Out of seven listed consumer goods firms in Nigeria, Dangote Cement Plc, Nigerian Breweries Plc, and International Breweries Plc recorded the most tax expenses last year, a BusinessDay analysis has shown. According to the firm’s latest financial statements, Dangote Cement had a tax expense of N97.5 billion in 2023, up[Read More…]
Business
NGX: Transcorp Power, First Bank among top entities as investors gain N226bn
Investors in the Nigerian equities market enjoyed the third consecutive day of profit with a gain of N226 billion at the close of trading on Wednesday. This followed strong performances by Transcorp Power, Transcorp, First Bank of Nigeria Holdings (FBNH), and Africa Prudential Insurance in today’s trading. After five hours[Read More…]
Challenges, Policy Reforms, Projections To Shape Nigeria’s Economic Narrative in 2024.
As Nigeria strides into 2024, the economic horizon is painted with a mix of promise and challenge. Amidst a projected GDP growth of 3.3%, the shadows of inflationary pressures, rising unemployment, and currency depreciation loom large. In an exclusive interview with Olaotan Fawehinmi, Associate Director at Mediacraft Associates, he delves[Read More…]
RiceAfrika Secures Somaliland Government’s Support to Launch Agritech Solutions
RiceAfrika, a leading agritech company transforming smallholder farming in Africa, has secured support from the Somaliland government to introduce its tech-driven solutions to boost agricultural productivity in the country. In a meeting on Wednesday at the Presidential Palace in Hargeisa, RiceAfrika Founder and CEO Ibrahim Maigari Ahmadu gained assurances from[Read More…]
Private sector records 1st business expansion in 3mths — Stanbic IBTC Report
The private sector recorded the first business expansion in three months in December driven by increases in both output and new order coupled with recovery in demand, according to the Stanbic IBTC Bank Purchasing Managers Index, PMI. The report stated: “This was despite continued intense inflationary pressure, with purchase costs[Read More…]
P&G to end manufacturing operations in Nigeria, reverts to an import-only business model
P&G, which operates in some 180 countries of the world, produces a range of products for the Nigerian market, including Always sanitary pad, Pampers, Ariel detergent, Oral B toothpaste, and Gillette shaving stick. As reported, the Chief Financial Officer of the group Andre Schulten stated this during his presentation at[Read More…]
FG partners UBA, Stanbic IBTC on N35bn fund to revive Ajaokuta steel mill
As part of move to revive Ajaokuta Steel Mill located in Ajaokuta, Kogi State, the Federal Government has begun talks with some partners, including the United Bank of Africa (UBA), Stanbic IBTC Bank and Voda Infrastructure Management Limited, striking a multilateral finance agreement in the region of N35 billion. Shuaibu[Read More…]
Dangote Seeks Expansion Of Trade, Investments In Africa
President/chief executive of the Dangote Industries Limited, Aliko Dangote has called for greater integration of African economies and expansion of trade and investments across the continent to stimulate growth and create employment opportunities. Speaking at the ongoing Intra-African Trade Fair 2023 holding in Egypt, Dangote, who was represented by the[Read More…]
Eight firms record N918.1bn loss on currency revaluation
Eight firms have declared N918.1bn as currency revaluation loss following a 68.55 percent decline in the value of the naira against the dollar as of the end of September 2023. Following a Central Bank of Nigeria move in June to allow the market to determine the value of the local[Read More…]
Firstbank To Reward Customers With N170m In Promo
FirstBank of Nigeria Limited has launched its “Win Big” promo which will see the lender rewarding several new and existing customers with a total cash reward of N170 million. According to a press release, the four-month promo, which started on October 23, 2023, will run till February 23, 2023. The[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]