Business

Investors in the Nigerian equity market lost N37 billion at the close of trading on Friday. This follows the fall in prices of shares such as CAVERTON, NNFM, and UPL, among others, on the stock exchange floor today. After five hours of trading on the capital market, equity capitalization fell to N56.5 trillion from N56.6 trillion recorded by the exchange …

Abdul Samad Rabiu, Chairman of BUA Foods Plc, has leveled scathing accusations against competitors in the food industry, accusing them of deliberately creating shortages to raise prices. In a statement issued on Thursday, Rabiu revealed that his company faced significant challenges in maintaining lower product prices due to the actions of other manufacturers. Rabiu pointed out that the price of …

The Lagos Chamber of Commerce and Industry (LCCI) has issued a statement expressing cautious optimism regarding the recent small decline in Nigeria’s inflation rate. Although the headline inflation rate in August fell to 32.15 percent from 33.40 percent in July, the council warned that overall inflation conditions remained challenging. In a statement released on Thursday Dr. Chinyere Almona, Director General …

Nigeria has secured a $10 billion investment from ExxonMobil in Nigeria’s deepwater oil operations. This development was announced by Stanley Nkwocha, senior special assistant to the vice president for media and communications in a statement issued on Thursday, September 26, 2024. He disclosed that Shane Harris, chairman and managing director of ExxonMobil Affiliates in Nigeria, spoke about the investment plans …

The Federal Government of Nigeria has announced plans to implement Tax Identification Consolidation and Collaboration (TICC) to broaden the tax base, widen the tax net to create a level playing field for businesses. This development was announced by the Chairman of the Presidential Committee on Fiscal Policy Tax Reform, Taiwo Oyedele in a statement on his official account X yesterday. …

The Central Bank of Nigeria (CBN) has approved another sale of foreign exchange to qualified Bureau of Currency Exchange (BDC) operators at N1,590 per dollar to meet hidden transaction demand. The CBN’s Managing Director of Trade and Exchange Department, WJ Kanya disclosed this in a statement titled: “Sale of Foreign Exchange to BDCs to Meet Retail Market Demand for Qualified …

The National Bureau of Statistics (NBS) said on Wednesday that prices of beans, eggs, sweet potatoes and other food items rose significantly in August. The NBS stated this in its Selected Food Price Monitoring report for August 2024 released in Abuja. The bureau noted that the average price of 1kg of red beans increased by 271.55 percent from N692.95 in …

Investors in the Nigerian equity market made a gain of N104 billion at the close of trading on Tuesday. This follows a surge in the prices of stocks such as NIDF (Nigerian Infrastructure Debt Fund), FBNH (FBN Holdings Plc), and ELLAH LAKES (Ellah Lakes Plc) among others on the trading floor. After five hours of trading in the capital market, …

Private Business Development Center [CPPE] has warned that decisions taken by the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) will be detrimental to the economy. CBN Governor Olayemi Cardoso, who held earlier on Tuesday in Abuja, announced the committee’s decision to further raise the Monetary Policy Rate (MPR) by 50 basis points from 26.75% to 27.25% to tighten …

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has blamed excessive printing of the naira and other policies initiated by his predecessor, Godwin Emefiele, for the country’s current economic situation. He also cited the fall in oil prices in the international market as another cause of the problem. Cardoso stated this on Tuesday at a press conference at the end …