Economy - Page 17

Reserves movement data from the Central Bank of Nigeria (CBN), showed the country’s external reserves declined to US$38.74bn as of February 20, 2025, marking a 5.3% decrease (US$2.1bn) from the year high of US$40.92bn recorded on January 6, 2025. This decline may

The Presidential Enabling Business Environment Council (PEBEC) has allayed fears over the Federal Government’s cancellation of the visa-on-arrival policy. Nigeria’s Minister of Interior Olubunmi Tunji-Ojo had recently said the Federal Government plans to discontinue the policy which he said was “unsustainable”. But

Sterling Financial Holdings Company Plc has informed the public and the Nigerian Exchange Group (NGX) about the postponed filing of its Audited Financial Statements for the fiscal year ending 31 December 2024. According to the disclosure signed by the company’s Executive Director,

The Federal Government of Nigeria (FGN), through the Debt Management Office (DMO), has announced an offer for subscription by auction, aiming to raise N350 billion through the issuance of Federal Government Bonds. This amount is less than a total of N450 billion

Uno Eke, the Chief Executive Officer of Micheno Multi-Purpose Cooperative Society, has been sentenced to one year in prison for his involvement in a N2 billion fraud scheme. The conviction, handed down by Justice Rosemary Oghoghorie of the Federal High Court in

Presidential candidate of the Labour Party in the 2023 general election, Peter Obi, has condemned the shutdown of markets in Onitsha Head Bridge while urging support for small-scale businesses. In a recent post on X, Obi addressed the mixed reactions to his

Access Bank PLC proudly celebrated the 10th anniversary of the Access Bank Lagos City Marathon last Saturday, highlighting the platform’s ability to foster unity, promote healthy lifestyles, and showcase African excellence globally. Since its inception in 2016, the marathon has become a

Nigerian Breweries Plc has released its audited Group Financial Statements for the financial year 2024, recording an unprecedented and impressive revenue of N1.10trn. This represents a massive 81% increase on the N599.6bn recorded in the corresponding period in 2023. A further breakdown

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has canvassed stronger economic ties with the Middle East and the Nigerian diaspora community in the region. Speaking during a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi

Nigeria’s headline inflation has dropped to 24.48% year on year in January 2025. This is a sharp decline from the 34.80% headline inflation recorded in December 2024. This is according to the National Bureau of Statistics (NBS). The Statistician-General of the Federation

PZ Cussons Nigeria has announced plans to convert a significant portion of its outstanding debt to its parent company, PZ Cussons (Holdings), into equity. The $34.3 million debt-to-equity swap will increase the parent company’s stake in the Nigerian subsidiary to 82.79%, effectively

The Central Bank of Nigeria (CBN) disclosed that lenders, including commercial banks and other financial institutions, recorded higher default rates for secured, unsecured and corporate loans in the fourth quarter of last year (Q4 2024). Credit default refers to when a lender