Manufacturing Africa, TLG Capital partner to boost Nigerian manufacturing, UK’s Manufacturing Africa and TLG Capital are collaborating to strengthen Nigerian businesses’ eligibility for financing through Africa Growth Impact Fund II (AGIF II), which has raised $75 million towards its $200 million target. Supported by the World Bank’s International Finance Corporation (IFC), Swedfund, Norfund, and Bpifrance, the […]

BoI disburses N2.25bn to 16,696 MSMEs in Gombe, The Bank of Industry (BoI) has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe State. Managing Director/Chief Executive Officer of BoI, Dr. Olasupo Olusi, who disclosed this a meeting with the Gombe business community, said the disbursement is part of the N200 […]

Lagos pays out N1.17bn loans to 4,600 MSMEs in 2024, •Reports 91% repayment rate The Lagos State government through the Lagos State Employment Trust Fund (LSETF) disbursed N1.17 billion loans to 4600 Micro, Small and Medium Enterprises (MSMEs) in 2024 in its drive to reduce unemployment in the state.  Commissioner for Wealth Creation and Employment, Mr. […]

Manufacturing investments crash by 35% amid rising cost of finance, Stories by Yinka Kolawole High cost of finance occasioned by rising interest rates, among other factors, led to a 35.3 percent crash in investments in the manufacturing sector to N658.81 billion in 2024 from N1.018 trillion in 2023. This was reflected in the Second Half of […]

Nigeria posts $6.83bn Balance of Payments surplus in 2024 — CBN, By Babajide Komolafe, Economy Editor The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The CBN […]

Crude oil price crashes, puts 2025 FG revenue target in jeopardy, •Fuel price sets to go down — Marketers By Udeme Akpan THE price of Bonny Light, Nigeria’s premium oil grade, yesterday, dropped by 5.09 percent to $59.62 per barrel in the global market at the backdrop of the on-going ripples created by the tariff war […]

FG pushes for cold chain infrastructure to boost food security, By Yinka Kolawole   The Federal Government has affirmed commitment to strengthen cold chain infrastructure to enhance food security and reduce post-harvest losses in Nigeria. Minister of Agriculture and Food Security, Senator Abubakar Kyari, gave the commitment at the 7th West African Cold Chain Summit and Exhibition […]

Heritage bank depositors appeal to National Assembly for intervention  , By Cynthia Alo   Depositors of Heritage Bank with deposits exceeding N5 million have appealed to the National Assembly to intervene and assist   in the resolution   of the bank’s license by the Central Bank of Nigeria (CBN).   The depositors claimed   that the revocation has left them in […]

Dangote polypropylene production will revive textile industry, save Nigeria $267m — MAN, The Manufacturers Association of Nigeria (MAN) has stated that the production of polypropylene by the Dangote Petroleum Refinery & Petrochemicals will revive Nigeria’s struggling textile industry and save the country $267 million in import costs. In an interview on the Channels Business Incorporated Programme, […]

‘Tax reform’ll eliminate regulatory bottlenecks, boost MSMEs growth’, The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the tax reform bill will eliminate regulatory bottlenecks and boost micro small and medium enterprises’ (MSMEs) growth. Charles Odii, SMEDAN’s director-general (DG), spoke on Friday during a stakeholder engagement on tax reforms organised by the agency in […]