Business and Economy

LAGOS The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that the Bank’s decision to implement the Electronic Foreign Exchange Matching System (EFEMS) is rooted in the understanding that trust is essential to central banking. Addressing members of the Harvard Club of Nigeria in Lagos …

DAVOS, Switzerland Africa Collective and the African Continental Free Trade Area (AfCFTA) Secretariat are happy to announce African Export-Import Bank (Afreximbank (www.Afreximbank.com) or the Bank) as their Host Partner at Davos 2025, on the margins of the World Economic Forum. The strategic partnership between Afreximbank, Africa Collective and the AfCFTA …

The Central Bank of Nigeria (CBN) has sold a total of US$543.5 million (Five Hundred and Forty-Three Million, Five Hundred Thousand US Dollars Only) from September 06 – 30, 2024. The apex bank, according to a press release by Omolara O. Duke, its Director, Financial Markets Department, said it sold …

CBN Governor, Yemi Cardoso By Kadiri Abdulrahman Abuja, Oct. 3, 2024 The Central Bank of Nigeria (CBN), has announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM). According to a statement issued by Omolara Duke, the …

By Grace Alegba Lagos, Oct. 2, 2024 The Naira on Wednesday depreciated at the official market, trading at N1,669.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N127.21. This …

As Nigeria celebrates her 64th independence anniversary, Chevron is proud of its partnerships and role in developing its natural resources. In over six decades of operation, Chevron Nigeria has continued to make significant investments in the country that support social and economic development.  The Chairman and Managing Director of Chevron …

By Yunus Yusuf Lagos, Oct. 1, 2024 Shell has appointed Mr. Ronald Adams as the new managing director of its deep-water subsidiary in Nigeria, Shell Nigeria Exploration and Production Company Limited (SNEPCo). Gladys Afam-Anadu, Media Relations Manager at Shell, announced in a statement on Tuesday that Adams previously served as …

Rabat, Sept. 30, 2024 The African Development Bank (AfDB) said on Monday that it approved financing worth 70 million euros for Moroccan lender Bank of Africa, to promote access to trade finance in Africa. The AfDB said in a statement that the trade finance facility comprises a Risk Participation Agreement …

ABUJA The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has concluded his participation in the high-level Bretton Woods at 80 Forum, where he represented Africa’s interests on the global financial stage. The forum, organised by the International Monetary Fund (IMF) and World Bank Group (WBG), brought together …

CASABLANCA, Morocco Network International (www.Network.ae), a leading enabler of digital commerce in the Middle East and Africa, has officially announced its establishment in Morocco, furthering its strategic expansion in Francophone Africa. With over 30 years of industry leadership, Network International is committed to accelerating the digitalization of payments in the …

Elder statesmen in Nigeria under the aegis of the National Christian Elders Forum (NCEF), have called on the Federal Government led by President Bola Tinubu to alleviate the suffering of Nigerians by, among others, reviewing downwards the price of petrol and electricity. They also called for improved security, particularly for …

The trailblazing New York Africa Chamber of Commerce (NYACC) will be launched, Friday, September 27, 2024 at Berkeley College, New York City Midtown Campus, 3 East 43rd Street, New York, NY 10017 from 11AM to 1.30PM. A premier business organization established in New York and dedicated to strengthening economic ties …

By Salisu Sani-Idris Abuja, Sept. 26, 2024 Vice-President Kashim Shettima has welcomed ExxonMobil’s proposed 10 billion dollars investment in Nigeria’s deep-water oil operations. This is contained in a statement issued by the spokesperson of the Vice-President, Mr. Stanley Nkwocha, on Thursday. Shettima made the remark during a high-level meeting with …

By Chidinma Ewunonu-Aluko Ibadan, Sept. 25, 2024 The Catholic Archbishop of Ibadan Archdiocese, His Grace, Most Rev. Gabriel Abegunrin has urged the government to allow Dangote Refinery to sell petrol directly to marketers. The Archbishop made the remark on Wednesday in Ibadan at a news briefing organised by the Archdiocese …

Stories by Kadiri Abdulrahman Abuja, Sept. 24, 2024 The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further increased the Monetary Policy Rate (MPR) by 50 basis points to 27.25 per cent from 26.75 per cent. The Governor of the CBN, Yemi Cardoso, made this known …

The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Dayo Mobereola has assured the international community of the commitment of the Federal Government of Nigeria to a peaceful, stable and prosperous Atlantic region which should be explored in a sustainable manner for the benefit of all …

By Rukayat Adeyemi Lagos, Sept. 23, 2024 Opening the week’s trading, the Nigerian Exchange Ltd.(NGX) market capitalisation advanced by N79 billion or 0.14 per cent to close at N56.536 trillion, from an opening of N56.457 trillion. The All-share Index also added 0.14 per cent or 139 points, to close at …

Lagos, Nigeria, September 20, 2024: More sponsors have supported the hosting of the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) from October 2 to October 3, in Lokoja, Kogi State. Leading the pack of sponsors are the Nigerian National Petroleum Company Limited (NNPCL), Delta and Lagos …

The 7th US Africa Business Conference holds today, Friday, September 20, 2024 in New York, United States of America (USA),  from 9AM to 7PM (EST). With the theme, “Bridging Continents: Empowering Trade,” the Conference, which takes place at the Millennium Hilton, New York One UN Plaza, has as Keynote Speakers, …

By Stellamaris Ashinze Lagos, Sept. 17, 2024 Former President Olusegun Obasanjo has called for a more conducive environment in the country to attract large foreign investments. Obasanjo made the call at the Exaugural Lecture and Book Launch by a former Editor of Punch, Mr Adedayo Oketola in Lagos on Tuesday. …

SÃO TOMÉ, São Tomé and Príncipe, September 17, 2024 With an eye on promoting trade, investment and financing opportunities in São Tomé and Príncipe, African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in partnership with the Government and the Promotion, Commerce and Investment Agency (APCI) of São Tomé and Príncipe are hosting the …

All is set for the annual  WorldStage Economic Summit in Lagos on Wednesday, September 25, 2024 with the participation of top business and public executives, including Dr. Aminu Maida, EVC/CEO, Nigerian Communications Commission (NCC); Dr. Emomotimi Agama, Director General, Security and Exchange Commission (SEC); Mr. Khalil Halilu, EVC/CEO, National Agency for …

As the 2024 Africa International Investment Summit and Trade Exhibition (AITE) holding this month in New York and Atlanta, Georgia, draws nearer, it has been confirmed that First Bank, Nigeria’s oldest bank, and the Bank of Industry (BOI) are participating strongly in the event as lead sponsors from Nigeria. Tunde …

JOHANNESBURG, South Africa, September 12, 2024 Ahead of the November 2022 United Nations Climate Change Conference (more commonly known as COP27) in Egypt, Dr. Benedict Oramah, president and chair of Afreximbank, authored a thoughtful and compelling commentary about the economic and social impact of divestment from the production of fossil …