African Business News

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

Nigerian Govt sets up committee to fix nationwide drop in

Nigeria Takes Action to Address Nationwide Power Outages

By Ifunanya / February 2, 2024

The Nigerian Government has stepped up efforts to resolve the electricity blackouts affecting various parts of the country. Minister of […]

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JUST IN FG raises exchange rate for cargo clearance to

Government Increases Exchange Rate for Cargo Clearance, Affecting Nigerian Importers

By Ifunanya / February 2, 2024

The Central Bank of Nigeria, on behalf of the Federal Government, has raised the exchange rate for cargo clearance from […]

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Nigeria’s Price Hike Imminent as Central Bank Increases Customs Exchange Rate

By Ifunanya / February 2, 2024

The Central Bank of Nigeria (CBN) has announced a significant increase in the Nigeria Customs Service exchange rate for importation, […]

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CBN lifts ban on cryptocurrency transactions

CBN Unveils New Guidelines for International Money Transfer Amid Forex Crisis

By Ifunanya / February 2, 2024

In response to Nigeria’s foreign exchange crisis, the Central Bank of Nigeria (CBN) has released updated guidelines for International Money […]

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900bn dead capital locked up in real estate — PwC

Nigeria’s $900 Billion Real Estate Dead Capital Stifles Economic Potential

By Ifunanya / February 2, 2024

PricewaterhouseCoopers (PwC) in Nigeria has reported that the country holds an estimated $900 billion in dead capital locked up in […]

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CBN taking over crude oil sales from NNPC is illegal

Atiku Abubakar Condemns CBN’s Takeover of Crude Oil Sales from NNPC as Illegal

By Ifunanya / February 2, 2024

Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party (PDP), has strongly criticized the decision of the Central […]

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81 of employed Nigerians in non productive sector Presidential committee

Nigeria’s Non-Productive Employment Sector Hinders Economic Progress, Says Presidential Committee Chairman

By Ifunanya / February 1, 2024

In a statement at the Africa Trade and Investment Summit, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy […]

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zukerberg

Zuckerberg apologises to families of children harmed by social media

By IDBM Consult / February 1, 2024

….Mr Zuckerberg stood up and addressed families who held up pictures of their children who they said had been harmed […]

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dollar

Spiralling Dollar/Naira Rate: CBN Orders Nigeria Banks To Sell Their Excess Dollars within 24 hours

By IDBM Consult / February 1, 2024

Feb 1, 2024 By Reporter CBN Governor, Dr Olayemi Cardoso  In fresh moves to stabilise the nation’s volatile exchange rate, […]

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BUA Foods posts 89 Gross Profit Increase defies headwinds

BUA Foods Records 89% Increase in Gross Profit, Defies Economic Challenges

By Ifunanya / February 1, 2024

BUA Foods Plc, a prominent food business, revealed impressive unaudited financial results for the 12-month period ending December 31, 2023. […]

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Naira falls to all time low on official window trades 1348

Abuja Bureau De Change Operators Halt Business Due to Dollar Shortage

By Ifunanya / February 1, 2024

Bureau De Change (BDC) operators in Abuja have announced the suspension of their operations due to a scarcity of dollars, […]

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Naira slumps against US dollar at forex market

Naira Gains Ground Against US Dollar with Central Bank Intervention

By Ifunanya / February 1, 2024

In late January 2024, the Naira showed a slight improvement against the US dollar in the official foreign exchange market, […]

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Power minister Adelabu dumps Accord Party returns to APC

Power Minister Adelabu: Unpaid Debts and Gas Shortage Impacting Power Firms

By Ifunanya / February 1, 2024

Bayo Adelabu, the Minister of Power, revealed that unpaid debts and low gas supply are hindering the operational capacity of […]

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We are worried NLC laments dollarization of Nigerias economy

We are worried – NLC laments dollarization of Nigeria’s economy

By Ifunanya / January 31, 2024

The Nigerian Labour Congress, NLC, has said it was worried about the fact that the Nigerian Government is not doing […]

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Nigerias broadband penetration drops to 4085

Nigeria’s broadband penetration drops to 40.85%

By Ifunanya / January 31, 2024

Nigeria’s broadband penetration dropped to 40.85 per cent in September 2023 from 45.47 per cent in August of the same […]

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Domestic transactions in NGX increase to 3167trn in 2023

NGX records negative trend as ASI declines by 1.5% Tuesday

By Ifunanya / January 31, 2024

The Nigerian Exchange Limited recorded the first decline since January 10th 2024, as the All-share index declined by 1.5 per […]

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Oyo bags three awards for ICT development

Oyo bags three awards for ICT development

By Ifunanya / January 31, 2024

Oyo State has bagged three awards at the recently concluded general meeting of the National Council on Communications and Digital […]

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Naira records first gain in 2024 against US dollar at

Naira woes worsens, crashes by 42% against US dollar at forex market in two days

By Ifunanya / January 31, 2024

Naira woes worsened on Tuesday, crashing by 42 per cent against the US dollar in the foreign exchange market in […]

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CBN reviews timeline for issuance of credit letters amid forex

CBN clears payment of forex backlog for foreign airlines amid Naira free fall

By Ifunanya / January 30, 2024

Amid the free fall of the Naira, the Central Bank of Nigeria, CBN, says it has concluded the payment of […]

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FOREX Variation burdensome to govt impedes rate of development

FOREX Variation burdensome to govt, impedes rate of development – Delta Commissioner

By Ifunanya / January 30, 2024

Delta State Government has urged contractors handling various projects for the state to speed up construction works given the unstable […]

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