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Tag: Economy

Vitafoam shareholders okay N1.95m dividend
Business

Vitafoam breaks five-year record with 2023 N52bn revenue

Vitafoam Nigeria Plc has recorded the most money from its operations this year, than in the last five years. The PUNCH reported that according to the Consolidated and Separate Financial Statements for the year ended 30 September 2023, which were released on the Nigerian Exchange Limited, the foam producer earned N52.986 billion in revenue, a […]

Nipco launches autogas dispensing station in Abuja
Oil and Gas

Nipco launches autogas dispensing station in Abuja

Nipco Gas Limited has announced the opening of an auto Compressed Natural Gas station in Kubwa, Abuja, which will supply affordable and ecologically friendly transportation fuel. The PUNCH reported that the station began operations over the weekend, according to the company, and it is an affirmation of the company’s desire to ensure widespread availability of car […]

Transcorp Hotels becomes first Nigerian firm to pass N1tn market cap
Business

Transcorp Hotel, tech firms record highest returns

Transcorp Hotels Plc provided investors with a higher return on investment in terms of capital gain in 2023 when compared to other companies listed on the Nigerian Exchange Limited. According to The PUNCH, the hospitality/tourism industry began the year at N6.25 per unit and completed the year at N70.18 per share. This amounted to a […]

FDI drops $471m in five years - NBS
Business

FDI drops $471m in five years – NBS

Foreign direct investments into Nigeria have decreased by $470.8 million over the last five years. This followed analysis of various National Bureau of Statistics Capital Importation reports. According to Investopedia, FDI is an investment in a foreign firm or project made by a foreign investor, company, or government. The NBS reported on Friday in its […]

Dangote refinery investors gain N1.2tn in two days
Oil and Gas

P’Harcourt refinery to supply 12 states

The Nigerian National Petroleum Company Limited has begun supplying crude oil for the Port Harcourt Refining Company Limited’s test run. The PUNCH reported that oil marketers confirmed the news, stating that the plant would sell refined Premium Motor Spirit, also known as petrol, Automotive Gas Oil, also known as diesel, and other products to 12 […]

LCCI predicts reduced inflation in 2024
Business

LCCI predicts reduced inflation in 2024

The President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, forecasts that the country’s inflation rate will decrease in 2024. The PUNCH reported that Idahosa who was speaking in an exclusive interview on Friday, blamed the loss of gasoline subsidies for the acceleration of inflation this year. According to the LCCI president, if governments at all levels […]

Stakeholders praise NSC over planned Nasarawa dry port
Business

Stakeholders praise NSC over planned Nasarawa dry port

Maritime players have applauded the Nigerian Shippers Council’s plans to build an inland dry port in Nasarawa State. The PUNCH reported that Rotimi Hassan, the Managing Director of Kaduna Inland Dry Port, Rotimi Hassan, praised the NSC’s decision. He said, “It is a good move by the government, but I would also advise the government to look […]

Companies that exited Nigeria amid economic challenges
Business featured

2023: Companies that exited Nigeria amid economic challenges

Throughout 2023, Nigeria’s business environment grappled with unprecedented challenges, chiefly influenced by the complexities of an election year. Uncertainties surrounding election outcomes and policy directions led investors to adopt a cautious stance, influencing significant long-term investment decisions. The year kicked off with artificial cash scarcity and a botched currency note redesign, initially hampering consumer spending. […]

Nigerian businesses to face worse economic conditions - PwC
Economy

Nigerian businesses to face worse economic conditions – PwC

PwC Nigeria’s financial analysts predicted that the effects of the government’s most recent economic changes will result in increased business expenses and decreased revenue for Nigerian companies. Nairametrics reported that the analysts who made this claim in a paper titled “Nigeria Economic Outlook” claimed that the medium-term real economic growth may be slowed by ongoing inflationary […]

Court strikes out N1bn suit against Buhari, Emefiele over Naira redesign
News

Emefiele: ‘Foreign investors may lose faith in Nigeria’s economy’

  By Wilson Adekumola   The Agbor professionals business Group has criticized the suspension of the Central Bank Governor, Mr. Godwin Emefiele, noting it can make foreign investor lost faith in Nigeria’s economy. The group made this disclosure in a statement signed by its coordinator Mr.Tony Ugbejie, explaining that this is becoming a pattern as […]

Minister of Labour and Employment, Chris Ngige
Business

Nigerians will not die of economic hardship – Ngige

The Minister of Labour and Employment, Chris Ngige, has stated that Nigerians will not die but adapt to the economic hardships in the country. In a statement issued on Sunday, he noted that economic hardships were not unique to Nigeria, but a global phenomenon caused by the COVID-19 pandemic and other economic crises. Ngige who […]

NNPCL fuel subsidy gains not fully remitted - World Bank
featured

How Nigeria can stabilize economy – World Bank

Increased oil revenues are one strategy the Nigerian government can use to regain macroeconomic stability, according to the World Bank. This was stated in the April 2023 Macro Poverty Outlook by the World Bank. According to this, the government may improve the economy by enacting some measures; Increase oil and non-oil revenues, tighten monetary policies to […]

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