business
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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 […]
Point of Sale (PoS) operators are feeling the pinch of a nationwide cash shortage, forced to buy cash at inflated rates from traders due to limited withdrawals from banks. This scramble for cash is shrinking their businesses, raising concerns about the broader impact on the Nigerian economy. Banks across the country have been grappling with […]
Lagos State Governor, Babajide Sanwo-Olu has called for the support of local and international investors to partner MSMEs and scale up products and services in order to break into AFCFTA and global market. He said with the collaboration, there will be a reasonable return on investment for small businesses in Lagos and Nigeria. Speaking at […]
Governor Babajide Sanwo-Olu has challenged Small and Medium Scale Enterprises (MSMEs) to leverage the opportunities presented by the nation’s economic challenges to grow their businesses and contribute to the nation’s Gross Domestic Product (GDP). Speaking at the opening ceremony of the eighth Lagos MSMEs Exclusive Trade Fair, Governor Sanwo-Olu, represented by Deputy Governor Dr. Obafemi […]
