African Business News

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

Cadbury Guinness others lost N472bn to naira depreciation – Report

Major Consumer Goods Firms in Nigeria Lost N472 Billion Due to Currency Depreciation

By Ifunanya / January 7, 2024

Several prominent consumer goods companies in Nigeria, including Cadbury, Guinness Nigeria, and Nestle, collectively lost an estimated N472.3 billion due […]

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COP28 NNPCL signs two LNG deals

NNPCL’s Generous Donation to “MumZee” Sets an Unprecedented Trend

By Ifunanya / January 6, 2024

The Nigerian National Petroleum Company Limited (NNPCL) has made an extraordinary gesture by extending a helping hand to a woman […]

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Nigerian banks fintech announce date to unveil cNGN stablecoin

Nigerian Financial Stakeholders Set to Introduce Revolutionary cNGN Stablecoin

By Ifunanya / January 6, 2024

In a groundbreaking move, Nigerian financial institutions, fintech companies, a blockchain firm, and the Africa Stablecoin Consortium have disclosed their […]

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Blackout as power generation drops from Egbin

Power Outage Hits Ogun State Communities as Egbin Power Generation Plummets

By Ifunanya / January 6, 2024

No fewer than nine Ogun communities are grappling with power outages following a significant drop in power generation from the […]

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Naira slumps against US dollar at forex market

Sharp Naira Surge: Nigerian Currency Strengthens Against US Dollar

By Ifunanya / January 6, 2024

The Naira has continued its remarkable upswing against the US dollar in the official foreign exchange market. According to data […]

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Naira Nigerias external reserves shed 428bn in 2023

Nigeria’s external reserves gain 0.39% following $2.25bn Afreximbank loan

By Ifunanya / January 6, 2024

# Nigeria’s Foreign Reserves Soar After $2.25 Billion Afreximbank Loan Nigeria’s foreign reserves saw a remarkable 0.39% surge, equivalent to […]

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Ogun Customs Soars, Generates Record N21 Billion Revenue in 2023

By Ifunanya / January 5, 2024

In a groundbreaking feat, the Ogun II Area Command of the Nigeria Customs Service, NCS, has reported a staggering revenue […]

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Power firms need 25bn new capital – FG

Nigeria’s Electric Power Sector Requires $2.5 Billion New Capital Injection

By Ifunanya / January 5, 2024

Recent reports reveal that Nigeria’s struggling power industry is in dire need of an estimated N2 trillion ($2.5 billion) injection […]

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Nigerian govt extends free train rides till Sunday

Nigerian Government Extends Free Train Rides

By Ifunanya / January 5, 2024

The Nigerian government has prolonged the initiative of providing free train rides until Sunday to alleviate the financial burden on […]

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COP28 NNPCL signs two LNG deals

Revamped Port Harcourt Refinery Set to Begin Operations After Test Run Completion

By Ifunanya / January 5, 2024

The Nigerian National Petroleum Company Limited (NNPCL) has announced that the Port Harcourt Refining Company (PHRC) is on track to […]

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