A new report by PriceWaterhouseCoopers (PwC), a global accountancy and auditing consulting firm, has estimated that Africa will require about $2.6 trillion to drive energy transition and bridge its widening energy gap over the next 30 years. The firm, in its latest ‘Africa Energy Review 2022’, indicated that the continent was not likely to achieve […]
Investment analysts at Bancorp Securities Limited, one of Nigeria’s investment research firms, on Monday projected that trading in the nation’s equities market would be upbeat ahead of investors’ expectations towards the third quarter earnings reports by listed entities. Specifically, in the firm’s ‘Weekly Stock Recommendations: Oct 17th – Oct 21st 2022’ sourced by our correspondent, […]
The National Bureau of Statistics (NBS), the coordinating agency for Nigeria’s statistical system, reported on Monday that the nation’s Consumer Price Index (CPI), which measures inflation rate, surged to 20.77 percent in September year-on-year (Y-o-Y), representing the highest rate in the past 17 years. The statistics agency, in its latest Consumer Price Index (CPI) September […]
Nigeria’s currency, the Naira, on Monday sustained its weakening value trend at the foreign exchange (FX) market over the past few days, exchanging at N742/$1 during the early morning trading at the parallel market. The latest exchange rate of the local currency indicated a further slide in its exchange value for the dollar by about […]
The Advertising Regulatory Council of Nigeria (ARCON) has estimated that the nation’s advertising industry is losing over N120 billion annually to production of advertising, advertisement and marketing communication materials outside the country. The Director-General of ARCON, Dr. Olalekan Fadolapo, who gave this figure in a statement, pointed out that the development had continued to impact […]
The new British Chancellor, Jeremy Hunt, has scrapped his predecessor’s plans to reduce the tax paid on dividends. In his mini-budget at the end of September, Kwasi Kwarteng announced that he would be rolling back Rishi Sunak’s plans to increase the basic rate of tax paid on dividends from 7.5% to 8.75%. A news report […]
The Nigerian equities market closed trading activities on a positive note on Friday due to price appreciation in GTCO, ZENITH, and others. Consequently, the Nigerian Exchange Limited All Share Index (NGX ASI) and the Market Capitalization increased by 0.09%, while the Year-to-Date return stood at 11.36%. The All Share Index closed at 47,569.04 against the […]
The United States Consulate and Nigerian Exchange Limited (NGX) on Friday announced their decision to collaborate on boosting investments and trade between Nigeria and the United States. The partnership was made public at the Closing Gong Ceremony held to commemorate the US Consul General’s courtesy visit to NGX on Friday, 14 October 2022. In his […]
The Board of Directors of the African Development Bank (AfDB) Group has approved an unfunded $75 million trade finance Risk Participation Agreement facility for FirstRand Bank Limited (FRB). The approved facility will enhance FRB’s ability to underwrite trade finance transactions originating from issuing banks in several countries, including transition states and low-income countries across Africa. […]
Phoenix, a browser-derived super app, has announced the successful closure of a 100 million USD Series-A fundraising round which featured a renowned sovereign fund and other previous strategic investors, including top internet entities and tech-focused funds. Since its Nigeria launch in late 2019, Phoenix has served over 400 million users in Africa, Asia, and Latin […]