Business

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 …

Conoil, Oando, GTCO, Zenith Bank top the list of stocks to watch this week as investors start trading in the second half of the year. Nigerian equity markets plunged in three of the five trading sessions as the benchmark All-Share Index (ASI) fell -0.04% to close at 100,022.03 points from 100,057.49 points in the previous week. Investors lost N20.75 billion …

As the deadline of July 7, 2024 issued by the Corporate Affairs Commission (CAC) to Point of Sales (PoS) operators in Nigeria to register their businesses has expired, the Commission has extended the registration process for an additional 60 days. According to the commission, this extension is necessary to provide sufficient time for Operators, especially those in remote areas who …

Lagos State, Nigeria’s economic hub and Africa’s largest city, is a bustling and rapidly growing place with huge potential for real estate investment. As a major hub for business, finance and culture, Lagos offers many opportunities for savvy investors looking to profit from the city’s growth. This article will discuss the factors that indicate market potential in Lagos’ real estate …

It has been a forgettable week for investors in the Nigerian equity market after suffering a cumulative loss of N2.75 billion in the just ended trading week. The exchange recorded losses on three of the five trading days and made profits on two trading days. Market capitalization dropped to N56.58 trillion from N56.60 trillion the previous week as the All …

Nigeria’s Finance Minister, Wale Edun, has reiterated his country’s commitment to implementing the Economic Community of West African States (ECOWAS) single currency, ECO. This is despite recent setbacks, with the convergence rate among member states falling to 29.2% in 2023, well below the adoption target. Edun’s remarks, delivered during a virtual high-level committee meeting on Friday, signaled a renewed push …

Nigeria’s Minister of Innovation, Science and Technology, Uche Nnaji, on Friday, announced plans to develop domestic ethanol production using cassava as a feedstock. The initiative, marked by a Memorandum of Understanding between Montserrado Investments and the Federal Institute of Industrial Research Oshodi (FIIRO), aims to establish a cassava-based ethanol plant in Ekiti State. The project promises two benefits: economic and …