LAGOS JANUARY 21ST (NEWSRANGERS)-Record inflation, a sliding naira currency and weak financial structure are keeping investors wary of Nigeria, Africa’s largest economy, with some companies even stepping away despite economic reforms under recently-elected President Bola Ahmed Tinubu. Tinubu, who took office last May, has repeatedly called for patience to allow his reforms to take effect…
LAGOS JANUARY 17TH (NEWSRANGERS)-Customs Area Controller (CAC) Tin Can Island Port, Comptroller Dera Nnadi has promised to generate a whooping One Trillion, One Hundred and Thirty billion, seven hundred and sixty eight million, fifty one thousand, eight hundred and eighty one naira (N1,130, 768,051,881.29) allocated to the Command in the year 2024. Nnadi stated that…
LAGOS JANUARY 17TH (NEWSRANGERS)-The International Monetary Fund (IMF) identifies 10 African countries with manageable debt, shedding light on their economic stability. Nigeria stands out despite domestic concerns. Tanzania (41.8% Debt-to-GDP Ratio) Tanzania takes the lead among Africa’s least indebted nations with a debt-to-GDP ratio of 41.8%. The East African nation’s relatively low ratio indicates a…
LAGOS JANUARY 17TH (NEWSRANGERS)-Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria’s oil and gas business beginning in the 1930s. It has…
LAGOS JANUARY 17TH (NEWSRANGERS)-Nigeria is discussing as much as $1.5 billion of World Bank funding to help ease a severe dollar shortage that has contributed to the naira’s steep decline. “We’re hoping to get $1 billion or $1.5 billion from the World Bank” for budgetary support, Finance Minister Wale Edun said Wednesday in a Bloomberg…
LAGOS JANUARY 15TH (NEWSRANGERS)-Depositors at Wema Bank are expressing concern following the bank’s announcement of a significant financial setback. The tier 2 lender, led by Moruf Oseni, revealed a loss of over ₦8 billion to litigation and fraud in 2023. The disclosure was made in the financial statement presented to the Nigeria Exchange Group, as…
LAGOS JANUARY 11TH (NEWSRANGERS)-Niger, Senegal, and Rwanda will be among the world’s highest growth economies in 2024, the World Bank said in its report on global economic prospects released this week. Niger is forecast to grow at 12.5% this year driven by its oil sector which has made up for low uranium production.Its growth rate…
LAGOS JANUARY 10TH (NEWSRANGERS)-The Central Bank of Nigeria has sacked the entire board of Polaris bank, Titan bank, and Keystone Bank. CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso. The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in…
