business
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The Nigeria Employers’ Consultative Association (NECA) paints a worrisome picture, revealing that at least 15 multinationals have chosen to either divest or partially shut down operations in Nigeria over the past three years. This exodus raises serious concerns about rising unemployment, potential social unrest, and a weakened business environment. NECA Director-General, Adewale Oyerinde, warns that […]
Businesses in Nigeria’s capital, Abuja, have received a stern warning from the Federal Capital Territory Minister, Nyesom Wike, via the FCT Internal Revenue Service (FCT-IRS). The message: file your 2023 annual returns by January 31st, 2024, or face potential overtaxation. FCT-IRS Head of Corporate Communications, Mustapha Sumaila, issued the statement, clearly reiterating the January 31st […]
Despite billions of naira pumped into boosting Nigerian rice production, the cost of local rice has skyrocketed, with a kilogramme jumping a staggering 73.2% in just one year. This spike comes as a bitter pill for Nigerians who rely on it as a staple food, and throws into question the effectiveness of government efforts to […]
Commercial banks in Nigeria have initiated the process of recovering loans distributed under the COVID-19 relief program, which aimed to support households and Micro, Small and Medium Enterprises (MSMEs) impacted by the pandemic. While this process is underway, reports have emerged of some beneficiaries experiencing unexpected deductions from their accounts without prior notification from the […]
Lagos, Nigeria: The massive Dangote Petroleum Refinery has received its fourth shipment of one million barrels of Bonny Light crude oil, fueling anticipation for its imminent launch. The Nigerian National Petroleum Corporation Limited (NNPC) delivered the crucial supply, with the $20 billion refinery expecting a fifth shipment shortly. This marks a significant development, adding to […]
Nigeria’s consumers, stung by the sharp bite of inflation, are turning to banks with record frequency, sending loan demand to its highest level in nearly four years. Official data from the Central Bank of Nigeria (CBN) reveals a dramatic surge in borrowing, fueled by shrinking incomes and the struggle to make ends meet. Consumer credit […]
In a move heralding a potential new era for Nigerian energy, the Federal Government has proudly confirmed the resumption of operations at the Port Harcourt Refining and Petrochemical Company, marking a milestone in the country’s quest for domestic fuel production. This long-awaited news brings to an end months of anticipation, following previous assurances from the […]
According to data released by the Debt Management Office (DMO), Nigeria’s total public debt rose slightly from N87.38 trillion in June to N87.91 trillion at the end of September. The N87.91 trillion comprises the domestic and external debts of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory. The country’s external […]
With Christmas just five days away, the Nigeria Labour Congress (NLC) is sounding the alarm over the persistent cash scarcity gripping the nation. In a fiery statement by President Joe Ajaero, the NLC warns of “serious implications” for citizens and demands immediate action from the government and the Central Bank of Nigeria (CBN). Bank customers […]
Frustration boils over as Nigerians, particularly grassroots farmers and petty traders, grapple with the ongoing cash crunch. Their once-lucrative businesses are withering under the strain, with many resorting to hiding their meager earnings outside the banking system for fear of them getting trapped. The pain extends beyond individual pockets. Small and medium-scale enterprise associations fear […]
