Nigeria’s reintroduction of a gasoline subsidy months after it was scrapped is expected to guzzle almost half of its projected oil revenue this year, according to the International Monetary Fund. The implicit subsidy will cost Africa’s largest crude producer an estimated 8.43 trillion naira ($5.9 billion) of its projected 17.7 trillion […]

The Central Bank of Nigeria’s latest figures showed an upward movement of the country’s foreign reserves. Specifically, Nigeria’s reserves rose to $32.369 billion as of May 6, 2024, an improvement from a one-month dip of $32.107 billion. According to CBN’s data, the reserves stood at $34.450 billion on March 18 […]

Nigeria spent about 70% of its dollar payments to service external debts between January and March 2024. According to data from the Central Bank of Nigeria (CBN), out of the $1.61 billion in total outflows made during this period, a substantial amount of $1.12 billion was expended on servicing external […]

Benin has blocked China’s first shipment of crude oil from Niger amid an ongoing border dispute between the two West African nations arising from a coup that has put a military junta in Niger in power which caused strained relations with other African nations[. China’s first imports of crude oil from […]

David Umahi, the Minister of Works, has expressed his readiness to face the House of Representatives probe regarding the controversial N15 trillion Lagos-Calabar Coastal Highway road project while emphasising that he has nothing to hide about the project. Umahi said he will ensure that the proceedings are televised live, to […]

The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions operating in Nigeria, prohibiting them from conducting financial transactions in foreign currencies. Instead, they are now required to use the Nigerian naira for all their financial dealings. The EFCC has also made it compulsory for […]

03 Capital , a Nigerian fintech and non-bank credit card issuer, has announced an agreement with American Express to issue four new credit cards. The cards launched are the 03 American Express Green Card for consumers, the 03 American Express Gold Card for consumers, and the 03 American Express Platinum […]

International Breweries, an alcoholic beverage maker in Nigeria, reported an after-tax loss of N60.4 billion in the first quarter of this year, up from N2.31 billion in the same period of 2023, according to its latest financial statement. BusinessDay analysis shows that the firm’s revenue from contracts with customers surged to N103.2 billion […]

The International Monetary Fund (IMF) on Thursday urged the Central Bank of Nigeria (CBN) to adopt a well-designed foreign exchange intervention framework to ensure the stability of the currency. The Washington-based Fund applauded the removal of foreign exchange market distortions and encouraged the authorities to continue improving the functioning of […]

Streaming income for Nigerian artists on Spotify has grown by 2,500 per cent in the last seven years, underscoring the increasing uptake of musical platforms in the country. In 2023, Nigerian artists earned N25 billion, double what they did in 2022, and there was a 2,500 per cent increase from 2017. Spotify revealed this […]