African Business News

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

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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UK pledges 15m for Nigerias agricultural sector development

UK Commits $15 Million to Revolutionize Nigeria’s Agricultural Industry

By Ifunanya / December 13, 2023

The United Kingdom has solidified its commitment to Nigeria’s agricultural sector by pledging a substantial $15 million investment through Valency […]

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Fuel price will soon collapse Stakeholders

Anticipated Decline in Fuel Prices Brings Hope, Say Stakeholders

By Ifunanya / December 12, 2023

Stakeholders in Nigeria’s Downstream Petroleum sub-sector are offering assurances of an imminent reduction in the pump price of fuel, signaling […]

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Nigerian govt to sell a 40 stake in Eleme petrochemicals

Nigeria Plans to Sell 40% Stake in Eleme Petrochemicals and DisCos, Reveals BPE Director

By Ifunanya / December 12, 2023

The Bureau of Public Enterprises (BPE) has announced plans to divest the Nigerian government’s stake in Eleme Petrochemicals Company Limited […]

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Nigerian govt targeting reduction of tax Finance minister

Government Aims to Mobilize Billions of Dollars in Cash Held by Nigerians to Alleviate Foreign Exchange Shortage, Says Finance Minister

By Ifunanya / December 12, 2023

The Minister of Finance, Olawale Edun, revealed that the federal government is setting its sights on foreign exchange held outside […]

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Cash shortage Calabar PoS operators increase charges by 100

Calabar PoS Operators Double Transaction Charges Amid Cash Shortage

By Ifunanya / December 12, 2023

In response to the acute shortage of physical currency in Calabar, Cross River State, Point of Sale (PoS) operators have […]

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AfDB trains stakeholders to tackle corruption

African Development Bank Empowers Stakeholders to Combat Corruption and Illicit Financial Flows

By Ifunanya / December 12, 2023

The African Development Bank (AfDB) has commenced a groundbreaking initiative, training key stakeholders to enhance their capabilities in combatting illicit […]

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NPA World Bank partner to revamp Nigerias decaying port infrastructure

Nigeria Port Authority Teams Up with World Bank to Overhaul Port Infrastructure

By Ifunanya / December 12, 2023

The Nigeria Port Authority (NPA) has announced a strategic partnership with the World Bank aimed at revitalizing the country’s ailing […]

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Power Minister faults pricing of utilized gas by GenCos in

Minister of Power Calls for Naira-Denominated Gas Pricing to Stabilize Electricity Costs

By Ifunanya / December 12, 2023

The pricing of gas utilized by Generation Companies (GenCos) in US dollars has come under scrutiny by the Minister of […]

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CAC to delist 91843 companies over failure to comply with

CAC Takes Action: Thousands of Companies Face Delisting Over Regulatory Non-Compliance

By Ifunanya / December 12, 2023

The Corporate Affairs Commission (CAC) has announced its intention to delist a staggering 91,843 companies due to their failure to […]

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