Economy, markets, finance, CBN policy, energy, and industry.
The Central Bank of Nigeria has disclosed that the nation's Net External Reserve fell to a historic low of $859 million in mid-2023 but has since rebounded to $40 billion. This recovery comes after significant reforms were implemented to stabilize the foreign exchange market and mitigate previous economic challenges.
During a pivotal investor forum at the United Nations General Assembly, Governor Dauda Lawal of Zamfara State highlighted the region's rich mineral resources and potential for sustainable investment. The event attracted top investors and officials from both Nigeria and the U.S., focusing on critical minerals and infrastructure opportunities.
Femi Otedola commended President Tinubu's economic reforms, asserting they have set Nigeria on a trajectory of sustainable growth. The remarks were made during a private dinner in Paris amidst the president's working vacation in Europe.
Burkina Faso has marked a significant achievement with the launch of its first gold refinery, a move aimed at bolstering the nation’s economic independence. The government hailed the initiative as a historic milestone in its quest to enhance local production and value addition in the gold sector.
BSN Nigeria has celebrated the graduation of 82 transformational leaders from its MBA Class of 2026 in Amsterdam, marking a significant milestone in its commitment to leadership and management development. With the community now exceeding 2,343 members, BSN Nigeria continues to foster growth and innovation in business education.
President Bola Tinubu has announced that the 21 Micro, Small and Medium Enterprises (MSMEs) hubs established across Nigeria are instrumental in generating approximately 650,000 jobs. These hubs, located in 19 states and the Federal Capital Territory, provide vital resources to entrepreneurs to lower operational costs and foster business growth.
At a prestigious awards ceremony in Lagos, OPay received the Most Trusted Brand Award (FinTech) and the Most Consumer Friendly/Innovative FinTech Brand Award, underscoring its commitment to customer satisfaction. This recognition reflects the growing confidence of Nigerians in OPay's innovative financial solutions.
Mike Adenuga emerges as a transformative figure in Nigeria's economic landscape, embodying the spirit of indigenous enterprise and cultural patronage. His legacy challenges perceptions of local business potential, demonstrating that Nigerian companies can thrive on innovation and competition.
The Airline Operators of Nigeria (AON) have issued a stark warning that a recurrence of recent disruptions could force member airlines to halt operations across the country. This statement follows the significant impact of a previous incident on Air Peace's services, emphasizing the urgency for resolution in the ongoing disputes.
The Practical Nigerian Content (PNC) forum returns for its 15th edition in Yenagoa, focusing on strategic priorities for the next decade of local content development in Nigeria. Stakeholders aim to transition from assessing progress to setting actionable goals for sustainable growth in the sector.
Nigeria's banking sector sees a 17% increase in liquidity, reaching N5.53 trillion, despite widespread poverty. The Central Bank of Nigeria attributes this surge to maturing bills and government allocations, prompting significant interventions to manage excess cash.
The Nigerian Naira has further depreciated, falling to N1,382 per dollar in the parallel market, reflecting ongoing economic pressures. This decline highlights a widening gap between the official and parallel market rates, now standing at N50.5.
