African Business News

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

Sell offs drag equity market cap by N857bn

Sell-offs drag equity market cap by N857bn

By Ifunanya / January 30, 2024

The market capitalisation of the Nigerian exchange recorded its second dip since the beginning of the year as it shed […]

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Kerosene consumers experienced unprecedented price hike in 2023 NBS

Kerosene consumers experienced unprecedented price hike in 2023 – NBS

By Ifunanya / January 30, 2024

Kerosene consumers in December, 2023 experienced unprecedented increase in retail price of the product, which rose to N1,362.27 per litre […]

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Naira falls to all time low on official window trades 1348

Naira falls to all-time low on official window, trades 1348/$

By Ifunanya / January 30, 2024

The naira fell to an all-time low of N1348.63/$ on the Nigerian Autonomous Foreign Exchange Market on Monday. This signifies […]

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2023 FG might pay N600bn as electricity subsidy NERC

DisCos received N99.94bn out of N133.3bn worth of electricity consumed in November 2023 – NERC

By Ifunanya / January 30, 2024

The Nigerian Electricity Regulatory Commission, NERC, says N99.94 billion was received by 11 electricity Distribution Companies, DisCos, from customers as […]

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Forex inflow hits 11bn in two months – CBN

CBN releases $500m to clear verified Forex backlog

By Ifunanya / January 30, 2024

The Central Bank of Nigeria says it has released $500m to various sectors in its determination to address the backlog […]

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BREAKING Dangote refinery commences production

Dangote refinery looks to US for crude oil import – Bloomberg

By Ifunanya / January 30, 2024

Dangote refinery is set to import crude from the US in the coming months, Bloomerg reports. According to Bloomberg, Trafigura […]

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Ekiti cargo airport will commence operation by July – Oyebanji

Ekiti cargo airport will commence operation by July – Oyebanji

By Ifunanya / January 30, 2024

Governor Biodun Oyebanji of Ekiti State has disclosed that the cargo airport in the state will commence operation by July […]

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Equity market cap nears N60tn

Equity market cap nears N60tn

By Ifunanya / January 30, 2024

The market capitalisation of the Nigerian Exchange gained about N1.24tn at the end of Monday’s trading to close at N57.28tn, […]

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Blackouts over gas shortage spark fresh concerns in Nigerias failing

Blackouts over gas shortage spark fresh concerns in Nigeria’s failing power sector

By Ifunanya / January 30, 2024

Blackouts in parts of Nigeria due to a gas supply shortage to generation plants have sparked fresh concerns about the […]

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CBN reviews timeline for issuance of credit letters amid forex

CBN warns Forex dealers against deliberate attempts to create price distortions

By Ifunanya / January 30, 2024

The Central Bank of Nigeria, CBN, has accused Authorised Dealers in the foreign exchange market of reporting inaccurate and misleading […]

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CBN reviews timeline for issuance of credit letters amid forex

Central Bank of Nigeria Takes Action: $500 Million to Clear Forex Backlog

By Ifunanya / January 29, 2024

The Central Bank of Nigeria (CBN) has announced a pivotal move to inject an additional $500 million in a bid […]

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BREAKING Dangote refinery commences production

Dangote Refinery’s Impact: NIMASA Expects 3% Revenue Drop as Operations Begin

By Ifunanya / January 29, 2024

Nigeria is bracing for a potential three percent drop in freight revenue collection with the imminent start of production at […]

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Senator empowers 5000 Ogun traders with grants

Empowering Ogun: Senator Adeola Grants 5,000 Traders N250m and Offers Scholarships

By Ifunanya / January 29, 2024

In a remarkable display of commitment to community development, Senator Olamilekan Adeola, also known as Yayi, recently empowered traders in […]

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Ibadan explosion Nigerian Govt waiting for outcome of forensic investigation

Nigerian Government Pursues Trillions in Unpaid Royalties from Mining Companies

By Ifunanya / January 29, 2024

The Nigerian government is taking a stand against significant financial discrepancies within the country’s mining industry. Dr. Dele Alake, Minister […]

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NNPC to hand over Port Harcourt refinery to private firm

The Inside Story: NNPCL’s Justification for Non-Remittance of Funds to Federal Account

By Ifunanya / January 29, 2024

The Nigerian National Petroleum Company Limited (NNPCL) has shed light on its decision to not remit any funds to the […]

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1706504538 Lottery agency recommits to poverty reduction

National Lottery Trust Fund Pledges to Combat Poverty and Facilitate Development

By Ifunanya / January 29, 2024

The National Lottery Trust Fund (NLTF) reaffirms its dedication to alleviating poverty in Nigeria, led by Dr. Bello Maigari, the […]

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Improve oil production to stabilise naira analysts tell FG

Boosting Oil Production Crucial for Naira Stability, Analysts Urge Nigerian Government

By Ifunanya / January 28, 2024

Financial and economic analysts are emphasizing the need for the Nigerian government to ramp up crude oil production in order […]

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Naira Devaluation External reserves fall by 165bn in six months

Stabilizing the Naira: Expert Insights on Nigeria’s Economic Imperative

By Ifunanya / January 28, 2024

As the Nigerian Naira grapples with volatility in the foreign exchange market, financial experts are urging the country’s leadership to […]

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Countries must act fast to phase out fossil fuels

UN Urges Swift Action to Eliminate Fossil Fuels

By Ifunanya / January 28, 2024

The United Nations Secretary-General, António Guterres, has called on countries worldwide to swiftly phase out their dependence on fossil fuels. […]

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UNRWA Several countries suspend 490m funding amid staff involvement in

UNRWA Funding Suspended Over Staff Involvement in Hamas Attack

By Ifunanya / January 28, 2024

Several countries have halted funding to the United Nations Relief and Works Agency, UNRWA, following revelations of its staff members’ […]

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