African Business News

Stay updated with the latest African business news, including market trends, economic updates, and insights into industries across the continent.

Middle East Tensions Drive Brent Crude Price to 9054 WTI

Middle East Tensions Drive Brent Crude Price to $90.54, WTI at $86.09

By Ifunanya / April 19, 2024

The global oil market is in turmoil as tensions between Israel and Iran continue to escalate, with the price of […]

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Without a tariff increase, Nigeria will need N3.2 trillion to subsidise electricity in 2024, says NERC

By IDBM Consult / April 18, 2024

April 18, 2024 The chairman of the Nigeria Electricity Regulatory Commission (NERC), Sanusi Garba, said on Thursday, April 18, that the Nigerian […]

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Naira Gains Ground Against Dollar as CBN Boosts Currency Defense

Naira Plummets 7.04% to N1,154.08 Against Dollar in Single Day

By Ifunanya / April 18, 2024

The Nigerian currency, the naira, experienced a significant drop in value against the US dollar in just one day, according […]

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Why petrol pump price will fall in 2024 CBN

Central Bank Governor: Continued Liquidity to Sustain Naira’s Appreciation

By Ifunanya / April 18, 2024

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has expressed confidence that the naira’s appreciation will continue due […]

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FARC

N7.3trn accrued to Federation Account in H2 of 2023, says RMAFC

By IDBM Consult / April 18, 2024

April 18, 2024 The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has revealed that a total sum of N7,314,129,314,386.08 ($17.9 billion) accrued […]

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CBN Reduces Loan-to-Deposit Ratio to 50% to Boost Lending Capacity

By Ifunanya / April 18, 2024

The Central Bank of Nigeria (CBN) has recently made a significant change to boost lending capacity in the country. In […]

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Nigerias Foreign Reserves Boosted by 600 Million Naira Set to

Nigeria’s Foreign Reserves Boosted by $600 Million, Naira Set to Appreciate

By Ifunanya / April 18, 2024

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced a significant boost to the country’s foreign reserves, with […]

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NPA World Bank partner to revamp Nigerias decaying port infrastructure

Nigerian Ports Authority Secures $700M Loan for Apapa and Tincan Island Ports Rehabilitation

By Ifunanya / April 18, 2024

The Nigerian Ports Authority has taken a significant step towards modernizing and improving its operations by securing a massive $700 […]

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Thirty-four governors shun Enugu International Trade Fair hosted by Mbah’s administration

By IDBM Consult / April 17, 2024

APRIL 16, 2024 Thirty-four states out of 35 failed to honour invitations to attend the just-concluded 35th Enugu International Trade […]

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Naira Gains Ground Against Dollar as CBN Boosts Currency Defense

Naira Surges by N75.4 Against Dollar in Single Day, Hits N1,072.74

By Ifunanya / April 17, 2024

In a surprising turn of events, the Nigerian naira has made a remarkable comeback in the foreign exchange market, appreciating […]

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Tinubu Media Support Group Defends Electricity Subsidy Removal for Majority

Private Sector Warns of Impending Closure Due to Electricity Tariff Hike

By Ifunanya / April 17, 2024

The Organised Private Sector (OPS) has issued a dire warning that over 65 percent of private businesses in Nigeria may […]

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Failure to honour summons: Reps committee threatens multinational oil companies

By IDBM Consult / April 17, 2024

April 17, 2024 The House of Representatives committee investigating the implementation of Corporate Social Responsibility by multinational oil companies operating […]

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President Tinubu Commends Dangote Group for Diesel Price Reduction Impact

President Tinubu Commends Dangote Group for Diesel Price Reduction, Impact on Economy

By Ifunanya / April 17, 2024

President Bola Ahmed Tinubu has praised the Dangote Group for its recent decision to slash the price of Automotive Gas […]

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Global Financial Stability Report IMF Warns of 12 Billion Cyberattack

Nigeria’s Inflation to Drop to 23% by 2025, IMF Predicts Growth

By Ifunanya / April 17, 2024

The International Monetary Fund (IMF) has projected a significant drop in Nigeria’s inflation rate, forecasting it to decrease to 23 […]

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FCCPC backs NERCs N105bn fine on 11 DisCos over arbitrary

FCCPC to Investigate Unusual Price Hikes, Protect Consumers

By Ifunanya / April 17, 2024

The Federal Competition and Consumer Protection Commission (FCCPC) has taken a stand against the unjustifiable price hikes of goods and […]

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Naira Gains Ground Against Dollar as CBN Boosts Currency Defense

Naira Depreciates Against Dollar Amid Decline in FX Reserves

By Ifunanya / April 17, 2024

The Nigerian Naira experienced a slight decline against the US Dollar in the foreign exchange market, marking the first depreciation […]

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Dangote Petroleum Refinery Slashes Diesel Price to N1000Litre Boosting Economy

Dangote Petroleum Refinery Slashes Diesel Price to N1,000/Litre, Boosting Economy

By Ifunanya / April 17, 2024

Dangote Petroleum Refinery has made a significant announcement that is set to have a positive impact on the Nigerian economy. […]

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Remi Tinubu kicks off tech training for women entrepreneurs 

By IDBM Consult / April 16, 2024

April 16, 2024 The ceremony held at the University of Lagos (UNILAG), where the First Lady said the training will […]

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dangote diesel

BREAKING: Dangote crashes diesel price to N1,000 per litre

By IDBM Consult / April 16, 2024

April 16, 2024 In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel […]

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Global Financial Stability Report IMF Warns of 12 Billion Cyberattack

IMF Adjusts Nigeria’s Economic Growth Forecast to 3.3% in 2024, Sub-Saharan Africa Holds at 3.8%

By Ifunanya / April 16, 2024

The International Monetary Fund (IMF) has recently made adjustments to Nigeria’s economic growth forecast, projecting a growth rate of 3.3% […]

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