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 …
Deloitte Nigeria has reiterated its commitment to making an impact that matters for its people, clients, and society. The firm will be offering free expert consultations to over 400 SMEs through a Business Clinic on Tuesday, May 30, 2023. The Business Clinic is part of Deloitte’s efforts to live out its mantra of a purpose …
Across Nigeria, anticipation is building around the launch of the new Dangote oil refinery, set to begin operation in a few days. With an estimated cost of $18 billion, the refinery is expected to reduce oil import dependence by up to 36 percent. By processing 650,000 barrels of crude oil daily into refined petroleum products, …
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, …
eNaira, Nigeria’s Central Bank Digital Currency (CBDC) and the first to be issued in the world, is failing to live up to expectations in terms of boosting remittance and improving the informal economy. This is despite huge investments from the Central Bank of Nigeria in pushing awareness of digital currency in the public space. A …
Meta, the parent company of Facebook, WhatsApp, and Instagram has been issued a $1.3 billion fine and asked to suspend the transfer of user data from the European Union (EU) to the United States, by Ireland’s Data Protection Commission (DPC). The DPC regulates Meta across the EU and the fine is a record for a …
Instagram Meta-owned Instagram is planning to launch a text-based app similar to Twitter that allows users to create posts with text, and attach links, photos, and videos. It is a stand-alone app that is likely to go live in June according to Lia Haberman, professor of social and influencer marketing at UCLA and author of …
The continued decline in Nigeria’s external reserves despite high oil prices is adding fuel to investors’ fears as it threatens to exacerbate the scarcity of foreign exchange in Africa’s biggest economy. When the incoming government of Bola Tinubu takes over next Monday, one of the most critical tasks it will face is the management of …