African Business News

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

JUST IN FG raises exchange rate for cargo clearance to

Government Raises Cargo Clearance Exchange Rate to N1,605/$

By Ifunanya / February 21, 2024

Image of cargo ship for illustrative purposes The Central Bank of Nigeria has once again adjusted the exchange rate for […]

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Customs pledges to accelerate war against smuggling of Nigerias grains

Nigeria Customs Service Vows to Combat Illegal Grain Smuggling

By Ifunanya / February 21, 2024

The Nigeria Customs Service (NCS) has reaffirmed its commitment to ramping up efforts to combat the illicit smuggling of Nigeria’s […]

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Developers reject N8000 cement price

Outcry as Cement Price Reduction Fails to Satisfy Builders

By Ifunanya / February 21, 2024

Developers within the construction industry have expressed dissatisfaction with the recent agreement between the Federal Government and cement manufacturers regarding […]

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US Dollar supply surges by 7662 in forex market as

US Dollar Supply Jumps 76.62% in Forex Market as Naira Sees Slight Gain

By Ifunanya / February 21, 2024

The US Dollar supply in the official foreign exchange market surged by 76.61% to $117.32 million, leading to a marginal […]

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Nigeria’s Diesel Price Stays at N1,400 per Litre, NARTO Demands Freight Rate Increase

By Ifunanya / February 21, 2024

The price of Automotive Gas Oil (diesel) in Nigeria remains at N1,400 per litre, doubling from its rate of N700 […]

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Naira gains at official market weakens to N1500 parallel market

Nigeria Seeks $10 Billion to Stabilize Exchange Rate Amid Naira Decline

By Ifunanya / February 21, 2024

The Nigerian Federal Government is taking steps to raise $10 billion to enhance foreign exchange liquidity and stabilize the naira, […]

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Nigerian govt hands over Zungeru hydroelectric power plant to concessionaire

Nigeria Transfers Zungeru Hydroelectric Power Plant to Private Operator

By Ifunanya / February 21, 2024

The Nigerian government has officially handed over the operations of the Zungeru Hydroelectric Power Plant to Penstock Limited. The transfer […]

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naccima

The Challenge of Naira Depreciation and Inflation: NACCIMA’s Strategies for Nigeria’s Economic Sustainability

By IDBM Consult / February 20, 2024

February 20, 2024 The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele […]

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Naira tumbles against US dollar at foreign exchange market

Nigerian Naira Sees Slight Gain Against US Dollar Amidst Market Volatility

By Ifunanya / February 20, 2024

In a shift from recent trends, the Nigerian naira experienced a marginal increase in value against the US dollar in […]

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Nigerian Cinemas Achieve N1.2 Billion Revenue in January 2024 Amid Economic Hardship

By Ifunanya / February 20, 2024

In a recent interview with the National President of the Cinema Exhibitors Association of Nigeria (CEAN), Opeyemi Ajayi, it was […]

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forex 1

FX crisis: NSA, CBN initiate new scheme against currency speculators

By IDBM Consult / February 20, 2024

February 20, 2024 The Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) have initiated a joint beat […]

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Tinubu focused on fixing insecurity hardship in Nigeria Gbajabiamila

Tinubu Unveils Ambitious Plans to Boost Economy and Create Jobs

By Ifunanya / February 20, 2024

President Bola Ahmed Tinubu has revealed a groundbreaking strategy aimed at generating millions of employment opportunities and doubling Nigeria’s Gross […]

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cement

FG Threatens to Open Borders for Cement Importation

By IDBM Consult / February 20, 2024

February 20, 2024 The federal government has threatened the possibility of opening the borders to cement importation if Nigerian cement […]

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lotto 2

Couple’s Dispute Over £1million Lotto Jackpot

By IDBM Consult / February 20, 2024

February 20, 2024 .,.. Scary stories of disappearances and deaths after lotto wins A couple are at war over a […]

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NAQS to clampdown on food smugglers hoarders

NAQS Initiates Crackdown on Food Smugglers and Hoarders

By Ifunanya / February 20, 2024

The Nigeria Agricultural Quarantine Service (NAQS) has intensified its efforts to curtail the activities of food smugglers and hoarders. The […]

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NGX records losses as ASI declines by 315 on Monday

NGX Suffers Losses as Market Slides by 3.15% on Monday

By Ifunanya / February 20, 2024

The Nigerian Exchange Limited struggled on Monday, with the All-Share Index plummeting by 3.15%. The market capitalisation, which began at […]

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afdb

AfDB Warns Of Protests In Nigeria, Kenya, Other African Countries Over Fuel Subsidy Removal, Rising Costs

By IDBM Consult / February 20, 2024

February 19, 2024 The bank gave the warning in its Macroeconomic Performance and Outlook for 2024, even as it projected […]

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Power minister Adelabu dumps Accord Party returns to APC

States Lag in Implementing New Electricity Act, Prolonging Electricity Woes

By Ifunanya / February 20, 2024

Since the enactment of the new Electricity Act in June 2023, the failure of many state governors to adopt the […]

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Naira records first gain in 2024 against US dollar at

Naira Plummets Against US Dollar, Heightening Nigeria’s FX Crisis

By Ifunanya / February 19, 2024

The Nigerian naira has reached a record low against the US dollar, intensifying the nation’s foreign exchange crisis in both […]

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Cement price surges to N15000 in Abuja

Boosting Cement Affordability: Nigerian Manufacturers Unveil Plan

By Ifunanya / February 19, 2024

In response to the soaring cement prices in Nigeria, manufacturers have revealed a strategic initiative to reduce the cost to […]

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