African Business News

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

CBN reviews timeline for issuance of credit letters amid forex

Nigeria’s Central Bank Anticipates Inflation Decrease to 21.4% by 2024

By Ifunanya / January 24, 2024

In a recent pronouncement, the Central Bank of Nigeria (CBN) projected a decline in the country’s inflation rate to 21.4% […]

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Saudi Arabia to open first alcohol store in capital –

Saudi Arabia Plans to Open First Alcohol Store in Riyadh Amidst Vision 2030 Reforms

By Ifunanya / January 24, 2024

In a groundbreaking move, Saudi Arabia is set to introduce its first-ever alcohol store in the capital city of Riyadh, […]

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Why petrol pump price will fall in 2024 CBN

Nigeria’s CBN Governor Predicts Dip in Petrol Pump Prices by 2024

By Ifunanya / January 24, 2024

Yemi Cardoso, the Central Bank of Nigeria’s Governor, made a bold projection that the pump price of petrol will decrease […]

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1706098260 Inflation to fall in 2024 — Cardoso

Nigerian Central Bank Predicts Decrease in Inflation to 21.4% by 2024

By Ifunanya / January 24, 2024

The Governor of the Central Bank of Nigeria has delivered a positive forecast regarding inflation, stating that the headline inflation […]

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Nigerian govt to sell a 40 stake in Eleme petrochemicals

Government to Auction Five Power Plants for $1.15 Billion

By Ifunanya / January 24, 2024

In a significant move, the Federal Government of Nigeria has revealed plans to auction off five power plants under the […]

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‘Private jet owners risk losing licenses for non compliance

Private Jet Owners Face Risk of License Revocation for Non-Compliance

By Ifunanya / January 24, 2024

Private jet owners in Nigeria operating commercial services have been warned that they could lose their licenses if found to […]

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Nigerias oil producing states receive N57915bn as 13 oil derivative revenue

Nigeria’s Oil-Producing States Receive N57.915bn as 13% Oil Derivative Revenue

By Ifunanya / January 24, 2024

In December 2023, nine oil-producing states in Nigeria received a total of N57.915 billion as their 13% share of derivative […]

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Yobe Assembly passes LGs 2024 harmonized budget

Yobe State Assembly Unanimously Passes N71 Billion Local Governments’ 2024 Harmonized Budget

By Ifunanya / January 24, 2024

In a pivotal move, the Yobe State House of Assembly has approved the 2024 local government areas’ harmonized budget, amounting […]

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Marketers give fresh update on fuel pump increase in Nigeria

IPMAN Challenges NNPCL Over Delay in Fuel Supply

By Ifunanya / January 24, 2024

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns about the Nigerian National Petroleum Company Limited (NNPCL) regarding […]

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US interested in doing business in Nigeria Blinken

US Secretary of State Blinken Pledges American Investment in Nigeria

By Ifunanya / January 24, 2024

US Secretary of State, Anthony Blinken, has reaffirmed the United States’ dedication to fostering economic partnerships with Nigeria. His commitment […]

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Marketers kick as NNPCL delays fuel supply

Delay in Fuel Supply Sparks Outcry from Nigerian Oil Marketers

By Ifunanya / January 24, 2024

Oil marketers, represented by the Independent Petroleum Marketers Association of Nigeria, have expressed their displeasure with the Nigerian National Petroleum […]

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PENGASSAN rejects planned sales of Shell ready to embark on

PENGASSAN Opposes Sale of Shell and Threatens Nationwide Strike

By Ifunanya / January 23, 2024

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has taken a firm stand against the proposed sale […]

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Bureaux de change operators seek reversal of ban on forex

Bureaux de Change Operators Advocate Reversal of Ban on Displaying Forex Rates

By Ifunanya / January 23, 2024

The Association of Bureaux de Change Operators of Nigeria (ABCON) is intensifying efforts to overturn the prohibition on the public […]

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Incessant price hike may undermine success of subsidy removal –

IPMAN Warns of Subsidy Removal’s Risk Amidst Relentless Price Surge

By Ifunanya / January 23, 2024

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the continuous escalation of fuel prices by the […]

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Dangote Refinery announces IPMAN MOMAN DAPMANN as product distributors

Dangote Refinery Partners with Leading Nigerian Associations as Product Distributors

By Ifunanya / January 23, 2024

In a groundbreaking announcement, Dangote Refinery has officially registered members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Major […]

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Dangote investors gain N514bn after refinery takeoff

Dangote Refinery Welcomes Three Major Oil Marketers Associations as Distributors

By Ifunanya / January 23, 2024

The Dangote Petroleum Refinery has taken a significant step by registering three prominent oil marketer associations in Nigeria as its […]

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Nigerian exchange market appreciates by 131

Nigerian Stock Market Surges, All-Share Index Reaches New High

By Ifunanya / January 23, 2024

The Nigerian Exchange Limited has showcased remarkable resilience, with the All-Share Index surging by 1.31% on Monday to reach an […]

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CBN to increase banks capital base to N907bn Report

CBN Proposes Monumental Increase in Banks’ Capital Base to Drive Economic Growth

By Ifunanya / January 23, 2024

The Central Bank of Nigeria (CBN) is on the verge of implementing a groundbreaking change that could reshape the country’s […]

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Naira depreciates against US Dollar at forex market

Naira Falls Further Against US Dollar, Hits N925.34 at Forex Market

By Ifunanya / January 23, 2024

The Nigerian Naira has continued its decline against the US dollar in the foreign exchange market. According to data from […]

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Nigerians languish in poverty as inflation rises unfettered under Tinubu

Nigeria’s Economic Struggles Under President Tinubu: Battling Rampant Inflation and Soaring Poverty Rates

By Ifunanya / January 23, 2024

The persistent economic turmoil in Nigeria has taken a heavy toll on its citizens, with inflation reaching unprecedented levels and […]

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