Business

The rhythm of Nigeria's business world
Dr. Nnaemeka Obiaraeri, a development economist, questions the inclusion of billionaires like Elon Musk, Mark Zuckerberg, and Bill Gates in the newly constituted Presidential economic management team. He highlights a tradition where successive U.S. presidents avoid such appointments. Obiaraeri...
In Nigeria's ever-evolving airline sector, a new battleground has emerged: the skies above London. With Air Peace's recent foray into the lucrative Lagos/London route, foreign carriers have launched a relentless price war, slashing fares in a bid to outmaneuver the homegrown airline. Before Air...
The Federal Government of Nigeria, through the National Identity Management Commission (NIMC), is set to launch a groundbreaking national identity card system. While the announcement has sparked curiosity among Nigerians, it also raises questions about the necessity of another identification...
President Bola Tinubu has appointed Uzoma Nwagba as the managing director and chief executive officer of the Nigerian Consumer Credit Corporation (CrediCorp), aiming to accelerate consumer credit access for working Nigerians by 2030. Nwagba, formerly the chief operating officer of the Bank of...
KPMG Nigeria has cautioned that the Central Bank of Nigeria's (CBN) recent monetary tightening measures could hinder banks from extending credit, potentially impacting economic growth. The firm highlighted the potential consequences of the elevated interest rates, including increased...
Amidst the recent approval of an electricity tariff adjustment by the Nigerian Electricity Regulatory Commission (NERC), Ikeja Electricity Distribution Company (Ikeja Electric) has unveiled data disclosing 41 areas in Lagos categorized under band 'A'. These areas, representing a subset of...
Tony Elumelu, chairman of Heirs Holdings, declared the unwavering backing of the Organised Private Sector (OPS) in Nigeria for President Bola Tinubu. The endorsement came during a momentous gathering in Abuja, where business leaders convened for Iftar with the president, showcasing the nexus...
The government has announced a substantial reduction in monthly electricity subsidy expenses. This decision comes in the wake of a recent tariff hike aimed at aligning electricity tariffs with the actual cost of power generation and distribution. According to official sources, the revision in...
Amidst fluctuations in Nigeria's foreign exchange market, the Naira demonstrated a surprising appreciation, climbing to N1,260 per dollar in the parallel market from N1,270 per dollar just a day prior. Additionally, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira saw a...
Recent developments in Nigeria's foreign exchange landscape reveal a noteworthy surge in the customs exchange rate for import duties, exceeding the official market rate. The rate for cargo clearance currently stands at N1,330.36 per USD, significantly higher than the official market's N1,278/$1...
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