Business

Investors in the Nigerian equity market enjoyed a profitable trading week earning N121.07 billion on Nigerian Xchange Group (NGX) as equity capitalization rose to N56.78trn from N56.46trn in the previous week. This follows an increase of N454.86 billion in the previous week. The stock exchange recorded gains on three of the five trading days of the week Market capitalization rose …

Speaker of the House of Representatives, Tajudeen Abbas, on Friday, reaffirmed Nigeria’s commitment to “deepening ties” with China, praising the Asian country for maintaining good relations with Nigeria over the past decades. Speaking at a reception to commemorate the 75th anniversary of the People’s Republic of China in Abuja, Abbas emphasized the importance of the recent China-Africa Cooperation Forum, and …

The Central Bank of Nigeria (CBN) on Friday announced the extension of the suspension of cash deposit processing fees in a move aimed at providing respite to Nigerians grappling with economic stress. The CBN disclosed this in a letter to banks and other financial institutions in the country signed by the Director of Banking Supervision, Adetona Adedeji, on Friday in …

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 …