Economy
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Stock market rises by 1.4% in holiday shortened week
In the holiday shortened trading week ended Friday, May 3, Nigeria’s equities market rose by 1.4 percent. Investors interest in banking and insurance stocks helped push the market higher despite sell off in consumer goods, industrial, and oil & gas stocks. The All Share Index (ASI) rose to close at…
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Nigerians hoarding 94% cash – CBN
Nigerians are holding onto cash at an unprecedented rate, with a staggering 94 percent of the country’s currency outside the banking system.This trend was revealed by the Central Bank of Nigeria’s (CBN) in its latest March, 2024 Money and Statistics data. The figures paints a concerning picture of declining trust…
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Nigeria to start manufacturing cars before December 2024 – FG
The federal government says that Nigeria will commence local manufacturing of vehicles before the end of this year. The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this at the African Association of Automotive Manufacturers and the Nigerian Automative Manufacturers Association’s meeting in Abuja on Friday, May 3. Uzoka-Anite said…
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Nigeria’s electricity generation to hit 6,000MW before 2025 – Adelabu
Adebayo Adelabu, the minister of power, has announced an increase in the national grid’s capacity by 625 megawatts (MW), bringing it to a total of 4,800 MW. Adelabu made this announcement in Lagos during the commissioning of two new power stations: a 63 MVA, 132/33kV mobile station in Ajah, Lagos, and…
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President Tinubu set to commission three critical gas projects
In line with his commitment to significantly leverage gas to grow the economy, President Bola Tinubu will commission three critical gas infrastructure projects being undertaken by the Nigerian National Petroleum Company Limited (NNPCL) and partners. A statement by the Special Adviser to the President (Media & Publicity), Ajuri Ngelale, on…