Author: Mary Osisanya-Bello

Naira has strengthened to N1,700 in the parallel market, gaining N20, while official market rose to N1,535. The naira rebounded on Thursday, posting gains in both the official and parallel markets following three consecutive days of losses. At the parallel market, the currency appreciated by 1.18 per cent, strengthening from N1,720 to N1,700, a gain of N20 in a single day. In the official market, the naira recorded modest improvement. The average rate rose to N1,535.67, up from Wednesday’s N1,537.12, marking an appreciation of 0.09 per cent. The highest rate traded at the Nigerian Foreign Exchange Market (NFEM) was N1,550,…

Presco Plc, Nigeria’s leading palm oil producer, is poised to make history with its N100 billion Series 1 bond issuance, the largest corporate bond offering in the industry. This landmark transaction is part of the company’s N150 billion bond programme. The 7-year bond will offer a competitive yield range of 23.25% to 23.75%, reflecting Presco’s strong credit profile, which boasts an Aa rating from Agusto & Co. and an A- rating from GCR. This issuance marks the company’s second foray into the capital market, following its successful N34.5 billion raise in 2022. Presco’s decision to tap into the capital market…

Healthcare experts have identified funding, corporate investments, and other key factors as top priorities for driving Nigeria’s healthcare sector transformation in 2025. As workforce shortages are expected to become a more pressing issue than funding challenges, experts remain cautiously optimistic, recognizing both the hurdles and opportunities ahead. Funding and National Budget Allocation Dr. Doyin Odunbajo, a public health expert in Lagos, underscored that funding remains a critical issue for Nigeria’s healthcare system. He proposed that allocating at least 10% of the national budget to healthcare could help meet the Abuja Declaration target. While Nigeria’s 2024 healthcare budget of N2.48 trillion…

In 2024, African stock markets delivered remarkable performances, with Ghana’s benchmark stock index leading the charge, delivering the highest returns on the continent. Bolstered by economic reforms and investor optimism, several countries are set to sustain this positive momentum into 2025. Here’s a closer look at the top-performing African stock indices and their outlook for the year ahead. According to Bloomberg, the five best-performing African stock indices are expected to continue their upward trajectory in 2025: 1. Ghana’s GSE Composite Index – 56% Ghana’s stock index led Africa with an impressive 56% return in 2024, marking its strongest performance since…

Nigeria’s external debt servicing costs soared by 38% in the first nine months of 2024, totaling $3.53 billion, compared to $2.56 billion during the same period in 2023. This was revealed in the Central Bank of Nigeria (CBN) International Payment Data published on its website. The sharp increase highlights the growing fiscal pressures on Nigeria’s economy, exacerbated by declining revenues, inflation, and currency depreciation. A month-by-month breakdown of the data illustrates the escalating costs. In January 2024, Nigeria spent $560.52 million on external debt servicing, a dramatic rise from $112.35 million in January 2023. February saw $283.22 million in payments,…

BUA Group has issued a clarification regarding the progress of its 200,000 barrels per day crude oil refinery in Akwa Ibom, South-South Nigeria, denying claims that the project is 90% complete. The company assured the public that while construction is advancing steadily, the refinery is not yet at the reported stage of completion. In a statement released on Sunday, the Abdul Samad Rabiu-led conglomerate emphasized that the refinery is on track to meet its delivery timelines, and reiterated its commitment to timely project completion in collaboration with its partners. The refinery is set to produce Euro-V fuels such as diesel,…

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed concerns over the unsatisfactory economic performance of the private sector in 2024, citing inflation, high borrowing costs, and currency devaluation as major challenges. In a statement issued on Sunday, titled “Statement on Options for Economic Reform and Consequences for The Medium-Term Expenditure Framework (MTEF) for 2025-2027,” NACCIMA’s National President, Hon. Dele Kelvin Oye, emphasized the adverse effects of the current economic reforms on the private sector. Oye remarked, “It is evident that the 2024 economic performance has been disappointing for the private sector. All available data,…

The 13th-month pay is a common practice among many companies in Nigeria, often arriving as an end-of-year bonus, just in time for the holiday season. It’s a well-deserved reward for hard work throughout the year. However, while it is tempting to spend it on celebrations, gifts, or a vacation, here are eight opportunities to improve your financial future if invested wisely. While it is easy to get caught up in the festivities and spend your bonus on short-term pleasures, the true value of the 13th-month salary lies in its potential to help you build a secure financial future. By paying…

A few weeks ago, Forbes released its inaugural ForbesBLK50 list, showcasing the 50 wealthiest Black Americans in 2024, with three Nigerians making the list. The list includes three Nigerians – Wemimo Abbey, Tope Awotona, and Adebayo Ogunlesi – who are recognized for their impressive achievements and influence in their industries. The ForbesBLK50 list looks beyond wealth, highlighting the impact individuals have in business, activism, and innovation. The list was created to address the lack of representation in Forbes’ 2009 ranking of influential Black Americans. Adebayo Ogunlesi Adebayo “Bayo” O. Ogunlesi (born December 20, 1953) is a Nigerian lawyer and investment…

Analysts have predicted a boost in credit and economic activities in 2025, driven by the ongoing successes in Nigeria’s banking sector recapitalisation. The analysts, speaking on Sunday, expressed optimism that the capital mobilisation in the banking sector would lead to increased credit availability and economic growth next year. Their positive outlook stems from recent progress in the banking sector’s recapitalisation efforts. They also called for measures to address the widening profitability gap between financial services and the real sectors of the economy, which has been a growing concern. Furthermore, the analysts recommended that the Central Bank of Nigeria (CBN) soften…

Nigeria has secured $2.2 billion currency swap with China, marking a significant milestone in economic development under Tinubu’s leadership.The Nigeria-China Strategic Partnership (NCSP) said with the renewal of the currency swap arrangement with China valued at 15 billion yuan (about $2.2 billion), the administration of President Bola Tinubu had secured a significant milestone in Nigeria’s economic development. Director-General and global liaison for NCSP, Joseph Tegbe, disclosed this on Sunday. Tegbe said the landmark deal strengthened economic ties between the two nations, facilitated bilateral trade and investment, reduced reliance on the US dollar, and mitigated financial risks. Relatedly, a chieftain of…

Sterling Financial Holdings Company PLC has reached a significant milestone with the Central Bank of Nigeria (CBN) granting approval for an additional ₦75 billion in its capital raise. This approval marks the final phase of the capital injection, which was initiated through a private placement in September 2024. Building on the success of the private placement, Sterling launched a Rights Issue in October 2024, offering existing shareholders an exclusive opportunity to increase their stakes in the company and participate in its growth trajectory. The Rights Issue attracted considerable interest, reflecting the strong confidence shareholders have in Sterling’s vision and strategy.…

The Manufacturers Association of Nigeria (MAN) has called on Lagos State Governor, Babajide Sanwo-Olu, to intervene in the recent sealing of factories by the Lagos State Water Regulatory Commission (LASWARCO) due to manufacturers’ alleged non-payment of water abstraction fees imposed by the Commission. In an open letter to Governor Sanwo-Olu, MAN urged the Governor to use his office to immediately order the reopening of the affected factories to prevent potential job losses. The letter highlighted that efforts to engage the relevant agency heads had been unsuccessful. The letter, signed by MAN’s Director General, Segun Ajayi-Kadir, reads: “The Manufacturers Association of…

President Bola Tinubu has emphasized the potential of Nigeria’s abundant lithium reserves and Compressed Natural Gas (CNG) to attract foreign automobile assembly investments and create jobs, thereby boosting the country’s economic growth. Speaking in a press briefing on Monday night, the President highlighted that leveraging Nigeria’s lithium resources could play a pivotal role in developing the local automobile industry. He explained that fostering electric vehicle (EV) production and promoting CNG use could help replace the influx of second-hand vehicles and generate employment opportunities. “We are rich in solid minerals, with Kaduna and Nasarawa holding the largest lithium deposits. If we…

President Bola Ahmed Tinubu has defended Nigeria’s borrowing plans outlined in the proposed 2025 budget, stressing that it is crucial for addressing the country’s long-standing infrastructure gaps and development needs. Speaking at a Presidential chat in Abuja, Tinubu asserted that borrowing is not inherently criminal, but rather a necessary tool to correct economic imbalances and invest in long-term projects aimed at national prosperity. “Borrowing is not criminal. We are addressing a mismatch between our needs and available resources,” Tinubu said. “Without investing in long-term projects, we won’t have the resources to manage them in the short term. Yes, we’ve made…

LG Electronics Brings the Ultimate Cinematic Experience to Customers with Exclusive Access to Stream Amazon MGM Studios’ Red One In a bid to offer customers the ultimate at-home cinematic experience, LG Electronics (LG) has announced that its customers can now stream the highly anticipated action-packed holiday film Red One, the blockbuster of the 2024 Christmas season. Available exclusively to Prime members, Red One can be streamed on LG Smart TVs in over 200 countries. The film, produced by Amazon MGM Studios, Seven Bucks Productions, The Detective Agency, and Chris Morgan Productions, stars Dwayne ‘The Rock’ Johnson, Chris Evans, Lucy Liu,…

Lagos State Governor, Mr. Babajide Sanwo-Olu, officially launched the inaugural Lagos Shopping Festival – Africa’s largest 72-hour non-stop shopping extravaganza – at a vibrant ceremony held at the Mobolaji Johnson Arena in Onikan, Lagos. Running from December 23-25, 2024, the Festival promises a one-of-a-kind shopping and entertainment experience for both residents and tourists. In a statement by Mr. Gbenga Omotoso, Commissioner for Information and Strategy, the festival aims to further solidify Lagos’s position as Africa’s leading hub for commerce, creativity, and entertainment. Omotoso highlighted that the event will deliver an unmatched shopping experience, featuring exclusive deals, discounts, music, food, fashion,…

The National Quality Council (NQC), in partnership with the British Standards Institute (BSI), recently organized a “Train the Trainers” workshop for Nigerian stakeholders focused on administering and completing a matrix for gathering critical data to support the effective implementation of the Nigeria National Quality Policy (NNQP). In his opening remarks, NQC Chairman and Chief Executive Officer, Osita Aboloma, highlighted that the workshop was part of a series of capacity-building programs under the Standards Partnership Programme (SPP), a collaboration with the BSI. He explained that the workshop aimed to empower Nigerian stakeholders to take ownership of the NNQP, ensuring the collection…

The National Automotive Design and Development Council (NADDC) has announced plans to establish a new auto industrial park aimed at supporting local manufacturers, reducing production costs, and enhancing Nigeria’s position in the automotive sector. Speaking at a media briefing in Abuja, NADDC Director General, Mr. Oluwemimo Osanipin, outlined several initiatives to strengthen local manufacturing capabilities, including increased production of spare parts, batteries, and tyres. These efforts are vital as Nigeria prepares for the African Continental Free Trade Area (AfCFTA) agreement set to commence next year. Key Highlights: New Auto Industrial Park: The proposed park will offer shared facilities such as…

Nigeria, despite being Africa’s largest oil producer, now ranks among the countries with the highest petrol prices on the continent following the removal of its long-standing fuel subsidy. This shift comes after the Bola Tinubu-led administration fully deregulated the downstream oil and gas sector, ending decades of government underpayments on petrol. In 2022, Nigeria spent approximately ₦4.39 trillion (or $9.7 billion) on fuel subsidies, a financial burden the government attributed to dwindling public finances and the inability to fund critical development projects. While the subsidy was officially removed in May 2023, the government still incurred ₦3.6 trillion in underpayments that…