Nigeria’s headline inflation rate accelerated for the sixth consecutive time to 22.79 percent in June 2023, according to data by the National Bureau of Statistics released Monday. The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 percent in June 2023 from 22.41 percent in the previous month. The NBS […]
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During his May 29 inaugural speech, President Bola Tinubu gave a clear indication of the economic direction his administration would go. It was not surprising when the Central Bank of Nigeria (CBN) quickly adjusted to the new direction. Swiftly, the apex bank floated the foreign exchange rate at the Import and Export (I&E) window, which […]
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Access Bank Plc has taken a bold step in expanding its strategic presence in Africa with the acquisition of Standard Chartered’s majority shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone. Access Bank is also set to take over Standard Chartered’s Consumer, Private and Business Banking (“CPBB”) business in Tanzania. The Nigerian […]
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The Chief Executive Officer of the Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, has charged the Central Bank of Nigeria (CBN) to put measures in place to check high market volatility that has trailed official foreign exchange (FX) trading since June 14, when the current model was adopted. The caution comes as […]
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Access Bank, Africa’s leading financial institution, has declared open applications to the next cohort of its tech-driven scholarship programme, Advance Africa. Launched in 2022 in partnership with Udacity to provide in-demand digital skills to young, vibrant African youth working to transform Africa’s economy through digital reform, Advance Africa has trained over 10,000 people through its […]
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• GDP growth slows to 2.3 percent in first quarter • Growth claim not real, economists push back • Manufacturing not affected by interest rate hike, Ife claims • Global shocks weigh heavily on African economies, report insists Yesterday was a tough day for the economy with the National Bureau of Statistics (NBS) confirming slower […]
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Amid efforts to boost dairy production in the country, the Federal Executive Council (FEC) has approved the National Dairy Policy to guide the operations of this agriculture sub-sector’s value chain. The Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, disclosed this yesterday, at a media briefing to commemorate the 2023 World Milk Day. Abubakar […]
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Day in and day out, Africa has suffered from power outages and shortages that have seriously affected the work and lives of residents. They can barely do anything once it gets dark, so energy storage products and solar home systems are urgently needed to help them out of this situation. BLUETTI, a market leader in […]
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The Cocoa Farmers Association of Nigeria, CFAN, has expressed its willingness to work with the incoming administration of Bola Tinubu to improve the cocoa industry in the country. It said cocoa farmers expected a lot from the administration of Tinubu but said it would work with the administration to bring about regulations for the cocoa […]
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• Convertible, inter-company loans on increase • Six firms raise N364b from capital market in five years • High cost of borrowing weighing on real sector, operators warn • Stockbrokers task incoming administration on cost of borrowing, inflation • SMEs in limbo, pay as much as 32% on commercial loans Rising interest rates, devaluation, and […]
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