African Business News

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

Aero Contractors boss reveals major setback for Nigerias aviation industry

Nigeria’s Aviation Industry Faces Major Setback in 2023, Says Aero Contractors CEO

By Ifunanya / December 28, 2023

In a candid interview with Chief Executive Officer, Captain Ado Sanusi, of Aero Contractors, a troubling reality has been unveiled. […]

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Electricity Nigeria Govt spends N3758bn on subsidies consumers pay N7828

Nigeria Receives Seven Power Transformers to Enhance Electricity Supply

By Ifunanya / December 28, 2023

The Federal Government of Nigeria has recently announced the delivery of seven new power transformers to the Akangba 330/132kV transmission […]

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FAAC FG states LGAs share N1783trn in December 2023

Record-breaking N1.783 Trillion Shared Among Nigerian Governments in December 2023

By Ifunanya / December 28, 2023

The Federation Account Allocation Committee (FAAC) has announced the historic allocation of N1.783 trillion from the November 2023 revenue. This […]

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NGX records N259bn market capitalization loss

NGX Faces Post-Christmas Trading Losses, ASI Declines by 0.34%

By Ifunanya / December 28, 2023

The Nigerian Stock Exchange Limited witnessed a bearish trend in post-Christmas trading, with the All-Share Index (ASI) experiencing a decline […]

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World Bank reveals real pump price of fuel without Nigerian

World Bank Report: Challenges Threaten Nigeria’s Livelihoods

By Ifunanya / December 28, 2023

The World Bank’s latest ‘Food Security Update’ forewarns of ongoing insecurity and dwindling livelihoods in several Nigerian states, including Borno, […]

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Naira slumps against US dollar at forex market

Nigeria’s Naira Gains Momentum Against US Dollar After Christmas Break

By Ifunanya / December 28, 2023

The Naira has shown resilience and appreciation against the US dollar in the official forex market following the Christmas holiday. […]

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Forex inflow hits 11bn in two months – CBN

CBN Reassures Nigerians: Your Funds Are Safe

By Ifunanya / December 27, 2023

The Central Bank of Nigeria (CBN) has moved swiftly to dispel concerns about the safety of funds held in Nigerian […]

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Illegal loan apps use PSSPs to executive transactions FCCPC

British American Tobacco Slapped with $110 Million Fine by Nigeria’s FCCPC Over Violations

By Ifunanya / December 27, 2023

The Nigerian government has taken a decisive step against British American Tobacco Nigeria Limited and its affiliated entities, imposing a […]

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Nigeria to commence gas supply to South Africa in 2024

Nigeria Set to Begin Gas Supply to South Africa in 2024

By Ifunanya / December 27, 2023

Nigeria has made a significant announcement, revealing its plans to commence gas supply to South Africa in the first quarter […]

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Naira Nigerias external reserves shed 428bn in 2023

The Plunge of Nigeria’s Naira and the Decline of External Reserves by $4.28 Billion in 2023

By Ifunanya / December 27, 2023

Amidst the steady fluctuation of the naira against the dollar, Nigeria’s external reserves have seen a significant 11.55% year-to-date decline, […]

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