African Business News

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

Oil producing states get N75410bn as 13 per cent derivation

The Nigerian Oil Sector: A Windfall for Oil-Producing States

By Ifunanya / December 17, 2023

In November 2023, Nigeria’s oil-producing states struck gold as they received a staggering N75.410 billion, a 13 percent share of […]

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Customers of revoked 183 financial institutions receive N17bn

NDIC Pays N1.7bn to Customers of Revoked Financial Institutions

By Ifunanya / December 17, 2023

The Nigeria Deposit Insurance Corporation (NDIC) has taken swift action to compensate customers affected by the revocation of licenses from […]

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Abia Gov Otti eyes 71 borrowing to fund 2024 budget

Abia State Government Plans to Secure 71% Borrowing for 2024 Budget Funding

By Ifunanya / December 15, 2023

The Abia State Government, led by Governor Alex Otti of the Labour Party, is considering borrowing to finance a substantial […]

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Nigerian Govt shuts down investment firm over illegal activities

Nigerian Government Takes Down Illegal Investment Firm for Unlawful Activities

By Ifunanya / December 15, 2023

The Nigerian government has taken decisive action by shutting down the operations of Ready Finance Investors Limited due to its […]

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CBN raises exchange rate for cargo clearance amid forex crisis

Former Central Bank Director Urges Nigerian Government to Tackle Inflation by Curbing Deficit Expenditure

By Ifunanya / December 15, 2023

Dr. Titus Okunrounmu, a former director of the Research Department at the Central Bank of Nigeria (CBN), has sounded the […]

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Food inflation rises to 3284 in Nigeria NBS

Rising Food Prices Fuel Food Inflation to 32.84% in Nigeria, Says NBS Report

By Ifunanya / December 15, 2023

A recent report by the National Bureau of Statistics (NBS) revealed that Nigeria’s food inflation surged to 32.84% in November, […]

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BREAKING Nigerias inflation rises to 2820 in November NBS

Nigeria’s Inflation Skyrockets to 28.20% in November, Signaling Economic Turbulence

By Ifunanya / December 15, 2023

Nigeria’s economy has been rocked by a dramatic surge in inflation, with the headline inflation rate soaring to 28.20% in […]

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Naira appreciates against dollar at forex market

The Naira Strengthening: A Boon for Nigeria

By Ifunanya / December 15, 2023

The Naira enjoyed a surge against the US dollar on Thursday, marking a significant milestone in the foreign exchange landscape. […]

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2023 FG might pay N600bn as electricity subsidy NERC

Nigeria’s Power Sector Cashflow Surges to N900 Billion, Easing Fiscal Burden

By Ifunanya / December 15, 2023

Nigeria’s Electricity Regulatory Commission (NERC) has reported a substantial increase in the cashflow within the country’s power sector. According to […]

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World Bank reveals real pump price of fuel without Nigerian

Nigeria and Other Developing Countries Spent Record $443.5 Billion on Debts in 2022, World Bank Reports

By Ifunanya / December 15, 2023

In its latest International Debt Report, the World Bank revealed that Nigeria and other developing countries disbursed a staggering $443.5 […]

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CBN reviews timeline for issuance of credit letters amid forex

The CBN Anticipates Decrease in Exchange Rate and Inflation for 2024

By Ifunanya / December 14, 2023

The Central Bank of Nigeria (CBN) has forecasted a downward trend in inflation and exchange rates for the year 2024. […]

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Naira slumps against US dollar at forex market

The Naira Struggles Against the US Dollar: A Closer Look at Nigeria’s Forex Market

By Ifunanya / December 14, 2023

In a concerning turn of events, the Nigerian Naira experienced a significant depreciation against the US dollar in the official […]

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CBN reviews timeline for issuance of credit letters amid forex

CBN Cracks Down on Online Fraud: Deadline Set for Financial Institutions

By Ifunanya / December 14, 2023

The Central Bank of Nigeria has issued a crucial directive aimed at curbing online fraud and bolstering consumer confidence. This […]

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NGX records N259bn market capitalization loss

Historic Milestone: ASI Surpasses 72-Point Mark, Yielding N215 Billion for Investors on NGX

By Ifunanya / December 14, 2023

The Nigerian stock market witnessed a momentous surge as the Nigerian Exchange Limited’s All-Share Index (ASI) skyrocketed by 0.55%, breaching […]

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Businesses are going online NEPC urges SMEs to embrace

Businesses are going online – NEPC urges SMEs to embrace e-Commerce

By Ifunanya / December 13, 2023

— Businesses Urged to Embrace E-Commerce for Growth, Says NEPC Micro, medium, and small-scale enterprises have been urged to embrace […]

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Gov Sanwo Olu presents N22trn 2024 budget to Assembly

The 2024 Lagos State Budget: A Beacon of Renewal

By Ifunanya / December 13, 2023

On a momentous Wednesday, Lagos State Governor Babajide Sanwo-Olu unveiled a bold vision for the future, presenting the esteemed Lagos […]

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2023 FG might pay N600bn as electricity subsidy NERC

The Future of Nigerian Electricity: N600bn Subsidy and the Quest for Renewables

By Ifunanya / December 13, 2023

At the heart of Nigeria’s electricity landscape lies a pressing concern: the likelihood of the federal government paying N600 billion […]

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World Bank reveals real pump price of fuel without Nigerian

The True Cost of Fuel: World Bank Exposes Nigeria’s Subsidy Reality

By Ifunanya / December 13, 2023

In a recent revelation, the World Bank has spotlighted Nigeria’s ongoing fuel subsidies, despite the current pump prices not reflecting […]

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Cash shortage Calabar PoS operators increase charges by 100

Zamfara PoS Operators Struggle as Naira Scarcity Imperils Business Survival

By Ifunanya / December 13, 2023

Operators of Point of Sale (PoS) shops in Zamfara State are grappling with the adverse effects of the prevailing Naira […]

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Cash shortage Calabar PoS operators increase charges by 100

Naira Scarcity Triggers 100% Increase in PoS Service Charges Nationwide

By Ifunanya / December 13, 2023

Amid the lingering scarcity of the Naira in Nigeria, point-of-sale (PoS) operators have implemented a drastic 100% hike in their […]

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