Opay, a fintech company with a primary presence in Nigeria recently partnered with Guinness Nigeria to make payments and distributions seamless. The fintech company disclosed that the partnership which has opened great opportunities that it envisioned was designed to address the cash constraints in the value chain and also scale up its revenue, especially when …
Naira on Thursday depreciated against the dollar following strong demand from importers and travellers amid scarcity of the greenback at the parallel market, traders said. Dollar was being traded at the rate of N762 on Thursday, this represents 0.26 percent lower than N760/$ traded on Tuesday at the unofficial market. At the Investors and Exporters …
Nigeria’s largest lenders banks have seen steady growth in customer loans in the first quarter of 2023, BusinessDay’s findings have shown. The latest earnings report shows all the largest lenders grew their risk-weighted assets, as non-interest sources of income also bolstered revenue. The combined loans and advances of ten banks rose by 18 percent to …
How do you get a young, tech-savvy population that is among the largest in the world productive and how do you ensure they contribute to a more diversified economy, boost growth rates, and reduce poverty are some of the questions that Nigeria’s next president must answer and quick. Nigeria has a demographic advantage that some …
CBN bows to the Supreme Court’s order After six long weeks of naira swap tussle, the Central Bank of Nigeria (CBN) finally bows to the Supreme Court’s order to extend the deadline for the use of old naira notes to December 31, 2023. Nigerian residents can now do business with the old banknotes of N1,000, …
Mary Adeniyi is a 48-year-old widow and a mother of four. She works as a storekeeper at a factory in Ikeja. Since the demise of her husband five years ago, Adeniyi has been taking care of the children all by herself. The accelerating inflation in Africa’s biggest economy has made it a daily struggle for …
Businesses operating in Africa’s largest economy are in for harder times after the Central Bank of Nigeria (CBN), on Wednesday, raised interest rates for the seventh straight time to a record 18.5 percent. Credit to the private sector has been slowing since the CBN started aggressive rate hikes in May 2022 in a bid to …
Nigeria’s manufacturing sector growth has slowed to the lowest in three years on account of a cash shortage that crippled the economy during the period. According to the new Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), the sector grew by 1.61 percent (year-on-year) in real terms in Q1 2023, down …
Nigeria’s Gross Domestic Product (GDP) growth rate stood at 2.31 percent in the first quarter of 2023, down from 3. 52 percent in the previous quarter. It fell by 0.8 percent point from 3.11 in the same period last year. The National Bureau of Statistics (NBS) said the reduction in growth is attributed to the …
….eyes more companies’ listings on NGX Laurence Monmayrant, Consul General of France in Lagos In a bid to promote trade between France and Nigeria, the French Government has said it will continue fostering economic and investment ties with Nigeria. This is even as it revealed that it is looking forward to working with the Nigerian …