Tag: Business

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

11May

By adminNo Comments

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

Nigeria's President, Bola Tinubu, unveiled ambitious plans for the local production of solar panels and electric vehicle (EV) batteries, positioning the nation as a manufacturing powerhouse within Africa. The declaration, made during the inauguration of Nigeria's largest lithium processing plant in Lafia, Nasarawa State, marked a significant milestone in the country's quest for energy independence and economic growth. Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity), underscored the importance of this development, citing it as a testament to Nigeria's attractiveness for foreign investment. "This inauguration signifies Nigeria's appeal for foreign investment and its commitment to becoming a key player in the renewable energy sector," Ngelale stated. Presi...

Binance CEO Faults Arrest of its Execs in Nigeria

8May

By adminNo Comments

Economy, Finance, News, Nigeria

Binance CEO Faults Arrest of its Execs in Nigeria

The CEO of Binance, one of the world's largest cryptocurrency exchanges, has condemned Nigeria's recent arrest of its executives, labeling them as a dangerous precedent. This outcry comes after two of Binance's executives who were invited by the government ended up being detained. The Nigerian took this action as part of a crackdown on crypto-related activities. Richard Teng, the CEO, expressed his dismay at the detention of Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen. He also highlighted the case of Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, who fled Nigeria in March. According to Teng, the ordeal began with meetings between Binance representatives and Nigerian authorities in January. However, matters escalated during a su...

3May

By adminNo Comments

Economy, Finance, News, Nigeria

Naira Declines in May Trading Session

In the opening trading session of May at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the US dollar. This marks a decrease of 0.83% from the previous close of N1,390.96 in April, according to market data from the Financial Markets Dealers Quotations (FMDQ). Throughout the trading day, the Naira witnessed fluctuations, reaching a peak of N1,445 and a low of N1,299.42 against the dollar. This significant spread of N145.58 reflects the volatility observed in the forex market. Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, totaling $232.84 million, up from $225.36 million on the preceding Tuesday. In contrast, the parallel market saw the Naira weakening further, drop...

Oil Marketers Want Further Price Review as Petrol Prices Soar

24Jul

By adminNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

Oil Marketers Want Further Price Review as Petrol Prices Soar

Nigeria's oil marketers have asserted that the current petrol prices in the country do not accurately reflect the market reality and are projecting yet another price review this month. This comes less than two months after the price of petrol was increased from N189 per litre to N500. The situation has sparked outrage from the public, leading to criticism from various quarters. Recently, some filling stations operated by the Nigerian National Petroleum Corporation (NNPC) increased their pump prices of petrol from N537 per litre to N617 per litre across the country. This development has further exacerbated the already strained situation for consumers and businesses. Tunji Oyebanji, a former Chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, expressed his co...

Slip of the Naira at the I&E Window Continues on Wednesday

22Jun

By adminNo Comments

Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This m...

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

21Jun

By adminNo Comments

Economy, News, Nigeria, Tanzania, United States of America

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

Earlier this week, news broke that Aliko Dangote was moving 60% of his family investment to the US.Two days after, we saw him in Tanzania promising to increase his investment in the country because he wants to support the new president, whose business decisions have been investment friendly. I am happy for him. He has sense. But as a businessman, I am not sure Dangote is a model. Don't take my word for it. Let the data speak: In October 2016, Dansa, Dangote's fruit juice company packed up because it wasn't making profit. It closed shop, owing its workers 6 months salary. He also started a $13 million tomato processing plant in March 2016 and closed shop in August 2017, saying it was because of "importation of tomato paste, shortfall in the supply of fresh tomatoes and power fa...

CBN Grants Banks Authority to Trade Foreign Exchange Freely

14Jun

By adminNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his in...

<strong>Nigeria To Spend 60% of Revenue On Debt Servicing In 2023 – Finance Minister</strong>

19Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Nigeria To Spend 60% of Revenue On Debt Servicing In 2023 – Finance Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the country intends to reduce its debt service-to-revenue ratio to 60 percent this year. Ahmed stated this during an interview with Bloomberg TV on the sidelines of the World Economic Forum in Davos on Wednesday. Recall that Nigeria recorded a debt service-to-revenue ratio of 80.6 percent in 2022 -a figure much higher than World Bank’s suggested 22.5 percent for low-income countries such as Nigeria. The International Monetary Fund, IMF, had predicted that Nigeria may spend almost 100 percent of its revenue on debt servicing by 2026. Commenting on the development, Ahmed while agreeing that the current ratio isn’t sustainable, said that the country is making effort to reduce its revenue spendi...

<strong>Redesigned Notes Stain Plain White Surfaces – NSPM</strong>

7Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Redesigned Notes Stain Plain White Surfaces – NSPM

The Nigerian Security Printing and Minting Plc, NSPM, has enlightened Nigerians on some features of the newly redesigned naira notes in order to clarify concerns about the quality of the notes. The Managing Director of NSPM, Ahmed Halilu, in a statement released on Friday, stressed the need to educate citizens on the features of the new notes. The statement partly read, “The attention of the Nigerian Security Printing and Minting Plc has been drawn to various clips, skits, concerns, and comments on various platforms regarding the quality of the redesigned banknotes that were recently unveiled and issued by the Central Bank of Nigeria. “As the nation’s foremost security printing and minting company saddled with the responsibility of producing the country’s currency (naira), we...

<strong>BREAKING: Buhari Signs N21.83 Trillion 2023 Budget</strong>

3Jan

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

BREAKING: Buhari Signs N21.83 Trillion 2023 Budget

President Muhammadu Buhari has signed the 2023 Appropriation Bill into law. The President signed the 2023 transition budget in the early hours of Tuesday at the Council Chambers of the Presidential Villa, Abuja. The budget was signed in the presence of the Vice President, Yemi Osinbajo, Senate President Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, and other members of the Federal Executive Council. President Buhari in his speech at the event said his administration would expedite important infrastructure projects across the country as he approaches the end of his tenure on May 29, 2023. He said that the budget is N21.83 trillion aggregate expenditure, marking an increase of N1.32 trillion over the previous executive proposal of N20.51 trillion. ...