Business

President Bola Tinubu has signed an Executive Order to tighten control over Nigeria’s oil and gas earnings, reduce revenue leakages, eliminate overlapping structures, and ensure more funds reach the Federation Account for federal, state, and local governments. The order was issued under Section 5 of the Constitution and anchored on…

Afreximbank says Nigeria’s bank recapitalisation could help African businesses access more trade finance, as the continent faces an $80bn–$120bn funding gap each year. Speaking at an Ecobank Customer Forum in Lagos, Afreximbank’s Group Chief Economist and Managing Director for Research and Trade Intelligence, Dr. Yemi Kale, argued that stronger Nigerian…

Africa’s total economic output is heavily concentrated in just a few countries. Using International Monetary Fund data, the report says Africa’s combined GDP in 2024 was about $2.8 trillion, and roughly half of that total came from the continent’s five biggest economies, with a combined GDP of about $1.4 trillion.…

Dangote Group has signed a $400 million construction equipment agreement with XCMG Construction Machinery Co., Ltd., a major Chinese manufacturer, in a move aimed at speeding up a sweeping expansion drive anchored by the Dangote Petroleum Refinery and Petrochemicals. According to the Group, the partnership will support plans to scale…

MTN Group has reached a formal understanding with IHS Towers on a plan to buy out the shares it does not already own in the tower company, which has long provided key infrastructure for MTN’s mobile network across parts of Africa. MTN, headquartered in Johannesburg, already holds about 24.7 per…