The Ministry of Industry, Trade and Investment says it has begun disbursement of the Presidential Conditional Grant Scheme to verified applicants after an exhaustive selection process. The government, through the Bank of Industry, had said it would be disbursing three categories of funding totalling N200bn to support manufacturers and businesses across […]

Having opened at N1,130 to the dollar on Monday morning, the value of the naira gained strength midday as traders anticipate another round of dollar sales to Bureau de Change (BDC) operators this week. By noon on Monday, the naira was selling at N1,000 to the dollar at the parallel […]

The naira sustained gains against the US currency at the official foreign exchange (FX) market, despite a drop in dollar supply by market players on Monday. The summary of the FX transactions published by the FMDQ Securities Exchange revealed that the naira appreciated by 0.56 percent as the dollar was quoted at […]

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said Nigeria’s crude oil reserves increased from 36.96 billion barrels (bb) on January 1, 2023, to 37.50 bb on January 1, 2024. Selling point news reports that the NUPRC Chief Executive Officer (CEO), Gbenga Komolafe, stated this while speaking with reporters in […]

The Federal Government has eventually complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared on Monday that indigenous refineries can now buy crude oil in naira or dollars. It also declared that the total crude oil and condensate reserves in Nigeria […]

…records largest drop on top 10 Africa’s richest list Nigeria experienced a decline in millionaire growth of 45 percent in one decade, resulting in 6,800 individuals losing their millionaire status, a new report showed on Tuesday. The 2024 Africa Wealth Report compiled by Henley and Partners, a London investment migration […]

While the naira has appreciated against the dollar in recent weeks to become the world’s best-performing currency, food inflation in the country jumped to a historic high last month. Naira’s appreciation, driven by a series of measures taken by the Central Bank of Nigeria including the clearing of foreign exchange backlogs, has yet […]

Over the past few weeks, the naira has undergone a dramatic turnaround, appreciating from a record low of around N1,900/dollar to N1,148/dollar as of April 12th. This impressive surge even earned it the title of the best-performing currency in the world in April, according to the US investment bank Goldman […]

Nigerian corporate influence and that of the West continue to collide. The rationale is straightforward: whereas corporate activity in Europe and America is part of their larger local and foreign policy engagement, privately owned enterprises in Nigeria or commercial interests are not part of Nigeria’s foreign policy ecosystem, nor is […]

Bola Tinubu, Nigeria’s president, is gloating. The economy “is looking much better,” he says, and he wants Nigerians to start rejoicing because their woes will soon be over. In his Easter message, Tinubu told Nigerians that “the seeds of patience, which they have sown, are beginning to sprout and will […]