Business

The Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, and the Nigerian Customs Service (NCS) have met to discuss the imposition of zero percent import duty on certain food imports. This was stated by the Ministry of Finance in a written statement to X on Wednesday. Edun noted that the tax abolition would address ongoing food shortages …

Investors in the Nigerian capital market lost N50 billion at the close of trading on Wednesday. This follows a decline in the prices of shares such as CWG, NNFM, and ACADEMY among others on the trading floor. After five hours of trading in the capital market, equity capitalization declined to N55.5 trillion from N55.6 trillion recorded by the bourse the …

Tier-one bank GTCO Plc has raked in account maintenance fees of N15.6 billion in the first half of this year. This amount is higher by N5.2 billion compared to the N10.4 billion recorded by the bank in 2023. According to the Central Bank of Nigeria (CBN), account maintenance fees are charged on current accounts only in respect of debit transactions …

Nigeria’s average daily crude oil production rose to 1.35 million barrels per day (bpd) in August. This comes despite Nigeria retaining its position as Africa’s largest oil producer, surpassing Algeria which produces 910,000 barrels of oil per day, and Congo in third place which produced 270,000 barrels of oil per day in August according to the oil alliance. That’s according …

Billionaire businessman and chairman of the United Bank for Africa (UBA), Tony Elumelu has pointed out that the development of any country is impossible without access to reliable electricity to drive industrialization. Elumelu said this on Tuesday while delivering the keynote address at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in …

President Bola Tinubu said on Tuesday that his administration has begun restoring confidence in the Nigerian economy through its reforms. He said this at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) held in Abuja. Tinubu, who was represented by Vice President Kashim Shettima, said the measures initiated by the government were …

Investors in the Nigerian equity market made a gain of N343 billion at the close of trading on Tuesday. This follows the increase in share prices of stocks such as SFS REIT, RT BRISCOE, and CAVERTON among others on the trading floor. After five hours of trading in the capital market, equity capitalization increased to N55.6 trillion from N55.2 trillion …

The Nigerian National Petroleum Corporation (NNPC) Limited has announced the signing of an agreement with Chevron Nigeria Ltd (CNL), its joint venture (JV) partner, for the conversion of five oil mining licenses (OMLs) into four oil exploration licenses (PPLs) and 26 oil mining licenses (PMLs). This comes despite the conversion being expected to significantly increase crude oil production — with …

The National Bureau of Statistics (NBS) said on Monday revenue generated from Value Added Tax (VAT) rose to N1.56 trillion in the second quarter of this year. The figure shows a 9.11% growth in VAT revenue when compared to the N1.43 trillion recorded in the first quarter. The agency revealed that revenue generated from Corporate Income Tax (CIT) for the …

The renewed deal signaled a strong relationship between the two governments and their historic partnership. Monday, September 9, 2024/ The Liberian Maritime Authority, the world’s largest Open Registry, has announced the renewal of its historic partnership in a maritime agreement with the People’s Republic of China. A dispatch from Chian says the maritime agreement is designed to foster strong relations …