The African Development Bank (AfDB) has predicted that African economies will remain resilient with a stable outlook in 2023-2024, despite the tightening global financial conditions. The bank made this forecast in its latest Africa’s Macroeconomic Performance and Outlook (MEO) 2023 report estimated that Africa’s average GDP would stabilize at 4% in the next two years, up from […]
The Central Bank of Nigeria (CBN), on behalf of the Federal Government, is set to raise N1.13 trillion in treasury bills (TBs) in the second quarter of this year compared to the N926 billion it raised from the debt instrument source in the corresponding quarter of 2022. According to information posted on the apex bank’s […]
Nestlé Nigeria Plc, one of Nigeria’s leading nutritious food manufacturers, has reported N446.8 billion as revenue for its 2022 operations, representing 27.0% growth over the N351.8 billion it recorded in 2021 In its audited financial results, the company disclosed that in the year under review, its profit before tax (PBT) rose to N155.8 billion, representing […]
A panel of experts has shortlisted 11 promising small businesses in Africa in the second leg of MultiChoice Africa Accelerator programme and invited them to pitch to prospective international investors in Dubai. MultiChoice launched the Africa Accelerator programme in recognition of the critical role SMMEs play and has trained 29 businesses across 9 African countries […]
The Naira stabilized in its exchange rate against the US dollar at the black market on Wednesday, trading at an average of N760/$1, the same rate it traded on Tuesday. A few FX traders at the parallel market in the FCT linked the stability of the local currency’s exchange rate to slowing anxieties in the political […]
Nigeria’s active mobile subscriptions across the four major mobile networks rose to 225.8 million in January this year, representing a 1.7% increase when compared with the 222 million active lines recorded in December 2022. The latest report by the Nigerian Communications Commission (NCC) showed that the growth in mobile subscriptions was spurred largely by MTN, […]
Trading at the Nigerian Exchange (NGX) opened negative on Wednesday, 1st March, amidst buy-interests and sell-offs as bears dominated the session, thereby shrinking the broad market’s value Consequently, the equities market’s All-share Index (ASI) slumped by 0.53% to close at 55,508.61 points while the market capitalization declined by N162 billion to close at N30.238 trillion. […]
Seplat Energy Plc has reported a rise in its profit before tax (PBT) by 15.3% to N86.7 billion for 2022 financial year, from the N71 billion recorded in 2021. A corporate statement issued by the company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) on its audited results for the year […]
The Naira depreciated in its exchange rate against the US dollar at the black market on Tuesday, trading at an average of N760/$1, representing 0.26% appreciation from N758/$1 it opened the week with on Monday. Some FX traders at the parallel market in the Federal Capital Territory (FCT) spoken with by our correspondent attributed the local currency’s […]
The Centre for Law and Social Policy (CLASP) has estimated that if Nigeria complies with the United Nations Convention to eliminate mercury from products and processes, the country could save over $2.47 billion in fluorescent lighting phase-out by 2025. The organization’s Senior Manager, Climate, Colin Taylor, made this projection at an inception workshop with the ‘Minimum […]