Business

Developing East Asia and Pacific is growing faster than the rest of the world but slower than it was before the pandemic, the World Bank said on Sunday in its semi-annual economic outlook for the region. While recovering global trade and easing financial conditions will support economies in the region, increasing protectionism and policy uncertainty will dampen growth. Regional growth…

 African Export-Import Bank (Afreximbank) has partnered with Sterling Bank Plc to introduce the innovative supply chain finance product ‘Payables Finance’, in Nigeria. This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG). ATG provides African corporates and commercial banks with relevant digital tools to access market information, connect with…

Sixteen power plants are currently performing below capacity, according to the data from Nigerian Electricity Regulatory Commission (NERC). The electricity market operator on Monday, revealed that some power plants- Afam IV-V, Sapele ST, Olorunsogo NIPP, Omotosho NIPP, Sapele GT NIPP, Ihovbor NIPP, Geregu NIPP, Omotosho, Olorunsogo, Ibom Power, River IPP, Omoku, Trans Amadi, Paras, Taopex Energy and Dadin Kawa- currently…

The Chairman Senate Committee on Capital Market and Institutions, Senator Osita Izunaso has responded to the Central Bank of Nigeria (CBN) new capital base for banks, stating that the policy will boost the capital market. According to him, the new minimum capital requirements for banks operating in Nigeria, with the objective of ensuring a more safe, sound and stable banking…

Many students of Lagos City Polytechnic are expected to enroll for the Diploma Programme of Chartered Institute of Stockbrokers (CIS), following tips on the array of opportunities for professionals in the securities market, offered by the Institute’s first Vice President, Mr Oluropo Dada. Mr Dada, who was the keynote speaker at the 15th Convocation Ceremony of Lagos City Polytechnic recently,…

The Nigerian National Petroleum Company Limited (NNPCL) has described reports of a downward review of fuel prices credited to it on Wednesday as unfounded. NNPCL was reacting to reports suggesting a drop in pump prices for Premium Motor Spirit and Automotive Gas Oil as reported in some sections of the media. The Chief Communications Officer, NNPCL, Olufemi Soneye, dispelled the…

Access Holdings Plc on Wednesday announced N619.32 billion profit after tax in 2023, an increase of 307 per cent from N152.2 billion profit after tax reported in 2022. The Holdings in its audited result and accounts on the Nigerian Exchange Limited (NGX) reported N729 billion profit before tax, representing an increase of 335 per cent from N167.68 billion profit before…

VDF Group Plc has stressed the need for increased financing for the entertainment and media industry to boost foreign exchange earnings and economic development.The Managing Director of Splitar Limited, Mr Folagbade Adeyemi, stated this while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc.Adeyemi noted that the group is actively pursuing an…

The Africa Export-Import Bank (Afreximbank) has bid farewell to Peter Mulroy, the long serving Secretary General of FCI who has piloted the affairs of the global factoring body for the past 11 years, commending him for making Africa a priority by connecting the continent to the global factoring community. In a farewell message at the recently concluded FCI Executive Committee…

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Tuesday raised the iinterest rate or Monetary Policy Rate (MPR), which benchmarks interest rates, from 22.75 per cent to 24.75 per cent. The MPR is the baseline interest rate in an economy, every other interest rate used within the economy is built on it. The members voted…