The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 32.70 per cent in September 2024. The Statistician-General of the Federation, Adeyemi Adeniran, revealed this in a statement issued on the Consumer Price Index (CPI) and Inflation Report for September 2024 in Abuja on Tuesday. According to the report, the figure is…
The Nigeria Employers’ Consultative Association (NECA) says its forthcoming Employers’ Excellence Awards will recognise and celebrate resilience, ruggedness and contributions of Nigerian businesses to the nation’s economy. NECA’S Director-General, Mr Adewale-Smatt Oyerinde, disclosed this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos. “Quite a lot is being done by…
Ericsson reported a modest improvement in its results for the third quarter, with the decline in sales slowing to just 4 percent thanks to a pickup in North America. Cost savings and increased IP income helped lift margins, and the company is hoping for a further improvement in market conditions in Q4. Total revenues fell…
After three years of shutdown over rampant theft and related damage, Nigerian independent producer Belemaoil Producing has resumed operations at Oil Mining Lease 55, Reuters reported on Monday, citing the company. Located about 40 km west of the Bonny oil export terminal, Belemaoil acquired OML 55 from Chevron Corp. in 2015. However, the company was…
Nigeria and other African countries pay a whopping $4.2billion on debt servicing. Nigeria, according to the National Bureau of Statistics (NBS), the country’s public debt stock which includes external and domestic debt stood at N121.67 trillion ($91.46 billion) in Q1 2024 from N97.34 trillion ($108.23 billion) in Q4 2023. This indicates a growth rate of…
Artificial Intelligence (AI) is fueling the sophistication of attacks across the electronic commerce or ecommerce ecosystem with the use of deep-fakes to defeat verification systems being a key threat. This threat, combined with rising levels of ‘friendly fraud’, where fraud is committed by the customer themselves, such as refund fraud, is increasingly threatening merchant profitability,…
A group, Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has restated its commitment promoting and safeguarding the integrity, transparency, and ethical standards of the blockchain industry in the country. The group, in a statement jointly endorsed by Obinna Iwuno and Barr Mela Claude Ake, President, and member, SiBAN Board of Trustees of SiBAN…
Nigeria lender, Access Holdings Plc, said its subsidiary, Access Bank Plc, has secured a provisional licence from the Bank of Namibia to establish a commercial bank in the country. In a statement to the Nigerian Exchange and the general public, Managing Director/Chief Executive Officer of Access Bank PLC, Roosevelt Ogbonna, explained why the Tier-1 lender…
Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has raised alarm over the surge in petrol prices in Lagos and Abuja, has warned the Federal Government of the dire consequences of a sharp increase in the pump prices of petrol in the country. NACCIMA said it will lead to the asphyxiation of…
