African Business News

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

Nigerian Railway to increase daily train trips in 2024

Nigerian Railway Corporation Plans to Double Daily Train Routes by 2024

By Ifunanya / January 1, 2024

The Nigerian Railway Corporation (NRC) is set to enhance its services by increasing the daily train trips on the Standard […]

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AMMBAN urges CBN banks to address cash scarcity fraud in

AMMBAN’s Urgent Plea to CBN and Banks: Addressing Cash Scarcity and Fraud in Nigeria

By Ifunanya / January 1, 2024

In a compelling New Year message from the Taraba State chapter of the Association of Mobile Money and Bank Agents […]

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PHarcourt refinery begins test run Rivers 11 others get supply soon

Nigeria’s Port Harcourt Refinery Commences Test-Run, 12 States Set to Receive Supply Soon

By Ifunanya / January 1, 2024

The Nigerian National Petroleum Company Limited has initiated the supply of crude oil for test-running at the Port Harcourt Refining […]

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No directive to hike electricity tariff January 1 – Discos

Electricity Tariff Hike Rumors Denied by Nigerian Power Distributors

By Ifunanya / January 1, 2024

Power distribution companies in Nigeria have refuted reports of an impending electricity tariff increase starting from January 1, 2024. Both […]

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Foreign Direct Investments in Nigerias telecoms sector hit 64m in

Telecom Sector in Nigeria: Foreign Direct Investments Surge to $64 Million in Q3 2023

By Ifunanya / December 31, 2023

The telecommunications industry in Nigeria has witnessed a significant influx of foreign direct investments, reaching $64 million in the third […]

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Securitize N73trn ways and means loan Tinubu asks Senate

Tinubu Urges Senate to Approve N7.3 Trillion Securitization of Ways and Means Loan

By Ifunanya / December 31, 2023

In a compelling move, Nigerian President Bola Ahmed Tinubu has made a compelling appeal to the Nigerian Senate. He has […]

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1703999243 LCCI predicts lower inflation rate in 2024

Nigeria’s Inflation Rate Set to Decline in 2024, Predicts LCCI President

By Ifunanya / December 31, 2023

In a recent exclusive interview with Sunday Media Talk Africa, Gabriel Idahosa, the President of the Lagos Chamber of Commerce […]

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Naira gains against US Dollar at forex market

Naira Plummets by 49% Year-to-Date, Closes 2023 at N907 Against US Dollar

By Ifunanya / December 30, 2023

In a tumultuous year plagued by currency devaluation, the Naira, Nigeria’s official currency, took a beating as it depreciated by […]

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Nigerian govt targeting reduction of tax Finance minister

Nigeria Secures $2.25B Afrexim Bank Loan to Address Foreign Exchange Crisis

By Ifunanya / December 30, 2023

In a significant move to tackle the acute foreign exchange shortage affecting its economy, the Nigerian Federal Government has successfully […]

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34 companies got three year tax holiday in 2023 – FG

Nigeria Grants Tax Holidays to 34 Companies in Effort to Boost Foreign Investment

By Ifunanya / December 30, 2023

The Nigerian Investment Promotion Commission has announced that it approved tax holidays for 34 companies seeking tax incentives and waivers […]

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Nasarawa Gov signs N199bn 2024 budget into law

Nasarawa Governor Approves N199 Billion Budget for 2024

By Ifunanya / December 30, 2023

Nasarawa State’s Governor, Abdullahi Sule, has officially signed off on the state’s N199.8 billion budget for the 2024 fiscal year. […]

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Forex inflow hits 11bn in two months – CBN

Nigeria’s Non-Oil Revenue Skyrockets by 67% to N4 Trillion, Hits Record High

By Ifunanya / December 30, 2023

The Central Bank of Nigeria has revealed in its third quarter report that the Federal Government has witnessed an unprecedented […]

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Dangote ranks second best performing Sub Saharan African company

Dangote Group Secures Second Spot Among Top Sub-Saharan African Companies

By Ifunanya / December 29, 2023

In a recent report by African Financials, Dangote Group has solidified its position as the second-best performing company in Sub-Saharan […]

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NGX bounces back gains 043 Tuesday

NGX Closes 2023 with Impressive 0.36% ASI Growth

By Ifunanya / December 29, 2023

The Nigeria Exchange Limited (NGX) concluded 2023 on a high note, with the All-Share Index (ASI) appreciating by 0.36%, reaching […]

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Nigeria to develop cNGN Stablecoin in 2024 – Report

Nigeria Plans to Introduce cNGN Stablecoin in 2024

By Ifunanya / December 29, 2023

Nigeria is set to establish a new digital currency known as cNGN, pegged to the country’s national currency, the Naira, […]

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FG unveils more motor parks eligible for 50 transport fare

Nigerian Government Introduces Additional Motor Parks for 50% Transport Fare Discounts

By Ifunanya / December 29, 2023

The Nigerian federal government has expanded the list of designated motor parks where travelers can benefit from a 50% discount […]

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Nigerias food prices soared in November 2023 NBS

Nigeria’s Food Prices Witness Significant Surge in November 2023

By Ifunanya / December 29, 2023

In November 2023, Nigeria experienced a substantial increase in the prices of staple food items, including beef, rice, beans, onion, […]

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Crude prices set to end 2023 10 lower amid concerns scaled

Crude prices set to end 2023 10% lower amid concerns

By Ifunanya / December 29, 2023

Unraveling the End-of-Year Spiral: Crude Oil Prices Set to Conclude 2023 with a 10% Dip As 2023 draws to a […]

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Nigerian Govt records N619trn from taxes in 2023s Q3

New Tax Law Aims to Propel Nigeria Towards N10 Trillion Revenue Goal

By Ifunanya / December 29, 2023

In a bid to achieve a staggering N10 trillion revenue, the Presidential Committee on Fiscal Policy and Tax Reforms in […]

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Ogun State Assembly Passes N703 Billion Budget for 2024

By Ifunanya / December 29, 2023

The Ogun State House of Assembly recently approved the 2024 Appropriation Bill, totaling N703 billion, following a thorough review of […]

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