New Telegraph

Top 15 Weekly Business News Roundup For Latest Nigeria News

Business News Round-up

Business News Round-UP

Here is New Telegraph’s weekly business news roundup of the top 15  latest Nigerian news making headlines from Monday, April 8 to Saturday, April 13, 2024.

Nigeria’s Crude Oil Production Falls To 1.23mbpd In March

After struggling to meet its quota for months without success, Nigeria sadly crashed to the worst reduced production member of the Organisation of Petroleum Exporting Countries in March 2024, according to OPEC Monthly Oil Market Report published yesterday.

Nigeria held the most increased crude oil production country of OPEC for… Read more 

FG Spent $1.01bn On PMS Importation In January

No fewer than 23 vessels were hired by the Nigerian National Petroleum Company Limited (NNPCL) in January 2024 to ferry 1.11 million tonnes of Premium Motor Spirit (PMS).

The fuel, imported into the country by the contracted ships, was… Read more

World Bank Reaffirms 3.3% Economic Growth Projection For Nigeria

Following noticeable improvement in economic policies and implementations, the World Bank has reaffirmed that Nigeria’s economic growth will remain at 3.3 per cent in 2024.

According to Africa’s Pulse Report released yesterday by the global lender, the projection for 2025 to 2026 was… Read more

NNPC Ltd: Avoid Panic Buying Of PMS

The Nigerian National Petroleum Company Limited has urged motorists and other fuel users to avoid panic buying, adding that it has resolved the fuel scarcity in Lagos.

It attributed the cause of the scarcity… Read more 

Renewable Energy: FG Lists Primary Beneficiaries Of $750m World Bank Loan

The Federal Government has disclosed that it will be providing subsidies to developers and operators of solar mini-grids in unserved and underserved areas in Nigeria through a World Bank-approved loan of $750 million under the Distributed Access through Renewable Energy Scale-up (DARES) project.

This was contained in the financing agreement for the loan project… Read more 

IMF: Rising Cyber Threats Pose Serious Concerns For Financial Stability

The International Monetary Fund (IMF) has declared that cyberattacks have more than doubled since the pandemic. In a blog released during the week, pointed out that while companies have historically suffered relatively modest direct losses from cyberattacks, some have experienced a much heavier toll.

Specifically, US credit reporting agency Equifax, for example, paid more than $1 billion in penalties after a major… Read more 

First Bank, Foundation Partner On Financial Inclusion For IDPs

Civitas Auxilium Foundation (CAF), a non-governmental organisation, has partnered with First Bank of Nigeria Plc. on financial inclusion for Internally Displaced Persons (IDPs).

Mrs Elizabeth Duile, Chief Operations Officer and Founder of CAF stated this in an interview with the… Read more 

NERC Approves Additional Band A Feeders For Ikeja Electric

The Nigerian Electricity Regulatory Commission (NERC) has approved the upgrade of an additional six feeders from Band B to Band A for Ikeja Electricity Distribution Company.

This brings to 51 the total feeders on the… Read more

Visa Launches Subscription Management Solution

The global subscription market is on a steady rise, expected to reach a staggering $406 billion by 2025.

As the trend of consumers subscribing to services in sectors such as retail, food and…Read more

Recapitalisation: CBN Offers Fresh Reasons For Retained Earnings’ Exclusion

The Central Bank of Nigeria (CBN) has again offered reasons for the exclusion of banks’ retained earnings from the announced recapitalisation exercise.

Giving the clarification, the Director, Financial Policy and Regulatory Department (FPRD) at CBN, Haruna B. Mustafa, reaffirmed that… Read more

Styrofoam Ban: Man Raises Alarm Over Govt’s Anti-Investment Decisions

The Manufacturers Association of Nigeria (MAN) has tackled the Lagos State Government over the full enforcement of the ban on usage and distribution of Styrofoam packs ahead of the 2025 deadline.

MAN explained that some anti-industrial decisions taken recently by the agencies of… Read more

Google’s Stock Hits All-Time High Of $1.95trn

Google’s parent company, Alphabet, soared to $1.95 trillion, its highest-ever share price, on Tuesday.

Data from Google’s performance in the stock market showed that its stock surged to an all-time intraday peak of $159.89 per share before settling at… Read more 

AfDB, AGF Partner On Female Entrepreneurs’ Access To Finance

The African Development Bank (AfDB) and the African Guarantee Fund (AGF) have brought the curtain down on the AFAWA Finance Series Togo conference, a keynote event aimed at promoting a better understanding of the financing needs of Togolese women entrepreneurs and debunking the myth that women-run companies are risky ventures.

According to a press release, the three-day event, which ended on… Read more

BIS, Central Banks Partner To Boost Tokenization

The Bank for International Settlements (BIS) and seven central banks have announced plans to join forces with the private sector to explore how tokenisation can enhance the functioning of the monetary system.

Tokenization is a security measure wherein a customer’s existing card details get… Read more

IMF Expresses Concern Over Fast-Growing $2trn Private Credit Market

The International Monetary Fund (IMF) has said the private credit market, in which specialised nonbank financial institutions such as investment funds lend to corporate borrowers, topped $2.1 trillion globally last year in assets and committed capital.

The Fund in a blog released yesterday said about three-quarters of this was… Read more

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