packaging and branding of products for AfCFTA on Tuesday in Uyo. The …

Borno State-based investment firm, Stockmatch Investments Ltd, was on Tuesday shut down by the capital market regulator, the Securities and Exchange Commission (SEC). The regulator said Stockmatch was operating illegal investments, as it didn’t have the approval from the SEC to conduct fund management activities in the country. SEC disclosed that Stockmatch promises exorbitant rates of returns to lure investors, …

The naira exchanged at N775.34 to a dollar at the Investors and Exporters window on Tuesday. The Nigerian currency lost by 0.42 percent compared to the N772.12 it traded for the dollar on Monday. The open indicative rate closed at N769.66 to the dollar on Tuesday. READ ALSO: There’s no provision for floating the naira, it’s illegal, Falana slams CBN …

Flour Mills of Nigeria (FMN) recorded loss after tax in the period ended June 2023 and also lost millions to penalty during the same period, the firm’s financial statement showed. In its Q1 2023 financial statements released on Wednesday, Flour Mills of Nigeria reported N9.33 billion loss, failing to improve on the N5.49 billion profit after tax recorded in the …

Sub-Saharan African countries have been advised by the International Monetary Fund (IMF) to tackle their fiscal deficits by focusing on eliminating tax exemptions and bolstering domestic revenue rather than resorting to fiscal expenditure cuts, which could hamper economic growth. The IMF conveyed this recommendation in a paper titled ‘How to avoid a debt crisis in Sub-Saharan Africa.’ The IMF’s paper …

Brent crude oil price rallied to $97.5 on Thursday, as the crude storage hub in Cushing, Oklahoma, United States, fell by 943,000 barrels to 22 million barrels within one week. According to the Managing Director of TD Securities, Bart Melek, the hike in Brent oil price was driven by the decline in crude stocks in Cushing. “Today’s price action seems …

The Senior Special Assistant to Gov. Alex Otti on Due Process, Dr Oluebube Chukwu, said the Abia State Government has adopted private sector participation to build an efficient waste management system in the state. Chukwu said this while speaking to newsmen on the sideline of this month’s environmental sanitation in Umuahia. Abia State Government on June 23 invited bids from …

Amid a headwind of challenges ranging from multiple taxation, forex scarcity, and low patronage of locally produced goods, the debt owed by manufacturers to banks in the country has hit N6.98 trillion in the first half of 2023. The figure rose from N5.56 trillion in January 2023 to N6.98 trillion by June 2023 signifying N1.42 trillion increase. The figure also …

The top 10 contributing sectors to Nigeria’s real Gross Domestic Product (GDP) in the second quarter (Q2) of 2023 are lead by Crop production, while other services completed the list. Ripples Nigeria previously reported on Friday that the National Bureau of Statistics (NBS) disclosed Nigeria’s GDP grew by 2.51 per cent in real terms in Q2 this year, compared to …

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week —from the capital market to the mainstream business activities, while not forgetting the tech/economy build up. Here are the Headlines: Lawmakers summon CBN, DISCOs, over alleged misappropriation of $321m, N18bn electricity projects loans NAFDAC warns against consumption of G Fuel …