Shell Nigeria Exploration and Production Company Limited’s Bonga field produced 138,000 barrels of oil per day in 2023, a review of operations has shown. Bonga, Nigeria’s first deep-water development, pumped about 37,000 more oil daily in 2023 than the 101,000bpd produced in 2022. The company, in a statement, said the improvement was driven by the…
In the first quarter of 2024, FCMB Group’s earnings before taxes increased by 192.6 percent to N31.3 billion. Every business segment within the group showed notable growth, according to FCMB’s Q1 financial results, which were submitted to the Nigerian Exchange Limited. Investment banking led the group growth, improving by 228.1 per cent, followed by consumer…
The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate rose to 33.69 per cent in April 2024. The NBS made this known via its Consumer Price Index (CPI) report released on Wednesday, May 15, 2024. It noted that the April headline inflation rate showed an increase of 0.49 per cent when compared…
The United States (U.S.) is partnering with First City Monument Bank (FCMB) in support of health care provision in Nigeria.The programme, packaged under the U.S. Agency for International Development (USAID), will strengthen Nigeria’s health sector, as well as private sector resilience, Mission Director, Melissa Jones, has said. Under the terms of the agreement, USAID and…
Nigeria suffers a nationwide fuel shortage. Only the Nigerian Institute of Social Research and Social Studies Departments in universities can calculate the cost to business, communities and citizens of the trillions of hours and naira lost to the 160+m [are we really 200m+?] Nigerian citizens. Just think about it and multiply it for hours, business,…
The nation’s Small and Medium Sized Enterprises (SMEs) have been recommended to use Artificial Intelligence (AI) technology in order to expand their operations.During the Ecobank MySME Growth Series webinar, Ehia Erhabor, the founder of AI Nigeria, presented a slide titled “Using AI for business innovation.” He made a point of saying that AI is revolutionary,…
To provide small and medium-sized businesses in Nigeria with accessible healthcare solutions, Stanbic IBTC Bank, a division of Stanbic IBTC Holdings, has teamed up with Tillit MSME Microservices. The collaboration was designed to address the difficulties SMEs encounter in providing high-quality healthcare services and keeping qualified personnel, according to a bank statement. As per the…
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Nigeria’s revenue from the manufacturing export sector has plunged by 166 per cent to ₦778.4bn from the ₦2.trn height reached in 2019. A newly published report “Africa Pulse” by the World Bank, said the trend since 2019, had been downwards recording a significant decline to ₦960.7bn attributed to COVID-19 in 2020, while a minor recovery…
