Power Crisis Deepens as DisCos Struggle to Prioritize Band A Customers The lingering gas shortage crippling power generation in Nigeria since January has left many electricity distribution companies (DisCos) grappling to provide the mandated 20-hour daily supply to their Band A customers. According to findings by Sunday PUNCH, while DisCos strive to meet the required…
UBA Voices Confidence in Meeting N500 Billion Capital Requirement United Bank for Africa Plc (UBA) has expressed optimism about its ability to comply with the Central Bank of Nigeria’s (CBN) revised capital base requirement for commercial banks with international authorization. During the bank’s 2023 Full Year Investors’ Conference Call on Friday, UBA’s Group Managing Director/Chief…
Inflation Soars to Record High Despite Naira’s Rebound Nigeria’s inflation rate surged to an unprecedented 33.2% in March, defying the recent appreciation of the naira currency. The latest Consumer Price Index report from the National Bureau of Statistics revealed a staggering 1.5 percentage point increase from February’s 31.7% rate, marking the 15th consecutive monthly rise…
Finance Minister Commends SecureID for Driving Digitization Efforts Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, recently visited SecureID Limited, a leading smartcard manufacturing company, to acknowledge its significant contributions to the country’s digitization initiatives. During his visit to SecureID Limited’s corporate headquarters, Edun was impressed by the company’s ability…
Nigeria’s Business Leaders Strategize Amidst Challenges Representatives from Nigeria’s diverse private sector convened at the Doing Business in Nigeria Conference to address strategies and solutions for navigating the country’s demanding business landscape. Themed ‘Sustainable Transformations: Innovating for Growth,’ the conference aimed to facilitate knowledge exchange among industry professionals to offer valuable insights into overcoming the…
NIPCO Gas Limited Teams Up with Nigeria National Petroleum Company Limited to Extend AutoCNG Network Nationwide Nagendra Verma, Managing Director of NIPCO Gas, unveiled a strategic collaboration with Nigeria National Petroleum Company Limited to amplify the AutoCNG infrastructure across the country, offering motorists an alternative fuel option. Verma emphasized this development during a recent update…
Chicken Republic Expands Nationwide Presence with New MMIA Outlet In a bid to broaden its reach across the nation, Chicken Republic has inaugurated a fresh branch within the arrival concourse of the Murtala Muhammed International Airport (MMIA) in Lagos. According to a recent announcement, the company emphasized its commitment to delivering consistent quality offerings and…
The report states that the FX market opened with the Nigerian naira holding steady against the US dollar at 1,120 on the parallel market, with expectations of further appreciation this week. This marks a N5 appreciation compared to the previous Friday’s closing rate of N1,125 per dollar. The naira reached a four-month high of 1,142.38…
Nigeria’s Food Inflation Hits 40.01% in March 2024, Year-on-Year Increase of 15.56% Nigeria’s food inflation maintained its upward trajectory, surging to 40.01% in March 2024 compared to the same period last year, marking a significant rise from 24.45% in March 2023 and 37.90% in February 2024. The headline inflation rate also saw a notable increase…
Shipowners Explore Foreign Partnerships for Fleet Expansion April 15, 2024 In an effort to bolster ship acquisition within Nigeria, the Nigeria Indigenous Shipowners Association (NISA) has inked a memorandum of understanding with international counterparts to facilitate the procurement of new vessels. NISA President Sola Adewunmi revealed this during a discussion with The entrepreneurtv. on Sunday,…
