Business

Nigerians spent the sum of N57.1 trillion on household items in the first six months of the year. According to data on Nigeria’s GDP, released by the National Bureau of Statistics, Nigeria’s household consumption expenditure in H1 2022 increased by 14.4% compared to N49.89 trillion recorded in the corresponding period of 2021. Compared to the first half of 2020, household consumption expenses surged by 30.6%, while it increased by 16.4% in […]

Reports say Nigeria’s educational sector suffered massive capital flight during the administration of the President Muhammadu Buhari. According to data from the Central Bank of Nigeria,Nigerians have spent the sum of $3.5bn on foreign education in the past seven years. Education in Nigeria, most especially in the tertiary education sector, has been marred by industrial actions by unions such as the Academic Staff Union of Universities and the Academic Staff […]

The Federal Government has disbursed N785bn through the Bank of Industry to boost production and exports between 2019 to 2022. President Muhammadu Buhari disclosed this during his opening remarks at the Lagos International Trade Fair, organised by the State Chamber of Commerce and Industry. Buhari noted that the Federal Government had taken much-needed steps to improve the trading environment, some of which include creation of Special Economic Zones, 17 of […]

Naira recorded a massive boost against the US dollar on Thursday closing at N718 to a dollar from N814.9/$1 recorded in the previous trading session. The exchange rate appreciated by 11.89% in 24 hours. Similarly, the exchange rate between the naira and the US dollar appreciated at the black market to close at N745/$1 on Thursday, representing a 6.88% gain when compared to the N800/$1 recorded in the previous trading session.

The Asset Management Corporation of Nigeria, AMCON, has recovered a total of N307 billion debts between 2020 and 2021. An inter-agency committee set up on the recovery of debts owed to AMCON submitted its report to the Federal Government. It called for strict implementation of relevant laws, including the AMCON Act, that ensures that the recalcitrant debtors cannot benefit from government contracts and projects except with due diligence clearance from AMCON.

Reports say Nigerians carried out N12.8 trillion worth of mobile transactions between January and September 2022. According to the Nigeria Inter-Bank Settlement System, recorded mobile inter-scheme transactions in Nigeria grew by a whopping 153% year-on-year in the first nine months of 2022 from N5.07 trillion recorded in the comparable period of 2021. The total transactions for the current year represent an even higher margin when compared to the same period […]

The price of materials popularly known as Ankara has recorded an increase in the popular Douglas market in owerri, Imo state. Speaking with Boss Radio correspondent, dealers of the materials, Obioma Ogbonna, who spoke in vernacular, says previously he buys at the rate of N1250 and sells N1400, but now he buys N1400 and sells at the rate of N1500. Ogbonna calls for government intervention as it affect those in […]

The combined market capitalization of stocks worth over one trillion depreciated by 0.92% to close at N17.17 trillion from N17.44 trillion the previous week. This shows a loss of N160 billion during the week under review.  

Flour Mills of Nigeria has said its unaudited financial statement for half-year 2023 shows strong revenue growth across business segments, despite the challenging macroeconomic environment. According to a statement by the company, overall revenue increased by 38 per cent to N721b, propelled by a favorable mix and some exchange related pricing. It added that the company achieved strong revenue growth averaging 36 per cent across all business segments.