Business

The Central Bank of Nigeria has raised the interest rate on the Fixed Deposit Facility (SDF) as part of its ongoing efforts to control liquidity in the banking sector. This becomes important after the money supply (CIC) hit an all-time high of N4.04 trillion in June 2024. Money and Credit data released by the CBN also showed that currency outside …

Nigeria’s Gross Domestic Product (GDP) rose by 3.19% year-on-year in the second quarter of this year. GDP growth, a parameter used to measure a country’s economic growth, is driven by the services and agriculture sectors. The National Bureau of Statistics (NBS) disclosed this in its Q2 GDP report released on Monday in Abuja. According to the report, the economy experienced …

Investing in real estate has always been a reliable path to wealth generation, especially in Nigeria, where the demand for land and property continues to increase due to rapid population growth. Among the various forms of real estate investment, building a warehouse on your land is a very profitable venture. What is a Warehouse? A warehouse is a large building …

Investors in the Nigerian equity market recorded a mixed trading week on the NGX floor with a loss of N2.45 billion as market capitalization fell to N55.12 trillion from N55.13 trillion the previous week. This follows a loss of N846 billion in the previous week. The exchange recorded losses on two of the five trading days of the week. Market …

In a shocking revelation, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised the alarm that foreigners, especially Indians, are taking over low-level jobs such as vulcanization and gatekeeping in Nigeria’s oil and gas sector, while Nigerians are battling unemployment. This disclosure was made by none other than Festus Osifo, President of PENGASSAN on Friday at …

The equity market rallied on Friday as investors gained N146 billion at the close of trading for the day. This follows the rise in share prices of stocks such as Oando, Total, and Cornerstone among others on the trading floor. After five hours of trading in the capital market, equity capitalization rose to N55.1 trillion from N54.9 trillion recorded by …

Nigerian integrated oil company Oando Plc has completed the acquisition of Eni subsidiary Nigerian Agip Oil Company (NAOC) for $783 million. The company disclosed this in a Corporate Disclosure sent to the Nigerian Exchange Group (NGX) on Thursday by Chief Compliance Officer, Ayotola Jagun. In a deal sealed at The Peninsula Hotel in London, Oando, which is listed on the …

The equity market continued its bearish sentiment on Thursday as investors lost N64 billion at the close of trading for the day. This follows the decline in share prices of shares such as TRANSCOHOT, CHAMS and ETERNA among others on the trading floor. After five hours of trading in the capital market, equity capitalization plunged to N54.9 trillion from N55.04 …

Investors in the Nigerian capital market lost N599 billion at the close of trading on Wednesday. This follows the decline in share prices of stocks such as UPL, OANDO, and NASCON among others on the trading floor today. After five hours of trading in the capital market, equity capitalization plunged to N53.04 trillion from N54.4 trillion recorded by the bourse …

Minister of State for Petroleum Resources, Heineken Lokpobiri, said on Wednesday that the Federal Government will continue to support local refineries in the country. Lokpobiri gave the assurance at the 2024 PENGASSAN Energy and Labour Summit in Abuja. He said the development of local refineries would increase crude oil production, boost domestic refining, reduce dependence on imported refined products, and …