In recent years, Nigeria has witnessed an increasing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility, and rising operational costs. The latest company to announce its departure from Nigeria is South African grocery retailer Pick n Pay, which confirmed on Monday that it will exit […]
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The Chief Economist at SPM Professionals, Paul Alaje on Friday warned the Federal Government to be careful with advice given by global financial institutions like the World Bank and the International Monetary Fund (IMF). He warned during an interview an Channels Television’s Politics Today, saying that adhering to sweet talk by the institutions could lead […]
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Nigeria’s total public debt stock surged by N12.6tn in three months to N134.3tn ($91.3bn) by the end of the second quarter of 2024, The PUNCH reports. This is a 10.35 percent increase from the N121.7tn ($91.5bn) recorded in the first quarter of this year. The rise has been attributed primarily to the devaluation of the […]
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Agency Report The Poultry Association of Nigeria, Lagos State, and other stakeholders in the sector have lamented the incessant hike in the price of eggs while calling for the Federal Government’s intervention. They also expressed concern that eggs, which used to be the cheapest source of protein, were becoming unaffordable for many Nigerians. They made […]
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Chairman and Managing Director Chevron Nigeria Limited, Jim Swartz Chevron Nigeria Limited, a subsidiary of Chevron Corporation, has announced the discovery of a new oil field estimated to hold 17,000 barrels of oil per day. This discovery comes amidst plans by international oil companies to divest their investment from onshore to offshore. According to a […]
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The World Bank has said that Nigeria, Angola, and Sierra Leone, with double-digit inflation and weakened domestic currencies, will maintain a high interest rate for a long period and may even increase it. The bank said that in its latest Africa’s Pulse report, where it focused on how the inflation outlook varied across countries on […]
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The Central Bank of Nigeria has commenced a re-validation exercise to ascertain complaints of manufacturers and importers over foreign exchange claims worth $2.4bn. The CBN Governor, Olayemi Cardoso, disclosed this while speaking to the business community at a special summit dinner organised by the Nigerian Economic Summit Group, on Tuesday night in Abuja. He said […]
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The Naira depreciated at the unofficial market on Wednesday as it traded at 1,705/dollar, according to Bureau De Change operators in Lagos and Abuja. A BDC operator in Lagos, Aliyu Sani, told The Punch that he sold dollars for N1705, and bought at 1,695/$. In Abuja, the rate was lower at N1,700. A currency trader, […]
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The Nigerian stock market extended its positive momentum on Tuesday, October 15, 2024, posting a 0.33 percent gain. This gain added N197 billion to investors’ portfolios. The stock market capitalisation, which opened at N59.510 trillion, closed higher at N59.707 trillion. The All-Share Index (ASI) also rose by 0.33 percent, advancing by 326 points to close […]
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The naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024. This was according to the latest edition of Africa’s Pulse, a new report by the World Bank. As of the end of August 2024, the naira had depreciated by approximately 43 percent year-to-date, making it one of the region’s weakest currencies […]
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