FG to Revive Moribund Cotton Textile Firms in Zamfara

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Adedapo Adesanya A 0.54 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, September 25, after the duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc witnessed improvements in the share prices. The milk producer gained N1.39 during the session to end at N73.59 per unit compared with last Friday’s value of N72.20 per unit, while the Nigerian depository company grew by 70 Kobo to sell at N18.20 per share versus N17.50 per share. At the close of transactions, the total value of the unlisted securities market jumped by N6.21

By Nneka Okumazie Across Africa, what tribe or ethnic group are known for their sincerity, where everyone knows that people from this place rarely or hardly lie, and that quality has led to others hiring them, doing business with them, or moving branches in droves to their location? In Africa, what tribe is known for their collective effort, where instead of building individual houses, people would rather build so that all of them can have, or instead of buying private cars, there is a general effort for collective and accommodating mobility, or instead of having the best education for a

In order to enable customers order food up until midnight, Jumia’s marketplace for restaurants has launched a late-night delivery service. Managing Director of the company, Mr Guy Futi disclosed this at a press conference held at Krispy Kreme, Victoria Island, Lagos. “We introduced the late-night delivery service to accommodate customers who order food at night. The late night delivery combined with initiatives like greater customer accessibility, more payment options, more locations, lunchtime deals, seasonal deals and new related products (Jumia Party) has led to over 120% increase in the volume of orders,” Mr Fitu explained. Speaking on efforts to ensure

The 2023 elections in Nigeria are already here, with the presidential and parliamentary elections scheduled to kick off on February 25, 2023. These elections are a critical time for Nigerians, as they present an opportunity for citizens to have their voices heard and to shape the future of their country. To help you stay informed and engaged, we’ve put together a list of five essential online resources that you can use during the election season. These tools will help you stay up-to-date on the latest election trends, find information on the candidates and their policies, and get directions to your

By Aduragbemi Omiyale The chief executive of Airtel Africa Plc, Mr Segun Ogunsanya, has made a case for vulnerable children in remote communities on the continent, saying they should have access to education and be given an opportunity to learn. He said this was why the leading provider of telecommunications and mobile money services pledged to invest $57 million into educational programmes during a five-year partnership with the United Nations Children’s Fund (UNICEF). Last week, executives of Airtel Africa and UNICEF were in Nairobi, Kenya, for a two-day conference to discuss the implementation of the landmark partnership across 13 out

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc recorded an N8.50 or 6.54 per cent price appreciation on Monday to trade at N130 per share compared with the previous N121.50 per share. Business Post reports that the milk production company granted easy access to the bulls to the NASD Over-the-Counter (OTC) Securities Exchange yesterday. It was observed that the share price of the company was strengthened during the session on the news that shareholders of PZ Cussons Nigeria Plc were meeting soon to ratify the sale of Nutricima Limited to FrieslandCampina, which is expected to boost both the top line and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited marginally grew by 0.06 per cent on Wednesday as investors thought through the policy direction of the administration of President Bola Tinubu. On Tuesday, the stock exchange witnessed an upswing of 5.22 per cent due to the assurance Mr Tinubu gave investors on Monday during his inauguration speech. At the event held to swear him in as Nigeria’s 16th President, the former Governor of Lagos State said he would target at least 6 per cent GDP growth and unify the exchange rate regimes. He also announced the removal of the petrol subsidy,

By Dipo Olowookere On Thursday, April 25, 2019, Sterling Bank released its financial statements for the period ended March 31, 2019. In the results briefly analysed by Business Post, the lender declared a 8.23 percent decline in the gross earnings, which dropped to N36.5 billion from N39.8 billion, while the interest income depreciated by 3.19 percent to N30.8 billion from N31.8 billion. However, the bank reduced its interest expense to N15.9 billion from N19.4 billion, with the operating income growing to N20.6 billion from N20.5 billion. Also, the fees and commission income improved to N4.7 billion from N3.6 billion, while

By Kester Kenn Klomegah Russia has finally announced that it would host African leaders and corporate business tycoons in a high-level October summit in Sochi, south coastal city, to roll out a comprehensive agenda and strategy aimed at raising the existing overall Russia’s economic profile in Africa, St Petersburg based Roscongress, the official organizer of the October summit, said on its website. It is currently collaborating with the Russian Ministry of Industry and Trade, the Russian Ministry of Foreign Affairs, the Russian Export Center and the African Export-Import Bank in organizing the forthcoming business summit. Roscongress is a non-profit foundation