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Tag: Nigeria

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 […]

Nigeria, Saudi sign MoU on energy cooperation
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Nigeria, Saudi sign MoU on energy cooperation

  Nigeria and Saudi Arabia inked a Memorandum of Understanding to enhance cooperation, information exchange, and technology transfer in the oil sector. According to The PUNCH, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, represented the Federal Government, and Prince Abdulaziz bin Salman, the Energy Minister of Saudi Arabia, signed for his country. […]

Nigeria remains safe investment destination, says finance minister Edun Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s position as a secure and promising destination for investment, citing ongoing reforms and renewed economic momentum. Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun highlighted the government’s commitment to fiscal stability and structural reforms aimed at revitalising the economy. “One of the reasons for the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) is to increase production and reduce costs,” Edun said, adding that the administration is also intensifying efforts to diversify the economy and attract private sector participation. According to the minister, the government is focused on optimising state-owned assets to close budgetary gaps and remains committed to upholding the sanctity of contracts — a principle key to building investor trust. “We are committed to stabilising the economy so the private sector will find it attractive to invest,” he said. “Our goal is to ensure fiscal congruence and support sustainable growth.” Edun outlined President Bola Tinubu’s reform agenda, which he said is already producing positive signs of recovery. These include narrowing budget deficits, a stabilising exchange rate, and an improved trade balance. “The economy is showing signs of growth. We are targeting seven per cent annual growth, and the policies we’ve implemented have laid the groundwork to achieve this,” he stated. He identified agriculture as a top priority, emphasizing the importance of boosting local production across the entire value chain to enhance food security. “We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate,” Edun said. Highlighting digital infrastructure as another cornerstone of economic growth, the minister revealed that 90,000 kilometres of fibre optic cable have been deployed nationwide to strengthen connectivity and support Nigeria’s growing tech ecosystem. In addition, 4,000 kilometres of roads have been put forward for private sector participation, with 1,000 kilometres already approved for delivery. Meanwhile, Central Bank Governor Yemi Cardoso echoed Edun’s optimism, noting that the government's tough economic decisions are starting to yield results. “The difficult reforms undertaken have begun to bear fruit,” Cardoso said. “We’ve managed to stabilise the macroeconomy. Fitch’s recent upgrade of Nigeria’s credit rating reflects the progress we’re making.” He acknowledged the challenges of the past 18 months but stressed the administration’s resolve to build a stronger, more resilient economy. “This is about building trust and moving forward with confidence. If we stay the course, we will achieve our goals,” he concluded.
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Nigeria approach World Bank for $1.5bn budget support loan

The Federal Government of Nigeria has confirmed ongoing negotiations with the World Bank for a significant $1.5 billion budget support loan. According to The PUNCH, this announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press conference at the World Bank/International Monetary Fund Annual Meeting […]

ACCI, Turkish investors to create one million jobs in Nigeria
News

ACCI, Turkish investors to create one million jobs in Nigeria

By Bisola David   The Abuja Chamber of Commerce and Industry partnered with Turkish investors through Turquaz Health Tourism on Friday, to generate one million employment in Nigeria. The Punch reported that the Turkish investors will work with Nigerian companies in a variety of industries, including health, energy, infrastructure, and education. At the ACCI offices in Abuja […]

Logistics company Kobo360 names Cikü Mugambi new CEO
News Tech

Logistics company Kobo360 names Cikü Mugambi new CEO

Nigerian logistics company Kobo360 announced the appointment of Cikü Mugambi as the new CEO after its founding CEO Obi Ozor was named transport commissioner in Enugu. The company’s Board of Directors announced Mugambi, who was formerly the company’s COO as Ozor successor. After working with the International Finance Corporation, Next Billion Growth, and KPMG, Mugambi […]

Spotify AI DJ now available in Nigeria
News Tech

Spotify AI DJ now available in Nigeria

Spotify is now extending its artificial intelligence-driven personalised music function, “DJ,” to Nigeria and other countries, marking a significant expansion six months after its debut in North America. The AI-powered DJ makes personalised music recommendations to users and also provides spoken commentary in a robotic voice. The “music” feed section of the Spotify mobile app […]

Snap unveils new lens studio tools for AR creators
News Tech

Snapachat removes subscription for dark mode

Snapchat has removed the paywall for dark mode on Android after previously requiring users to have a Snapchat+ subscription in order to access the functionality. iOS users have had free access to dark mode since 2021. Earlier this year, Snapchat only made dark mode accessible to Snapchat+ subscribers on Android devices. Snapchat’s subscription service attracted […]

GSK to halt operations, exit Nigeria
featured News Tech

GSK to halt operations, exit Nigeria

GlaxoSmithKline Consumer Nigeria PLC has been notified by GSK UK Group of its strategic plan to stop selling its prescription drugs and vaccines in Nigeria. The company released this information via a formal statement that was sent to the Nigeria Exchange Limited and was signed by the company secretary, Frederick Ichekwai. The company stated in […]

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