The naira on Monday appreciated against the US dollar at the official foreign exchange (FX) market, despite a drop in the dollar sales. After trading on Monday, the naira gained 0.67 percent as the dollar was quoted at N1476.12, weaker than N1,485.99 quoted on Friday at the Nigerian Autonomous Foreign […]

The Nigeria Labour Congress (NLC) said the strike will continue on Tuesday despite reaching an agreement with the federal government. The organised labour commenced an indefinite strike on Monday over the failure to reach an agreement with the Tripartite Committee on minimum wage. The industrial action paralysed economic activities across the country on Monday […]

The Federal Government has secured a $500 million World Bank loan to empower Nigeria’s energy distribution industry, the Bureau of Public Enterprises stated on Thursday. The BPE announced that the financing has been secured to help address the numerous issues that Discos face in the country. “In a strategic move […]

The Federal Government on Thursday inaugurated a 5.2 million standard cubic feet per day Compressed Natural Gas plant in Lagos, in an attempt to lessen the impact of petrol Subsidies removal on Nigerians. The CNG plant was built through a partnership between NNPC Gas Marketing Limited and Transit Gas Nigeria […]

Almost two months after the other 11 electricity distribution firms in Nigeria increased their tariff for Band A customers due to the prevailing economic situation in the country, Aba Power Ltd has adjusted its tariff. Its managing director, Ugo Opiegbe, confirmed to newsmen in a telephone interview this morning that […]

A total of $142.5 million was paid to the Niger Delta Development Commission (NDDC) last year by Shell Petroleum Development of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo). According to a statement from Shell Nigeria, SPDC paid $112.5 million while SNEPCo remitted $30 million compared […]

Elon Musk reclaimed the title of the world’s richest person during Memorial Day weekend by announcing that his new AI startup, xAI, raised $6 billion at a pre-money valuation of $18 billion. This pushed his net worth to $209.2 billion, surpassing Bernard Arnault’s $199.3 billion and making Musk the richest person in […]

The growth in road and railway subsectors lifted Nigeria’s transport and storage sector out of the recession it suffered since the second quarter of 2023, according to a BusinessDay analysis. The latest Gross Domestic Product report by the National Bureau of Statistics (NBS) showed that in real terms the sector […]

Twenty-four Nigerian firms saw their combined revenue more than triple to N1.15 trillion within four years, BusinessDay analysis of the latest Africa’s fastest growing companies list shows. The firms are Omniretail Inc, Afex Commodities Exchange Limited, Mycredit Investment Limited, and Alpha Morgan Capital Managers Limited. Other Nigerian firms that made […]

The after-tax profit of Sterling Financial Holdings Company Limited, a financial institution in Nigeria, rose by 82.9 per cent in the first three months of 2024, according to its latest financial statement. The group reported an after-tax profit of N7.5 billion in Q1’2024 from N4.1 billion in the first quarter of […]