For many poultry farmers, year 2024 will not be forgotten in a hurry, considering the series of challenges that almost ran the sector aground. Based on reports, while many farms were shut down, others were running skeletal operations, as others moved to other line of businesses, due to their inability to cope with the hardship […]
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The Chief Executive Officer of Gennex Technologies, Mr Patrick Ilo, has said that Nigeria’s energy landscape appears increasingly conducive to solar energy growth, as Nigerians are faced with escalating petrol and diesel costs, along with persistent power supply disruptions and frequent grid failures. Ilo said this at the Gennex Colloquium, with the theme, ‘Steering the Renewable […]
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The high rate of inflation in Nigeria is taking its toll on hotels, forcing them to shut down operations, industry operators have cried out. Hoteliers have called on the government to intervene in the industry to address the escalating cost of doing business. In separate interviews with The Punch, the stakeholders noted that their challenges […]
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The naira exchanges today October 30, 2024, at N1,748 to one American dollar at the parallel market, popularly called the black market. This was confirmed by the exchange rate obtained from the most recent data provided by Bureau De Change (BDC) operators, who play a key role in the informal foreign exchange market. The black […]
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The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, commonly referred to as the black market, peaked at N1,746 for 1 USD as at October 20. This exchange rate is typically obtained from the most recent data provided by Bureau De Change (BDC) operators, who play a key […]
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South African grocery retailer, Pick n Pay has disclosed that it will exit Nigeria by selling its 51% share of a joint venture as part of plans to restructure outside of its home market. According to Reuters, the CEO, Pick n Pay, Sean Summers stated this Monday, that the move is part of its plans […]
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Heirs Holdings and the Tony Elumelu Foundation have provided $5,000 in seed capital to young African entrepreneurs to spur economic growth across the continent. The announcement was made during the Future Investment Initiative New Africa Summit in Saudi Arabia, where the Chairman of Heirs Holdings and Founder of TEF, Tony Elumelu, discussed the role of […]
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In recent years, Nigeria has witnessed an increasing trend of multinational and local companies shutting down or relocating their operations due to economic challenges, currency volatility, and rising operational costs. The latest company to announce its departure from Nigeria is South African grocery retailer Pick n Pay, which confirmed on Monday that it will exit […]
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The Chief Economist at SPM Professionals, Paul Alaje on Friday warned the Federal Government to be careful with advice given by global financial institutions like the World Bank and the International Monetary Fund (IMF). He warned during an interview an Channels Television’s Politics Today, saying that adhering to sweet talk by the institutions could lead […]
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Nigeria’s total public debt stock surged by N12.6tn in three months to N134.3tn ($91.3bn) by the end of the second quarter of 2024, The PUNCH reports. This is a 10.35 percent increase from the N121.7tn ($91.5bn) recorded in the first quarter of this year. The rise has been attributed primarily to the devaluation of the […]
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