Category Archives: Business

The Nigerian Ports Authority (NPA) says the habours departments of Onne and Calabar ports have secured the International Standard Organisation(ISO) certification. Managing Director of NPA, Mohammed Koko, disclosed on Tuesday at the Presidential Villa, Abuja, while featuring in the 55th session of State House Briefing organised by the Presidential Communications Team. Koko said that suchContinue reading “Onne, Calabar ports ISO certified—NPA”

Executive Vice Chairman(EVC) of Nigerian Communications Commission(NCC), Prof. Umar Danbatta said technology-driven telecommunications industry has contributed $70 billion to Nigeria’s economy. Danbatta said that the industry had provided over 500,000 jobs in the public and private sectors and improved the lives of millions of Nigerians. He made this disclosure in his keynote speech at aContinue reading “Telecom industry contributes $70b to nation’s economy, creates 500,000 jobs – says Danbatta”

By Yinka Kolawole Retail Supermarket Nigeria Limited (RSN), owners of Shoprite Nigeria, has reopened of its store in Circle Mall in Jakande area of Lekki, Lagos State, 24 months long after it’s forced closure following a series of looting incidents which occurred on the heels of the nationwide #EndSARS protest in 2020. The Circle Mall storeContinue reading “Shoprite reopens mall 2yrs after EndSARS protest looting”

BMW recently announced a $1.7 billion investment to help prepare its huge Spartanburg, South Carolina, factory to produce electric cars and SUVs. That sum included $700 million for the construction of a battery manufacturing plant nearby. Spartanburg is BMW’s largest factory anywhere in the world. It employs 11,000 people and produces 40,000 SUVs a year,Continue reading “Why BMW really decided to make batteries in the US”

By Emma Ujah, Abuja Bureau Chief & Elizabeth Adegbesan The Central Bank of Nigeria, CBN, in collaboration with Bizi Mobile Cashless Conduct has onboarded Keke Napep drivers and traders in Oshodi market on the eNaira platform to drive it’s adoption in Lagos State.  The eNaira is a CBN issued digital currency that provides a unique form ofContinue reading “eNaira: CBN onboards Keke Napep drivers, traders in Oshodi, Orile”

By Elizabeth Adegbesan African Development Bank (AfDB) and First City Monument Bank, FCMB, have signed a $50 million Line of Credit agreement to increase access to finance for Small and Medium Enterprises, SMEs, and Women-Empowered Businesses (WEB) in the country. AfDB also said that it would  partner with FCMB through a technical assistance grant of $200,000Continue reading “AfDB, FCMB sign $50m Line of Credit agreement”

By Peter Egwuatu The Nigerian Exchange Limited, NGX, has recorded its largest weekly and yearly loss as the stock market All Share Index, declined by 6.7 per cent to close at 44,396.73 points, the lowest since 18th January this year, from 47, 569.04 points the penultimate week. Consequently, investors lost over N1.7 trillion in the week’sContinue reading “NGX records largest weekly loss as investors lose over N1.7trn”

By Babajide Komolafe said that its diversified business model in key international markets on the continent and around the world continues to act as a hedge and to position the Group to better mitigate business risks arising from the financial, economic and political environment.  UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, who stated this,Continue reading “UBA’s diversified businesses act as hedge against financial risks”

FXStreet Insights TeamThe stage is set for continued dollar strength. In the view of economists at Nordea, EUR/USD will continue lower and bottom at 0.93 around the start of 2023. USD will continue to do well in the months to come due“We have long been in the USD strengthening camp and see no reason toContinue reading “EUR/USD set to bottom at 0.93 during Q1 2023 – Nordea”

UK PM Liz Truss’s spokesman said in a statement on Friday, “we are working in preparation for a medium-term fiscal plan on October 31.”  He added that “the new PM will decide whether it will be delivered then.” Market reaction GBP/USD found some support on the above headlines, as it moved away from weekly lowsContinue reading “UK PM Truss Spokesman: Working in preparation for a medium-term fiscal plan on October 31”

The Central Bank of Nigeria (CBN) has announced the completion of the sale of Polaris Bank. Osita Nwanisobi, CBN’s Director, Corporate Communications, disclosed this… The Central Bank of Nigeria (CBN) has announced the completion of the sale of Polaris Bank. Osita Nwanisobi, CBN’s Director, Corporate Communications, disclosed this in a statement on Thursday. Nwanisobi announcedContinue reading “CBN Announces Sale Of Polaris Bank, Unveils New Owner”