nigeria

The latest report by the Central Bank of Nigeria Monetary Policy Committee members shows that Nigeria’s budget deficit stood at 7.6 per cent of GDP as of August 2024, beyond the approved 3.8 per cent target for the year. 

Addressing Nigeria’s rising fiscal deficit

BUA Foods has reported a 91 per cent rise in its Profit After Tax in the nine-month period ending September 2024 to 201.4 billion naira. 

BUA Foods sees 9-m profit up by 91% to ₦201.4bn 

Nigeria’s foreign reserve is sustaining its uptrend rising to $40.08 billion on November 7, the highest level in nearly two years. 

Can Nigeria sustain FX reserve growth?

E-commerce giant, Jumia, reported a 14 per cent decline in revenue to 36.5 million dollars in the third quarter of 2024, driven by currency depreciation in major markets like Nigeria and Egypt. 

Currency pressure drives Jumia’s revenue to $36.5mn in Q3’24

The delay in the implementation of 150-day duty free import window is stoking concerns around recent price surge in staples such as rice as the yuletide draws near. 

Duty-free food import: Will rice price drop near-term?

The Nigerian government has set up a nine-member committee to review bilateral investment treaties and the Nigerian Investment Promotion Commission Act. 

Nigeria sets up committee to review bilateral investment treaties

Nigeria’s Minister of Solid Minerals Development, Dele Alake, says ongoing reforms in the mining sector are creating opportunities and improving the business climate and the country is open for business. 

Nigeria woos South African mining sector investors

Nassourou Aminu, the Regional Manager for Africa at the Financial Corporation International, believes the adoption of factoring in Africa’s supply chain is months away, stressing that the law on factoring will be a game-changer. 

Africa working on legal framework for factoring

Three oil marketers have asked a Nigerian High Court to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals over the issuance of licenses to the marketers for the importation of petroleum products.

Is Nigeria’s petrol pricing globally benchmarked?

Mike Ogbalu, the CEO of the Pan-African Payment and Settlement System says the platform is working with payment service providers, banks, and mobile network operators among others to integrate infrastructure that support innovative payment solutions.

PAPSS providing infrastructure to support innovation 

How will the introduction of Cosco shipping, Ocean Network Express, and ZIM Integrated Shipping Services at the Lagos Free Zone impact Nigeria’s blue economy and promote trade facilitation?

How Lekki corridor is boosting Nigeria’s blue economy

Unlike the 30 per cent trading amongst European Union countries. Africa only trades about three per cent, which according to Johnny Hansen, a Credit Committee Member at Africa Global Trade Finance shows the need to integrate further. 

NIGERIA