Finance

United Kingdom’s minister for Africa, Vicky Ford, stated in March that the Nigerian energy sector will receive $12 million (N6 billion) in concessional funding. Ms. Ford claims that the fund will support Nigeria’s COP26 obligations and assist in lowering the risk faced by pension and insurance funds when investing in…

Elon Musk made a pitch to improve Twitter when he decided to purchase the company in April for $44 billion. He promised to offer new services, stop spam bots, and be more open about the algorithms used by the company. A group of banks agreed to lend him more than…

The Profit of the UBA increased by 8.7% from $260.9 million (N109.16 billion) in 2020 to $283.6 million (N118.68 billion) in 2021. The financial institution, United Bank for Africa plc (UBA), chaired by Nigerian billionaire Tony Elumelu generated $283.6 million (N118.68 billion) at the end of 2021. The leading pan-African…

Nigerian loans abroad are piling up, especially those sourced from China, which has been on an upward trend since President Muhammadu Buhari‘s tenure began in 2015. This has been a source of worry to many Nigerians. However, Minister of Transportation Rotimi Amaechi feels there is too much noise around the…

As most African countries’ public debts stocks continue to steadily rise, many have shown concerns about the debt crisis which shares similarities to the situation in the early 2000s. Several African countries, through a succession of excessive borrowing in the early 2000s, had gotten into considerable debt. Repayments began to…

The Nigerian government under President Muhammadu Buhari’s administration, has been riddled with financial irresponsibility. This is evident in the dramatic increase of public debt in the country which has grown three times more than the aggregate number recorded by the preceding three administrations. After successfully getting a write-off by the…

If you are a Nigerian entrepreneur or business owner, there are several Federal Government Loan programs you can to apply for, to help you grow your brand in 2022. Through intervention loan programs, the Buhari-led government is trying diligently to revitalise the economy following the detrimental impact of the COVID-19…

Nigeria’s digital currency, eNaira, was launched by the Central Bank of Nigeria (CBN) in October 2021, preceding the proposed West Africa single currency – Eco by the Economic Community West African States (ECOWAS). The eNaira, Africa’s first digital currency, has garnered national and international interest. The eNaira app was installed…

The Central Bank of Nigeria (CBN) Money and Credit Statistics data reveals that Nigeria’s private sector took a total of N35.31 trillion in loans from banks as of November 2021. This figure is a result of the N5.16 trillion net new loans incurred within January and November in the same…

The Nigerian stock market commenced the first trading week of 2022 with a rise of N1.33 trillion in market capitalisation. This positive outcome from the Nigerian Exchange Group (NGX) is a result of the foreign and high-net-worth investors’ demand for shares of Airtel Africa Plc, BUA Foods, Lafarge Africa Plc,…