Business

The money supply in Nigeria increased to N64.9 trillion in July 2023, the money and credit statistics report obtained from the Central Bank of Nigeria (CBN) on Tuesday showed. According to the report, the money supply rose by N600 billion or 0.93 per cent from the N64.3 trillion recorded in June of the same year. Although this falls short of …

The World Bank said Nigeria accounted for the highest remittance flow into Sub-Saharan Africa in 2022, as the continent recorded an estimated $52.9 billion. According to a report titled; ‘Remittances Remain Resilient But Are Slowing’, which covered 2022, and obtained on Wednesday, it was disclosed that Nigeria accounted for $20.1 billion. This represents 38 per cent of the total remittance …

In a strategic move that echoes the visionary leadership of Mr. Prateek Suri, MDR Investments An investment arm of Maser Group , the influential arm of the Maser Group, is making headlines in the world of mergers and acquisitions. Backed by Mr. Suri and prominent African investors like Kingmaker Mr. CHIGOZI , MDR Investments is set to embark on a …

The African Development Bank (AfDB) says its total portfolio in Nigeria currently stands at $4.4 billion. The portfolio is for development projects. In his opening remarks at the Joint Country Portfolio Performance Review (CPPR), the Director General for Nigeria Country Department, AfDB, Lamine Barrow, who stated this Friday in Abuja added that there have been significant improvement in the portfolio performance. …

A study has shown that commonwealth countries will witness about 63% negative effect on their Gross Domestic Product (GDP) due to climate change. HELEN OJI reports. This study conducted by Christian Aid (CA) an international charity organization, highlights the amount of damage caused to these countries GDP by climate change, compared to a scenario where climate change has little effects …

Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to put the continent’s diversity and rich culinary traditions on the centre-stage with the highly anticipated ‘Tastes of Africa Food Festival.  The UBA Tastes of Africa Food Festival is a vibrant celebration of the continent’s cuisine, culture, and diversity as it reflects its remarkable history and cultural tapestry and …

The Akwa Ibom State Internal Revenue Service has sealed the two branches of Keystone Bank and another one belonging to Heritage Bank for their alleged failure to remit outstanding tax liabilities of N228.6m to the state government. The banks were shut down on Thursday during an exercise conducted by the board’s Enforcement and Recovery Department, following an order of Notice …

Polaris Bank’s CEO, Adekunle Sonola, has urged the Nigerian government to prioritize legal policy and reforms for sustained economic growth. Sonola made the call in a presentation he delivered at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch which held at the weekend in Lagos themed: “Favourable Investment and Business Environment Through Legal Policy & Reforms”. …

On Monday, the Nigerian stock market recorded 0.74 per cent appreciation in the equity capitalisation, representing N262.52 billion gain. This raised the market capitalisation from N35.42 trillion reported on Friday, to N35.68 trillion at the close of trading today. The All-Share Index inched higher by 481.32 basis points to 65,202.41 ASI, from 64,721.09 ASI. Also, about 231.59 million shares, valued …

President Bola Tinubu on Wednesday rang the closing bell at the Nasdaq Stock Market in New York. Tinubu, who was accompanied to the ceremony by the President of the United States-Africa Business Center (USAfBC) at the U.S. Chamber of Commerce, Scott Eisner, urged the American business community to invest in Nigeria’s “bubbling market.” The ceremony held at the Nasdaq headquarters …