We’ve invested over $25bn in Nigeria’s oil, cement, sugar – Dangote
The Chairman of Dangote Group, Aliko Dangote, has stated that that his business conglomerates have invested over $25 billion in Nigeria over the past seven years. This investment spans various…
UBA posts N401.5bn in half year pre-tax profits
United Bank for Africa has announced its 2024 half-year earnings, declaring a pre-tax profit of N401.5 billion, slightly down from N403.6 billion reported in the same period last year. The…
Adesina outlines key recommendations for strengthening African economies at UNGA
The African Development Bank President, Akinwunmi Adesina has outlined several recommendations for the international community to support the economic growth of African nations. He emphasized the importance of increasing investments…
Exchange rate for customs duties drops to N1,637/$
The exchange rate for customs duties collection has decreased to N1,637 per USD, down from N1,666 per USD recorded last week. According to the customs exchange rate portal, the foreign…
Nigeria not among heavily indebted developing nations – Yusuf Tuggar
The Minister of Foreign Affairs, Yusuf Tuggar, has said that Nigeria’s debt-to-GDP ratio suggests the country is not one of the most heavily indebted developing nations. Tuggar disclosed this during…
BVN enrollment hits 63.4m amid regulatory push
The number of Bank Verification Number enrollments by bank account holders in Nigeria has seen a notable increase, reaching 63.4 million as of September 2024. This growth was recently disclosed…
ByteDance sources AI chips from Huawei amid US export ban
TikTok's parent company, ByteDance, is shifting its AI chip sourcing to domestic supplier Huawei Technologies, as U.S. export restrictions push the Chinese tech giant to seek alternatives for advanced hardware.…
Spotify restores service after brief outage
Audio streaming platform Spotify on Sunday, experienced a significant outage that lasted approximately three hours, impacting over 40,000 users in the United States at its peak, according to Downdetector.com. The…
How Nigeria can hit $1tn economy – BOI
The Bank of Industry has stressed the importance of enhancing Nigeria's production capacity to reach a one trillion-dollar economy by 2026. The bank believes that boosting manufacturing and production capabilities…
FG’s debt to CBN increases by over N11tn
The Central Bank of Nigeria announced that credit to the Federal Government rose by N11.33 trillion, or 57.11%, reaching N31.15 trillion in August, up from N19.83 trillion in July. The…
Consumers oppose minister’s claim of 20-hour daily power supply
Electricity Consumer Protection Advocacy Centre has voiced strong opposition to the Ministry of Power's assertion that over 40 percent of Nigerians now receive up to 20 hours of daily electricity…
Naira-for-crude deal starts Tuesday – Tinubu panel
The Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced on Sunday that the Nigerian National Petroleum Company Limited will begin supplying crude oil in naira to…
