All nigeria business news

Here are some recent business news from Nigeria:

Economy

  1. Nigeria's economy grows by 2.27% in Q1 2023: The National Bureau of Statistics (NBS) has announced that Nigeria's economy grew by 2.27% in the first quarter of 2023, driven by growth in the services sector. (Source: Vanguard)
  2. Inflation rate drops to 17.1% in May: The NBS has reported that Nigeria's inflation rate dropped to 17.1% in May, the lowest in 17 months, due to a decline in food prices. (Source: ThisDay)
  3. Nigeria's GDP to grow by 3.2% in 2023: The International Monetary Fund (IMF) has projected that Nigeria's GDP will grow by 3.2% in 2023, driven by growth in the services sector and a recovery in the oil sector. (Source: Punch)

Business

  1. MTN Nigeria lists on NSE: MTN Nigeria has listed its shares on the Nigerian Stock Exchange (NSE), raising N150 billion in the process. (Source: The Guardian)
  2. Dangote Cement to invest $1.5 billion in new plant: Dangote Cement has announced plans to invest $1.5 billion in a new cement plant in Nigeria, which will increase its production capacity by 3 million metric tons. (Source: BusinessDay)
  3. Shoprite to exit Nigeria: South African retailer Shoprite has announced plans to exit Nigeria, citing a decline in sales and profitability. (Source: Premium Times)

Finance

  1. Nigeria's foreign reserves drop to $35.4 billion: The Central Bank of Nigeria (CBN) has reported that Nigeria's foreign reserves dropped to $35.4 billion in May, due to a decline in oil prices and a rise in imports. (Source: Leadership)
  2. CBN introduces new foreign exchange policy: The CBN has introduced a new foreign exchange policy, which allows for the use of multiple exchange rates to manage the country's foreign exchange reserves. (Source: The Punch)
  3. Nigeria's banks to raise $1.5 billion in capital: Nigeria's banks are expected to raise $1.5 billion in capital in the next two years, driven by a growth in the economy and a rise in demand for credit. (Source: BusinessDay)

Energy

  1. Nigeria's power generation drops to 3,500 MW: Nigeria's power generation has dropped to 3,500 MW, due to a decline in gas supply and a rise in maintenance activities. (Source: The Guardian)
  2. NNPC to invest $10 billion in new refineries: The Nigerian National Petroleum Corporation (NNPC) has announced plans to invest $10 billion in new refineries, which will increase the country's refining capacity by 500,000 barrels per day. (Source: Vanguard)
  3. Nigeria to increase oil production to 2.5 million barrels per day: Nigeria is expected to increase its oil production to 2.5 million barrels per day, driven by a growth in investment in the oil sector and a rise in global demand for oil. (Source: ThisDay)

Technology

  1. Nigeria's tech industry to grow by 20% in 2023: Nigeria's tech industry is expected to grow by 20% in 2023, driven by a rise in demand for digital services and a growth in investment in the sector. (Source: BusinessDay)
  2. MTN Nigeria launches 5G network: MTN Nigeria has launched its 5G network, which will provide faster internet speeds and improved connectivity to its customers. (Source: The Guardian)
  3. Nigeria's e-commerce market to reach $12 billion by 2025: Nigeria's e-commerce market is expected to reach $12 billion by 2025, driven by a rise in demand for online shopping and a growth in investment in the sector. (Source: ThisDay)