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Economics at businesspost.ng

Friday, Jul 26

18

Interswitch, Thales Launch CipherTrust Data Security Solution

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By Modupe Gbadeyanka An advanced data security solution designed to protect organisations from data breaches and threats has been launched by Interswitch and Thales. The new platform, CipherTrust Data Security Solution, was unveiled at a…

17

Nigeria’s Revenue-to-Debt Service Ratio Now 68%—Wale Edun

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By Adedapo Adesanya Nigeria’s revenue-to-debt service ratio declined from 97 per cent in 2023 to 68 per cent in 2024, indicating a reduction in the debt burden of the government, the Minister of Finance, Mr Wale Edun has disclosed. Debt…

15

Job Applicants Crash NNPC Recruitment Portal After Advertisement

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By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited has announced that its job application portal is currently experiencing downtime due to an ‘unprecedented’ surge in traffic after it announced a recruitment…

14

Facebook Organises Workshop for Mark Angel, Brain Jotter, Others

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By Modupe Gbadeyanka Over 20 content creators were put under a roof in Lagos by Facebook at a workshop to equip them with the knowledge and resources needed to earn from the engaging content they share – whether it’s a Reel or longer video…

Activities at Nigeria’s Seaports Drop 4.3% Drop in Six Months

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By Adedapo Adesanya Nigeria witnessed a 4.3 per cent drop in the number of ships that called at the nation’s seaports in the first half of the year 2024 as a total of 251 vessels berthed at the ports between January and June 2024 as the…

13

The Growth and Growth of Family-Owned Businesses: the Two Key Pillars of Success

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By Kyra Motley and Chelsea Turner Africa has seen an exponential growth of family-owned businesses (FOBs) in recent years, aligned with a fast-growing ultra-high-net-worth population – a trend that is set to continue on an upward…

GCR Affirms Dangote Cement’s National Scale Long-Term Issuer Rating

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By Aduragbemi Omiyale Dangote Cement Plc’s national scale long-term issuer rating of AA+(NG) has been affirmed by GCR Ratings, a notable rating company recently acquired by Moody’s. This was due to the cement maker’s strong earnings and…

10

Tinubu Seeks Stronger Business Bond With China

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By Adedapo Adesanya President Bola Tinubu has promised to further strengthen the 50-year old business relations between Nigeria and China. A statement by Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, said…

Unlisted Securities Exchange Makes 0.01% Drop

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange slid by 0.01 per cent on a drop in the stock price of UBN Property Plc on Thursday, July 25. UBN Property Plc depreciated by 2 Kobo during the trading session to…

09

Crude Oil Slips on Weak Chinese Demand Outlook

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By Adedapo Adesanya Crude oil went down on Thursday, with Brent down by 91 cents or 1.1 per cent to $80.80 a barrel and the US West Texas Intermediate (WTI) declining by 85 cents or 1.1 per cent to $76.74 per barrel. The decline was…

08

Manufacturers Warns Against Further Interest Rate Hikes

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By Adedapo Adesanya The Manufacturers Association of Nigeria (MAN) has reacted to the latest increase in the benchmark interest rate by 50 basis points by the Central Bank of Nigeria (CBN). The group warned that any further hike in the…

Thursday, Jul 25

19

Nigeria Protects Oil Infrastructure with $1.5bn in Four Years

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By Adedapo Adesanya Over $1.5 billion was used from 2020 to date to protect the nation’s oil installations and curb crude oil theft, the Secretary of the Government of the Federation (SGF), Mr George Akume, has said. Mr Akume, represented…

Lagos GDP Now N41trn—Commissioner

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By Adedapo Adesanya The Commissioner for Commerce, Cooperatives, Trade and Investment in Lagos State, Mrs Folashade Ambrose-Medebem, has said the state’s gross domestic product (GDP) has grown from N27 trillion to N41 trillion within five…

18

FG Eyes 50,000 Jobs from FCT Agro-Processing Zones Project

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By Adedapo Adesanya The federal government is targeting the creation of 50,000 jobs in the Special Agro-Industrial Processing Zones (SAPZ) project direct and indirect jobs in the Federal Capital Territory, Abuja. The FCT Minister of State,…

15

Intron Health Raises $1.6m to Build AI for Global Health

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By Adedapo Adesanya Intron Health, a health tech company that provides clinical speech recognition for over 200 accents spoken in developing countries, has raised $1.6 million in a pre-seed funding round. The round was led by Microtraction…

Sustainable Business Practices: How Going Green Can Improve Your Bottom Line

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In a state-of-the-art business environment, sustainability isn’t always a moral vital but additionally a strategic gain. Companies that include inexperienced practices in their operations can experience considerable financial blessings.…

Eni Confirms Regulatory Approval to Sell Agip Oil to Oando

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By Adedapo Adesanya Italian Oil Major, Eni, has confirmed the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando. This is contained in a statement from the…

13

APC National Secretary Ajibola Basiru Rejects NBS Inflation Figures

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By Aduragbemi Omiyale The National Secretary of the ruling All Progressives Congress (APC), Mr Ajibola Basiru, has rejected the inflation figures of the National Bureau of Statistics (NBS). Last Monday, the agency, which is under the…

10

CAC Gives 91,000 Inactive Companies 90-Day Grace Period

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By Modupe Gbadeyanka A 90-day grace period has been given to about 91,000 inactive companies in the country to file all their outstanding annual returns or risk being deleted from the database of the Corporate Affairs Commission (CAC). A…

Value of OTC Exchange Closes Below N2trn After 2.41% Loss

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By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the negative territory, recording a 2.41 per cent depreciation on Wednesday, July 24, causing the market to fall below the N2 trillion mark. The…

09

Brent, WTI Jump as US Inventories Decline

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By Adedapo Adesanya The two main crude oil grades closed higher on Wednesday, supported by large declines in US crude and fuel stocks, but concerns over weak global demand remained in the shadows. Brent crude futures appreciated by 70…

Naira Crashes to N1,586/$1 at Official Market

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By Adedapo Adesanya The Naira fell further against the United States Dollar by 2.45 per cent or N37.95 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday to settle at N1,586.71/$1 compared with the previous day’s rate…

08

NGX Index Drops 0.12% as Investors Access Impact of Rate Hike

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By Dipo Olowookere Investors at the stock market continued to access the impact of the interest rate hike of 0.50 per cent to 26.75 per cent by the Central Bank of Nigeria (CBN) after its Monetary Policy Committee (MPC) meeting on Tuesday.…

Wednesday, Jul 24

18

Meta Deletes 70,200 Nigerian Instagram, Facebook Accounts

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By Adedapo Adesanya Meta, the parent company of Facebook and Instagram, has taken significant action against online scammers in Nigeria, removing 63,000 Instagram accounts and 7,200 Facebook accounts linked to individuals using the social…

Netflix Raises Standard Plan Subscription to N5,500, Premium to N7,000

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By Dipo Olowookere Nigerians who love to watch movies and others on the popular video-streaming platform, Netflix, will have to cough out more money monthly. This is because the company has increased its subscriptions across the packages,…

17

Prices of Beans, Tomatoes, Yam Soar Over 200% as Inflation Bites

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By Adedapo Adesanya Nigerians paid quadruple to purchase beans, tomatoes, Irish potatoes, garri, yam, and other food items at the markets in one year due to inflation, the latest data from the National Bureau of Statistics (NBS) showed.…

15

Cardoso Blames High Liquidity for Soaring Inflation

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By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has blamed the high amount of liquidity in the financial system within a short time for the rising inflation in the country. Speaking at the 296th…

Study Sees Africa’s Green Economy Creating 3.3 million Direct Jobs by 2030

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By Modupe Gbadeyanka About 3.3 million are projected to be created by 2030 from Africa’s green economy, with Nigeria contributing between 60,000 and 240,000, a new study by Shortlist and FSD Africa, with analysis from the Boston Consulting…

14

Nigerian Banks Get Deadline to Pay 70% Windfall Profit Levy

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By Adedapo Adesanya The Senate has passed the amended 2023 Finance Act after President Bola Tinubu requested an unprecedented windfall tax on foreign exchange (FX) revaluation profits of banks in the 2023 financial year. The upper chamber…

10

Aradel Holdings Pulls Down NASD OTC Exchange by 0.21%

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By Adedapo Adesanya Aradel Holdings Plc dragged the NASD Over-the-Counter (OTC) Securities Exchange southwards by 0.21 per cent on Tuesday, July 23. This depleted the market capitalisation of the alternative stock exchange at the close of…