Business

The Nigerian government has reported strong interest from China in strengthening economic ties, with more than 200 Chinese companies expressing a desire to collaborate. This report was made known to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, when he started his working visit to China on Friday. He was speaking at the China-Nigeria Business Exchange event, jointly organized by …

The Nigerian Electricity Regulatory Commission (NERC) has approved N21 billion for 11 Electricity Distribution Companies (DisCos) to provide meters to customers. NERC gave approval in ORDER NO: NERC/2024/072 on Operationalization of “Phase A” of the Presidential Metering Initiative within the Framework of the Meter Acquisition Fund signed by its chairman, Sanusi Garba. It reads: “The order signed by NERC Chairman, …

British Airways has grounded its plane at Murtala International Airport in Lagos due to a technical fault. However, the airline has apologized to its passengers and the country’s aviation authorities for the flight disruption. The airline’s Regional Commercial Manager, Nigeria and Ghana, Mrs. Tutu Otuyalo, told journalists on Friday that the airline would cover accommodation and food costs for affected …

Investors in the Nigerian equity market ended the week’s trading with a loss of N56 billion on Friday. This follows the fall in share prices, including MULTIVERSE, RTBRISCOE, and SUNUASSUR on the stock exchange floor today. After five hours of trading on the capital market, equity capitalization fell to N56.42 trillion from N56.47 trillion recorded by the exchange on Thursday. …

Following a recent directive from the Central Bank of Nigeria (CBN) to commercial banks in the country to increase their capital to support the country’s $1 trillion target, the Securities and Exchange Commission (SEC) has released a comprehensive framework for the 2024 recapitalization program . The CBN in a memo has directed banks with international reputation to increase their capital …

The US Diplomat emphasized that every country needs farmers because they are the backbone of any country.    Monrovia, June 21, 2024: The Chargé d’Affaires of the United States Embassy near Monrovia, Ms. Catherine Rodriguez, has praised Indian businessman and philanthropist Mr. Upjit Singh Sachdeva (Mr. Jeety) for mixing economic empowerment with his investment ventures in Liberia. She spoke on Thursday, …

Africa must be competitive and efficient in its areas of strength, according to Mustafa Chike-Obi, Chairman of Fidelity Bank. Speaking recently on the sidelines of the AFREXIMBANK Annual meeting in Nassau, Bahamas, Chike-Obi emphasized the importance of focused and sharp leadership in harnessing the continent’s strengths to achieve prosperity. He highlighted the need for Africa to identify areas of competitive …

The naira dipped slightly against the United States dollar on Thursday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1,485.36/$1 on Thursday. This is N2 higher than the N1, 483.02/$1 traded on Wednesday. The intra-day high and low recorded during the day were N1,495/$1 and N1,434/$1 respectively, representing a very thin spread …

Nigeria’s total public debt has increased by N24 trillion in the first three months of this year to reach N121.67 trillion. The Debt Management Office (DMO) revealed this in new data released on Thursday. This figure is up 24.99 percent from N97.34 trillion in December 2023. Nigeria’s public debt profile consists of the domestic and external debt stocks of federal …

The Federal Government is targeting at least N450 billion through its latest bond offering for June 2024. The Debt Management Office (DMO) disclosed this in a statement on Thursday in Abuja. The agency has announced a new date for the auction. The bond offering will be conducted via auction and consist of three different reopenings, each with different maturity dates …