Data center operators in Nigeria are facing significant challenges due to the ongoing foreign exchange (forex) crisis, which is now jeopardizing the substantial investments already made in the construction and operation of these facilities. Industry experts have expressed deep concerns about the increasing difficulty in securing additional financing, as operators struggle to generate sufficient returns…
The Securities and Exchange Commission (SEC) has announced its intention to begin enforcing regulatory actions against individuals and business entities, including cryptocurrency exchanges, that are operating outside of its regulations in the country. Dr. Emomotimi Agama, the Director-General of SEC, disclosed this in a statement on Sunday, reaffirming the commission’s dedication to safeguarding investors. This…
Stanbic IBTC Holdings has announced an interim dividend of N2.00 per ordinary share of 50 kobo each, amounting to a total payout of N25.9 billion. This development was disclosed in a corporate action statement released by the Nigerian Exchange Group (NGX), highlighting the bank’s strong financial performance during the year. The announcement comes on the…
As of June 30, 2024, Nigeria has ascended to the position of the third-largest debtor to the World Bank’s International Development Association (IDA), marking a significant milestone in the country’s borrowing history. According to the World Bank’s financial statements, Nigeria’s debt exposure to the IDA increased by a substantial 14.4%, rising from $14.3 billion in…
Nigeria’s manufacturing sector has experienced a significant downturn in its contribution to the nation’s Gross Domestic Product (GDP) over the last two quarters, marking a steep decline of 20.95% from the end of 2023 through the second quarter of 2024. According to recent data released by the National Bureau of Statistics (NBS), the sector’s share…
Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has highlighted a concerning trend in Nigeria’s economic performance, noting that the country’s Gross Domestic Product (GDP) growth rate has been steadily declining since 2014. Speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, Okonjo-Iweala emphasized that this downturn signals…
In a robust response to escalating security threats and unlawful activities within Nigeria’s mining sector, the federal government has instituted an immediate suspension of all mining operations in Unguwar Magro Village, situated in Niger State. This decisive action follows a tragic and violent incident in which twelve miners lost their lives at the hands of…
Oando PLC has officially completed the acquisition of Nigerian Agip Oil Company (NAOC) from the Italian energy giant Eni, marking a major achievement in Oando’s strategic vision. The transaction, valued at $783 million, includes not only the purchase consideration but also reimbursement for the assets, representing a significant investment in Nigeria’s energy sector. This acquisition…
Despite significant improvements in Nigeria’s foreign exchange market fundamentals, the naira continues to struggle, trading at N1,600/$ in the black market as of Wednesday morning. This trend persists even as the U.S. dollar index hovers near a seven-month low. Naira short sellers remain undeterred, even in the face of the Federal Government’s recent issuance of…
The Nigerian stock market has surged by approximately 31% this year, entering a bull run despite the country’s challenging economic conditions. Thanks to advancements in technology, investing in Nigerian stocks has become more accessible and transparent. Major companies on the NGX, including Airtel Africa, BUA Cement, Dangote Cement, and MTN Nigeria, boast market capitalizations exceeding…
