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Naira closes week stronger at N1,534.72/$ 

Naira trades stable at ₦1361/$ as FX turnover rises

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34.3% of employed Nigerians trapped in poverty - Report

Power sector workers warn of crisis amid insecurity, poverty

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AGHAN suspends planned strike as NCAA moves to resolve

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Sahara Power pushes for digital electricity grid to fix

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Again, FrieslandCampina Wamco drags down NASD OTC market
Business

Why we invest in Nigeria’s dairy sector – Peak Milk maker

FrieslandCampina WAMCO has asserted that its product line includes only Nigerian-made goods and that Nigeria’s dairy sector is worth investing in. The managing director of WAMCO, Mr. Ben Langat, revealed this in an interview and added that FrieslandCampina WAMCO is Nigeria’s leading dairy company and that its flagship product, Peak Milk, is Nigeria’s leading milk […]

Dangote, Bill Gates meet Tinubu in Aso Villa
Business

Dangote, Bill Gates meet Tinubu in Aso Villa

Kazeem Owoseni President Bola Ahmed Tinubu is meeting with the Chairman of the Dangote Group, Alhaji Aliko Dangote and Bill Gates, co-founder of Microsoft, at the State House in Abuja. Reports revealed that the details of the meeting between the president and these two influential people were unknown Dangote revealed last week that he had […]

USAID promotes $205m investments in Nigerian agricultural enterprises
Business

USAID pledges $3m to African Water Facility

The African Water Facility has received a $3 million commitment from the United States Agency for International Development. According to Nairametrics, this was stated in a press release published on the website of the African Development Bank. A statement in the funding agreement revealed that the facility will support the planning of water and sanitation investment […]

ExxonMobil Nigeria names Shane Harris new chairman/MD
Appointments

ExxonMobil Nigeria names Shane Harris new chairman/MD

A major international oil company, ExxonMobil, has named Mr. Shane Harris as the new chairman, managing director, and chief country manager for its three Nigerian affiliates. Nairametrics reported that Richard Laing, a seasoned executive with more than 30 years of service to the organization, retired shortly after the decision was made. ExxonMobil emphasized the significance […]

FG owes N100bn electricity bill debt - Distributors
Electricity

New electricity tariff to begin July 1 — Report

Electricity tariff is set to increase by over 40 per cent in the coming days, a development which may eventually end all forms of energy subsidy in the country.   According to Guardian, the hike is expected to kick off from July 1, in spite of the government’s monthly subsidy of about N50 billion in […]

Russia and Africa
Business

Russia-Africa business synergy gains momentum – Report

Through the staging of bilateral and multilateral business conferences on both continents, there are signs that economic relations between Russia and Africa are advancing. Vanguard reported that earlier this month, the “Geopolitical transformation: challenges and opportunities for business” conference between Moscow and Algeria was held in Algiers, where the presentation of the second summit, Russia-Africa […]

Manufacturers warn price hikes to persist without solutions
Energy

How self-generated power costs manufacturers N144.5bn in one year

With the cost of self-generated power in the industry skyrocketing to N144.5 billion in 2022, up 87.13 percent from N77.22 billion in 2021, the near collapse of the public energy supply system has made doing business in Nigeria’s manufacturing sector more difficult. According to Vanguard, findings suggest that the problem might have gotten worse this […]

Banks dollar sale drops as naira falls to N1,479
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Stock market jumps by 5.5% as forex reforms begin 

The stock market increased by 5.5 percent last week as a result of the federal government’s launch of the Foreign Exchange market reform. Vanguard reported that on Wednesday, June 15, 2023, the government announced steps to liberalize the foreign exchange market. The initiatives included the abolition of all market segmentations and the elimination of numerous […]

FCT IRS warns contractors against tax remittance error
News

FCT IRS warns contractors against tax remittance error

Ministries, Departments, Agencies, and contractors operating in the Federal Capital Territory of Nigeria have been asked by the FCT-IRS to properly submit Withholding Tax. According to FCT-IRS, WHT for limited liability organizations is paid to the Federal Inland Revenue Service, whereas WHT for businesses and independent contractors is paid to either the state’s internal revenue […]

eNaira balances hit N2.5bn in 2022
News

CBN approves eNaira as payment option for diaspora remittance

The Central Bank of Nigeria announced that it has given recipients of diaspora remittances the opportunity to make payments using its digital currency, also known as the eNaira. Nairametrics reported that the decision, according to the apex bank, is part of its efforts to liberalize the distribution of diaspora remittances. This information is provided in the […]

Aliko Dangote
News

Tweeps react as Dangote loses Africa’s richest man to South-African billionaire

South African billionaire, Johann Rupert, has ousted Nigerian billionaire businessman, Aliko Dangote, to become Africa’s richest man.   According to Forbes Real-time Global Billionaires Ranking, Rupert’s net worth is currently $12 billion, while Dangote trails behind him with a net worth of $10.8 billion as of Friday, June 16, 2023.   It was reported that, […]

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