Business News

WTO: Nigerians Express Displeasure Over US Opposition of Okonjo-Iweala As Consensus Candidate

Nigerians have expressed their displeasure over US opposing Okonjo-Iweala as the consensus candidate for the office of the director general of the World Trade Organization(WTO). While reacting on social media, they damned President Donald Trump and his administration for opposing Nigerian born Okonjo-Iweala as the Director-General of the world trade organization, there were rays of […]

CBN Seeks Increased Local Production In Agric Sector To Enhance Growth, Boost Employment

Central Bank of Nigeria (CBN) is stimulating local production in the agriculture business to enhance growth and boost employment in the country. This is according to the apex bank’s, Director of Development Finance Department, Yila Yusuf, in a statement. According to the statement, some of the CBN’s agribusiness initiatives are the Agricultural Credit Guarantee Scheme […]

South African Retailer, Mr Price To Exit Nigeria

South African Clothing retailer, Mr Price Group ltd announced plans to close shop in Nigeria and focus more on its domestic South African market. The Company already closed four of its five stores in Nigeria and will close the last one in the coming months. Nigeria will be the 3rd Country After Australia and Poland […]

Nigerian Banks At Risk As Recession Nears – World Bank

The World Bank warns that the Nigerian Banking System faces a destabilisation risk due to the effects of Coronavirus which might lead to Nigeria’s worst recession in 40 years. The World Bank had earlier warned if Nigeria stops the spread, the economy would dip by 3.2%, but if not contained by later this year it […]

George Floyd: DSTV To Withdraw Movies With Racist Content

Following the international protests sparked by the killing of George Floyd by Police officers leading to discussions on racism and discrimination. Media companies are reviewing their policies for content that could contain materials people will view as racist and offensive. South African PayTv operators, Multichoice which owns the DStv Cable Network in Anglophone Africa and […]

CBN Debits Banks N126bn In Bid To Strengthen Naira

As part of measures to strengthen the naira, the Central Bank of Nigeria (CBN), has debited N216bn from banks with excess cash holdings. Last week, Reuters reported that the naira had come under intense pressure in recent months during the coronavirus pandemic. A sharp fall in the price of oil – Nigeria’s main export – and […]