Nigeria Economy news

The equities market halted its bullish run on Wednesday, posting a loss of N444 billion after renewed selloffs hit several major stocks.Sharp declines in Learn Africa, Cadbury, Meyer, UPDC, International Breweries and 24 other laggards pushed the market into negative territory.The market capitalisation fell by N444 billion, or 0.49 per cent, to N90.996 trillion at the close.The All-Share Index also shed 698.56 points, dropping by 0.49 per cent to 143,064.57 from Tuesday’s 143,763.13.Conse

By Babajide KomolafeThe Committee of e-Business Industry Heads (CeBIH) has said that the 2025 annual conference will seek a national agenda aimed at redefining financial inclusion through a cultural transformation in Nigeria’s consumer credit system.Speaking at a press conference in Lagos ahead of the annual conference, scheduled to hold next week Tuesday and Wednesday in Lagos, the Chairman of CeBIH, Mr. Ajibade Laolu-Adewale, said the conference seeks to move the country beyond basic ac

By Obas Esiedesa, AbujaNewly appointed Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Hon. Musa Sarkin Adar, expressed commitment to drive a comprehensive amendment of the NEITI Act 2007, describing the law   as outdated and inadequate for today’s governance and compliance demands.Addressing management and staff at the agency’s Abuja headquarters, Adar, who resumed office yesterday,   said the 17-year-old law no lon

By Providence AyanfeoluwaThe Federal Government has endorsed the Ebenco Global Link Limited modular refinery project in Koko, Delta State, describing it as a critical milestone in efforts to curb crude oil theft, illegal refining, and chronic supply gaps in Nigeria’s petroleum sector.Ebenco is advancing construction of its 30,000-barrel-per-day modular refinery, which the government says ranks among the most significant indigenous refining projects in decades. Designed as a fully loc

By Babajide KomolafeNigeria’s monthly trade surplus fell by 35 per cent, month-on-month, MoM to $1.39 billion in July from $2.14 billion in June, driven by increase in imports and slight decline in exports.  The Central Bank of Nigeria, CBN, disclosed this in its Monthly Economic Report for July, which showed that total exports fell by 0.8 per cent while total import rose by 25.09 per cent during the month.  The report said: “The trade surplus narrowed to $1

By Udeme AkpanDangote Group has announced a strategic partnership with Honeywell International Inc. to support the next phase of expansion at the Dangote Petroleum Refinery.  The company in a statement said that the collaboration is expected to boost the refinery’s processing capacity to 1.4 million barrels per day by 2028, moving it closer to becoming the world’s largest petroleum refining complex.Under the agreement, Honeywell will provide advanced catalysts, specia

•16 banks cross new capital threshold  •Recovers N2trn intervention fundsEmeka Anaeto, Business Editor & Emma Ujah,  Abuja Bureau ChiefThe Central Bank of Nigeria (CBN) yesterday retained the Monetary Policy Rate (MPR) at 27 per cent citing the need to allow previous reduction to sufficiently transmit to the economy.Meanwhile the apex bank disclosed that 16 banks have met the new minimum capital requirements, adding   that 27 had raised capital.