Category: Business News

The Jospong Group of Companies (JGC) has reached a major milestone through its subsidiary, Zoomlion Nigeria Limited, with the signing of a groundbreaking export agreement with German-based FIMA Industries GmbH and FAUN Umwelttechnik GmbH. Notably, the German government facilitated funding through Euler Hermes, their export credit agency, and Oddo BHF Bank. This strategic partnership marks…

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has announced that the FPSO facility in Lagos, a joint venture between NNPC Limited and Century Nigeria Limited, is nearing completion and will soon contribute an additional 40,000 barrels per day to Nigeria’s crude oil production. Lokpobiri made this statement during an inspection visit to the site…

Ripple Co-founder Chris Larsen has made his first publicized and recorded cryptocurrency donation to Kamala Harris the flagbearer of the Democratic party and the current vice president of the United States. The news is a significant development in the cryptocurrency conversation in the run-up to the November 4 slated presidential elections in the United States.…

The Nigerian stock market wrapped up the trading week ending October 11, 2024, on a positive note, gaining 86.09 points to close at 97,606.63. This marks a modest 0.09% increase compared to the previous week’s close of 97,520.54. Weekly market volume surged to 1.9 billion shares, an 18% rise from the 1.6 billion shares traded…

Nairametrics Media Nairametrics Media is a dynamic financial media platform renowned for its engaging video content. Specializing in insightful analysis of Nigerian and global financial markets, Nairametrics delivers high-quality video content to its audience. From market updates to expert interviews and educational videos, Nairametrics provides viewers with valuable insights to empower their financial decisions. Through…

The post Naira rebounds to N1,561.76 against USD in October appeared first on Nairametrics.

Nairametrics Media Nairametrics Media is a dynamic financial media platform renowned for its engaging video content. Specializing in insightful analysis of Nigerian and global financial markets, Nairametrics delivers high-quality video content to its audience. From market updates to expert interviews and educational videos, Nairametrics provides viewers with valuable insights to empower their financial decisions. Through…

The Ministry of Steel Development has launched a boot-camp training programme aimed at empowering Nigerian youths with advanced technical skills to boost the metals industry in the country. This initiative focuses on equipping participants with practical knowledge and support necessary to create sustainable livelihoods and job opportunities. The deadline for application is 30th October 2024.…

Former Anambra State governor, Peter Obi, has called for the reversal of the petrol price increase, describing the hike as both unfortunate and insensitive to the welfare of Nigerians. In a series of posts on X (formerly Twitter) on Saturday, Obi stated that the sudden price increase only worsens the hardship faced by people already…

The Nigerian Railway Corporation (NRC) has granted Lagos a three-year operational license for the Blue Line and a six-month temporary license for the Red Line. The licenses were officially handed over on Friday by NRC’s Managing Director, Fidet Okhiria, to Engr. Mrs. Abimbola Akinajo, Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), on…

One challenge every government since Obasanjo has faced is the growing cost of governance. The cost of running our democracy is among the highest in the world, consuming trillions of Naira annually. Servicing the three arms of government, the many agencies under the executive, state governments, and even the legislature requires enormous sums, primarily funded…

The world’s richest billionaire, Elon Musk, faced significant selling pressures amid sell-offs in the world’s most valuable electric car market on Friday. The American entrepreneur posted a daily loss of $15 billion, bringing his wealth valuation down to $240 billion. Musk is the CEO of SpaceX, a privately held rocket company, and publicly traded Tesla,…

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The naira weakened against the U.S. dollar on October 11, 2024, closing at N1,641.27 in the official Investor and Exporter (I&E) window, despite crude oil futures remaining above $79 per barrel. This shift highlights changes in Nigeria’s foreign exchange landscape, with the naira depreciating by 1.15% from the previous day’s rate of N1,622.57. Meanwhile, market…

By Adedapo Adesanya The Lagos State Government intends to get over $3 million in investments as a team of policymakers and executives travelled to GITEX 2024, holding in Dubai, the United Arab Emirates. According to the Lagos State Commissioner for Science, Technology and Innovation, Mr Tunbosun Alake, the state eyes these investments in the technology…

The Ogun State Government has officially commenced the construction of the Gateway Inland Dry Port in Ogun State. The groundbreaking ceremony was led by the Minister of Marine and Blue Economy, Adegboyega Oyetola, on Friday, with Ogun State Governor, Dapo Abiodun, in attendance. Oyetola emphasized that the Inland Dry Port, located in Itori, Ewekoro, is…

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.13 per cent on Friday on the back of renewed buying interest in banking and industrial goods stocks. Business Post observed that the local bourse closed higher yesterday despite a pocket of profit-taking in the other counters at the close of trading activities. The banking…

The Nigerian National Petroleum Corporation (NNPC) Limited, in collaboration with partners Shell, TotalEnergies, and Agip, has finalized a significant deal to supply gas to the methanol-manufacturing plant of Brass Fertilizer & Petrochemical Company Ltd. The gas sales and purchase agreement, which marks a milestone for the project, was signed in Abuja on Friday, nearly nine…

By Adedapo Adesanya The Naira ended the last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on a negative note on Friday, October 11. It lost 1.15 per cent or N18.70 against the United States Dollar yesterday to close at N1,641.27/$1 compared with Thursday’s closing price of N1,622.57/$1. However, its…