African Business News

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

No enough paddy for rice production millers tell FG

Rice Millers Report Shortage of Paddy, Impacting Nigerian Production

By Ifunanya / February 23, 2024

Rice millers in Nigeria are facing challenges due to a shortage of paddy, hindering their ability to produce rice in […]

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Naira depreciation continues amid EFCC raid on BDCs

Naira Weakens as EFCC Targets BDCs, Govt Revenue Distribution Raises Concerns

By Ifunanya / February 23, 2024

The Nigerian naira faced a sharp decline against the US dollar in the foreign exchange market amidst the Economic and […]

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N42 Billion Debt Crisis: Corpses Decomposing in Nigerian Army Mortuaries Due to Power Outage

By Ifunanya / February 23, 2024

In a distressing revelation, the Chief of Army Staff, Lt General Taoreed Lagbaja, has expressed concern about corpses decomposing in […]

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Binance, OctaFX, Coinbase, others blocked over forex crisis

By IDBM Consult / February 23, 2024

February 23, 2024 The Federal Government has moved against online platforms of Binance and other cryptocurrency firms over alleged manipulation […]

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Debate on ditching CFA begins as Burkina Faso, Mali, Niger forge new path

By IDBM Consult / February 23, 2024

Amid talk of ditching the West African franc, a colonial-era legacy, analysts unpack what it means for the three troubled […]

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Kerosene consumers experienced unprecedented price hike in 2023 NBS

Nigeria’s Financial and Telecom Sectors Propel 3.46% GDP Growth in Q4 2023

By Ifunanya / February 23, 2024

The Nigerian Gross Domestic Product expanded by 3.46% in the fourth quarter of 2023, propelled by growth in the financial, […]

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Port rehabilitation fund almost ready – FG

Rehabilitation Funds in Place for Nigerian Ports, Says Federal Government

By Ifunanya / February 23, 2024

The Federal Government of Nigeria has announced that the $1.1 billion required for the rehabilitation of the country’s ports is […]

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Rubber Farmers Voice Concerns Over Government Neglect and Revenue Loss

By Ifunanya / February 23, 2024

Brothers Saviour and Solomon Iwot have inherited the family rubber business in Cross River State, Nigeria from their 82-year-old father, […]

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Ibrahim Adeyanju Things to Know about new CEO of Galaxy

Ibrahim Adeyanju: The New CEO of Galaxy Backbone

By Ifunanya / February 23, 2024

Ibrahim Adeyanju has been appointed as the new CEO of Galaxy Backbone Limited by President Bola Ahmed Tinubu, marking a […]

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FG, States, Councils share N1.149tr for January 2024

By IDBM Consult / February 22, 2024

February 22, 2024 A total revenue of N2.068 trillion was collected in the month of January 2024 into the Federation […]

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Dollar will crash in less than a month – Dapo Abiodun

By IDBM Consult / February 22, 2024

February 22, 2024 Ogun state governor, Dapo Abiodun, said that the value of the dollar to naira will crash in less […]

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Betta Edu scandal EFCC grills CEOs of Zenith Providus Jaiz

EFCC Cracks Down on Illegal Forex Traders in Abuja as Naira Strengthens

By Ifunanya / February 22, 2024

Economic and Financial Crime Commission (EFCC) officials stormed the illegal Bureau de Change (BDC) market in Wuse Zone 4, Abuja, […]

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Nigerian Govt to boost food production through mechanisation

Nigerian Government Vows to Generate 100,000 Jobs for MSMEs

By Ifunanya / February 22, 2024

The Nigerian government has unveiled an ambitious plan to create over 100,000 new jobs by May 29, aiming to address […]

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GDP grows by 3.46% in Q3 2023

By IDBM Consult / February 22, 2024

February 22, 2024 The National Bureau of Statistics (NBS) on Thursday, February 22, said the country’s Gross Domestic Product (GDP) grew by […]

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FG stops export of cooking gas to reduce price

By IDBM Consult / February 22, 2024

February 22, 2024 The federal government on Thursday, February 23, announced that it has stopped the exportation of Liquefied Petroleum […]

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Naira records first gain in 2024 against US dollar at

Surge in US Dollar Supply Boosts Naira at Official Forex Market

By Ifunanya / February 22, 2024

The US Dollar supply turnover at Wednesday’s official foreign exchange market witnessed a remarkable 51% surge, reaching $240.72 million, ultimately […]

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Nigeria/CBN: Ask dollar/naira billionaires for a $50b loan

By IDBM Consult / February 22, 2024

February 21, 2024 The African Development Bank under its determined president, Akinwumi Adesina is lifting Africa up with hope for the future. […]

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Nigeria’s Naira Devaluation: Expert Urges Government to Rethink EFCC Crackdown on BDCs

By Ifunanya / February 22, 2024

Bismarck Rewane, CEO of Financial Derivatives Company, has advised President Bola Tinubu to reconsider the recent clampdown by the Economic […]

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Fuel Shortage Sparks Queues in Lagos and Abuja

By Ifunanya / February 22, 2024

The reappearance of long queues at fuel stations in Lagos and the Federal Capital Territory has been attributed to supply […]

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Cement Price hike Nigerian Senate mulls probe

Nigerian Senate Launches Probe into Soaring Cement Prices

By Ifunanya / February 22, 2024

Amid concerns over the steep increase in cement prices, the Nigerian Senate has announced plans to investigate the matter. The […]

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