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Domestic transactions on NGX hit record ₦10.68trn in July

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Promissory Notes debt climbs to N1.65tn in June 2024

The Federal Government’s Promissory Notes debt had risen to N1.65 trillion in June 2024, reflecting a 6.5% increase from March 2024. This marks a significant 114% rise since President Bola Tinubu took office. Promissory Notes are a form of domestic debt where the government issues a written commitment to repay a specific amount at a […]

Nigeria’s non-oil exports rise to $1.79bn in Q1 2025 – NEPC
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NPA directs shippers to setup empty containers’ storage

The Nigerian Ports Authority has instructed all shipping companies operating in the country to set up designated holding bays for the storage of empty containers following a stakeholders’ meeting in Lagos on Thursday. The companies are also tasked with coordinating the efficient return of these empty containers to the ports. This move is aimed at […]

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Oil prices fall amid demand concerns in China

Oil prices dropped on Friday, driven by concerns over weak demand in China, the world’s largest crude importer, as its economic recovery remains sluggish. Brent crude futures had fallen by 65 cents, or 0.9%, to $71.91 per barrel, while U.S. West Texas Intermediate crude was down 62 cents, or 0.9%, to $68.08. For the week, […]

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RMRDC, lawmakers move to curb locally sourced materials’ importation

The Raw Materials Research and Development Council of Nigeria is collaborating with lawmakers to pass legislation that would restrict the importation of raw materials that can be sourced locally. The bill, which has already passed its first reading in the National Assembly, aims to encourage local production and reduce reliance on imports. This emwas disclosed […]

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FX crisis stalls SMEs’ expansion, operators lament

Operators of Small and Medium Enterprises in Nigeria are expressing growing concerns about the feasibility of expanding their businesses due to a challenging economic climate. The foreign exchange crisis, which has heavily impacted import-dependent industries, is one of the key obstacles to growth. While Nigeria’s Gross Domestic Product showed a moderate increase of 3.19% in […]

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Sub-Saharan Africa requires global funding – IMF

The International Monetary Fund has stated that countries in sub-Saharan Africa require international funding to address key macroeconomic imbalances in the region. This was revealed during the presentation of the IMF Fall 2024 Regional Economic Outlook: Sub-Saharan Africa at the Lagos Business School on Thursday. During her presentation of the report an economist from the […]

Access Bank nears final stages of National Bank of Kenya acquisition
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Access Bank to acquire Mauritius lender’s majority stake

Access Bank has announced an agreement to acquire a majority stake in Afrasia Bank Limited, the fourth-largest bank in Mauritius, with total assets of $5.7 billion as of mid-2024. The acquisition, disclosed in a corporate notice by Access Holdings Plc to the Nigerian Exchange Limited, on Thursday will allow Access Bank to leverage Mauritius as […]

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FG approves 2025-2027 medium-term expenditure framework

The Federal Government has proposed a budget of N47.9 trillion for the 2025 fiscal year. This was disclosed by the Minister of Budget and Economic Planning, Atiku Bagudu, after a Federal Executive Council meeting led by President Bola Tinubu on Thursday. Bagudu also revealed that the council approved the Medium-Term Expenditure Framework for the 2025-2027 […]

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NNPC hits 1.8mbpd in crude output, eye 2mbpd by Dec

The Nigerian National Petroleum Company Limited has announced it has successfully ramped up crude oil and gas production to 1.8 million barrel per day and 7.4 billion standard cubic feet of gas per day. This was disclosed in a statement by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, on Thursday. NNPCL also stated that […]

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Copper prices drop below $9,000

Copper prices fell below $9,000 per ton, marking their lowest level in two months, as the U.S. dollar continued to strengthen following the recent election results Copper futures on the London Metal Exchange have fallen nearly 9% since November 5, driven by the stronger U.S. dollar following Donald Trump’s re-election. Traders are anticipating a prolonged […]

Spotify expands audiobook, lure authors with with new publishing program
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Spotify eyes $1.5bn annual profit

Spotify is set to achieve a milestone $1.5 billion operating profit for 2024, marking the streaming giant’s first-ever profitable full year. According to the company’s third-quarter financial report, released on November 12, Spotify’s strong performance is largely driven by significant growth in premium subscriptions and ad-supported revenue. As of the end of Q3 2024, Spotify’s […]

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Multichoice Group writes off N31.6bn in defunct Heritage Bank

Multichoice Group has confirmed that it has written off the N31.6 billion ($21 million) in cash it held with the recently liquidated Heritage Bank. This information was disclosed in the company’s financial results for the six months ending September 30, 2024. The Group had in its FY 2024 annual report, released in June, reported a […]

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