economy
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economy
Stock market indices rebound, up 0.32%
The equity market indicators rebounded by 0.23 percent due to price appreciation in some medium and large capitalized stocks on Thursday. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalization increased by N215 billion, or 0.32 percent, to N66.868 trillion from N66.653 trillion opened on Wednesday. The All-Share Index also rose by 0.32 percent, or 344 points, to close at 106,780.72…
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economy
Be proud of National Theatre, defend it – CBN Governor
The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on Nigerians to take ownership of the revitalized National Arts Theatre as a vital repository of the nation’s history and culture. Cardoso made the call during an inspection of the Lagos landmark alongside members of the Bankers’ Committee on Thursday. The governor commended the vision and resources…
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economy
Dangote cement reports N3.58bn revenue growth in 2024
Dangote Cement has reported a 62.2 percent revenue growth, reaching N3,580.6 billion in 2024. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew by 56.0 percent to N1,388.2 billion, with a 38.6 percent margin. Arvind Pathak, Chief Executive Officer and Group Managing Director of Dangote Cement, disclosed this in a corporate filing with the Nigerian Exchange Ltd. (NGX). Pathak said, “We wrapped up…
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Business
Nestle Nigeria records N958bn revenue growth in 2024
Nestlé Nigeria has announced a full-year revenue growth of 75.2%, reaching N958.8 billion in 2024. This is contained in a corporate disclosure by Nestlé Nigeria on Thursday. Mr. Wassim Elhusseini, Chief Executive Officer and Managing Director of Nestlé Nigeria Plc, in the disclosure, said the company’s operating profit improved by N167.9 billion representing 35.6 percent. Elhusseini said earnings before interest,…
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economy
Ramadan: Sultan appeals to traders to reduce prices of goods
The Sultan of Sokoto and President-General, Jama’atu Nasril Islam (JNI), Muhammad Sa’ad Abubakar has appealed to traders in the state to reduce the prices goods during the Ramadan. The Sultan made the appeal in a statement issued by the Secretary-General, JNI, Prof. Khalid Aliyu, on Thursday in Kaduna. He also called on Muslims in the country to embody the values…
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economy
Dangote reduces petrol price to N825 per litre
Dangote Petroleum Refinery and Petrochemicals has once again reduced the price of Premium Motor Spirit (PMS), also known as petrol, marking the second price cut this month. The company disclosed this in a statement signed by its Head of Media Communications, Mr. Anthony Echiejina, Wednesday in Lagos. It explained that the company had reduced the price by N65 from the…
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Business
FG launches nationwide training to revamp cooperative societies
The Federal Government has reaffirmed its commitment to revitalizing cooperative societies in Nigeria through a comprehensive reform and capacity-building initiative. This was disclosed at the inauguration of the National Intensive Training Workshop for Trustees, Management Committees, and Managers of Cooperative Societies, held at the Federal Cooperative College on Tuesday in Kaduna. Speaking at the event, the Minister of State for…
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Featured
Nigeria, Belgium strengthens ties on food security
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said on Tuesday that Nigeria and Belgium would strengthen economic ties to enhance food security. Mr. Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, disclosed this in a statement he signed and released in Abuja. According to the ministry’s Director of Information,…
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economy
Tax reform bills to boost fiscal stability – FRC
Mr. Victor Muruako, Executive Chairman of the Fiscal Responsibility Commission (FRC), says tax reform bills will strengthen fiscal stability, improving efficiency, transparency, and accountability in tax collection and remittance. Muruako stated this at a public hearing organized by the Senate Committee on Finance on four tax reform bills at the National Assembly in Abuja on Monday. He stated…
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Business
TAJBank gets new global rating, wins Islamic bank award
Nigeria’s fastest-growing non-interest banking services provider, TAJBank Limited, has consolidated its frontline position by winning an award at the just concluded Islamic Finance News (IFN) Awards in Dubai. According to a statement by its Managing Director, Hamid Joda, the bank won the “Best Islamic Bank in Nigeria” award through a global survey conducted by the IFN. Joda attributed the bank’s…
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economy
Tinubu’s economic reforms making positive impacts – Ganduje
The National Chairman of All Progressives Congress (APC), Dr. Abdullahi Ganduje, has extolled the ongoing economic reforms being implemented by President Bola Tinubu, saying that they were already yielding positive results. Ganduje made this statement during an empowerment program’ organized by the Deputy Senate President, Barau Jibrin, where 1,200 vehicles and motorcycles were distributed to party leaders on Sunday in…
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economy
Many FG workers decry high taxes amid low income
Many Federal Government workers have continued to express concern about the high income taxes that are deducted from their salaries monthly through the Pay As You Earn (PAYE) model. The civil servants, who spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja, said that it was frustrating given the country’s current economic situation. They demanded an immediate…
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Featured
Nigeria, Japan move to strengthen bilateral energy partnership
Nigeria and Japan have taken significant steps to strengthen their bilateral energy partnership following the visit of the Minister of Power, Mr. Adebayo Adelabu, and a high-level delegation to Japan. Malam Mutari Ibrahim, Director of Promotion and Outreach (PIO) at the Rural Electrification Agency (REA), disclosed this in a statement in Abuja on Saturday. Ibrahim stated that the minister, along…
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economy
Nigeria woos China to advance economic diversification agenda
The Federal Government on Thursday called for deeper bilateral cooperation with China towards advancing Nigeria’s economic diversification agenda. The Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, called for cooperation in a statement following the visit of the Chinese Ambassador to Nigeria, Yu Dunham, to the Ministry. In the statement by Magnus Eze, the minister’s Special Assistant on Communication…
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FG seeks donor support to revive steel industry
The Ministry of Steel Development is seeking technical and financial assistance from donor agencies to revive the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO). Its Minister, Prince Shuaibu Audu, made this appeal during a meeting with donor agencies on Tuesday in Abuja. Audu stated that the ministry’s primary focus was the revitalisation…
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economy
Nigeria’s inflation rate declines to 24.48% in January- NBS
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate declined to 24.48 percent in January 2025. This is contained in the Consumer Price Index (CPI) rebased results released in Abuja on Tuesday. The News Agency of Nigeria (NAN) reports that the headline inflation rate for December 2024 was 34.80 percent. The Statistician-General (S-G) of the Federation, Adeyemi Adeniran,…
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Business
Investors lose N72.51bn on NGX
Trading on the Nigerian Exchange Ltd. (NGX) closed negatively, with investors losing N72.51 billion on Monday. The market capitalization, which opened at N67.418 trillion, fell by 0.10 percent to close at N67.345 trillion. Similarly, the NGX All-Share Index (ASI) dropped by 0.10 percent, settling at 107,937.74 points. The total value of shares traded was N12.806 billion across 17,095 deals…
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