Business

Nigeria’s average daily crude oil production rose to 1.27 million barrels per day (mbpd) in June 2024, the latest data from the Organization of the Petroleum Exporting Countries (OPEC) showed. According to the Monthly Oil Market Report (MOMR) released on Wednesday, July 10, 2024, the oil cartel said the production data was based on direct communication with Nigerian authorities. This …

In the wake of the COVID-19 pandemic, there has been a marked increase in international trade and a greater reliance on digital commodities and e-commerce around the world. The importance of cross-border payments—financial transactions in which the payer and recipient are located in different countries—has been highlighted by this shift. This blog post explores the ins and outs of cross-border …

Nigeria’s equity market continued its negative trend on Tuesday as investors lost N113 billion at the close of trading for the day. This follows the suspension of trading in some shares by the Nigerian Xchange Group (NGX) for failing to file its 2023 audit results. NGX Issuer Regulatory Department Head Godstime Iwenekhai, in a statement on Monday, announced the suspension …

The Senate on Tuesday called for increased budget allocations to the Securities and Exchange Commission (SEC). Chairman of the Senate Committee on Capital Markets, Osita Izunaso, made the call when SEC Director-General, Dr. Emomotimi Agama, appeared before the committee to defend the commission’s 2024 budget. He said the Rp22.40 billion budget allocated for the commission in the 2024 budget was …

The Federal Airports Authority of Nigeria (FAAN) said on Tuesday only three of Nigeria’s 22 airports were profitable. FAAN Managing Director, Olubunmi Kuku, made the remarks while appearing on Channels TV’s breakfast programme, The Morning Brief. He said authorities were providing cross-subsidization at 19 other airports and would continue to do so for several new airports under development. Kuku said: …

The equity market started the week on a negative note as investors recorded losses of N8 billion at the end of the trading session on Monday, July 8, 2024. This follows the decline in stock prices such as PZ, CWG, CHAMS and others on the trading floor today. After five hours of trading on the capital market, equity capitalization decreased …

Tracka, a subsidiary of BudgIT, lamented that Nigeria allocated N732 billion for unclear empowerment projects in the 2024 budget. The figure, the organization regretted, was higher than the Rp646.5 billion allocated for health projects in the budget. Tracka chief Ayomide Ladipo revealed this in his statement on Sunday. Tracka asserts that Nigerian empowerment projects are opaque and difficult to track …

In an effort to curb soaring food prices, the federal government has announced a suspension of duties, tariffs and taxes on imported food commodities. This development was announced in a statement on Monday, by Abubakar Kyari, Minister of Agriculture and Food Security. He stressed that duties, tariffs and taxes on imported corn, brown rice, wheat and peas — through land …

Vice President of Oil and Gas, Dangote Industries Limited (DIL), Devakumar Edwin, has reiterated the company’s promise that it will commence production of premium motor spirit (PMS), this month (July). Devakumar reiterated the pledge while speaking to media persons during a visit by officials of international financial analysis firm, S&P Global, to the Dangote Refinery in Ibeju-Lekki, Lagos as part …

Nigerian banks lost N468 billion to fraud in the first quarter of 2024. This represents a decrease of N1.62 billion when compared to N2.09 billion recorded by the bank in Q3|2023. The Financial Institutions Training Centre (FITC) disclosed this in its Report on Fraud and Fraud in Nigerian Banks for Q1 2024 released on Monday. According to the report, Nigerian …