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High FX, import costs limit business profitability – NESG

24.02.2025
Nigeria’s business environment showed signs of improvement in January 2025, but businesses continued to struggle with profitability due to the high foreign exchange rate and rising import costs. This is according to the latest Business Confidence Monitor published by the Nigerian Economic Summit Group in collaboration with Stanbic IBTC. The report indicated that while commercial...
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Alcohol, tobacco record highest inflation rate

24.02.2025
The National Bureau of Statistics has disclosed that alcoholic beverages, tobacco, and narcotics recorded the highest inflation rate at 14.80 per cent, according to its latest rebased Consumer Price Index for January 2025. In a graphical illustration presented in its CPI report, the NBS noted that the alcohol and tobacco item division was followed by...
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FG to construct building materials hubs – Minister

23.02.2025
The Minister of Housing and Urban Development, Ahmed Dangiwa, says the government is actively working to establish building materials manufacturing hubs. Dangiwa explained that the initiative to establish building materials manufacturing hubs in six geopolitical zones by the Federal Government was aimed at reducing the cost of building materials and to significantly enhance housing affordability...
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Nigeria needs oil money for economic diversification, development – Elumelu

23.02.2025
The Chairman of Heirs Holdings, Mr Tony Elumelu, has stressed the need for increased oil production to fund Nigeria’s economic diversification and development. Speaking on Thursday in Abuja at the Nigeria Petroleum Industry Leadership Discourse, he emphasised the importance of oil revenues in driving industrialisation, energy security, and infrastructural growth. The meeting, convened by Heirs...
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Naira rises to 1,494.03/$ at official market

23.02.2025
The naira strengthened to 1,494.03/$ at the official window on Thursday according to data from FMDQ Securities Exchange Limited. Similarly, it appreciated at the parallel market to 1,510.00/$, further reducing the spread between the markets to 15.5/$. The gap between the official foreign exchange and the parallel market rates is closing, following the various policies...
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Investors stake N2.41tn in treasury bills auction

23.02.2025
Nigeria’s latest treasury bills auction, conducted on February 19, 2025, saw total subscriptions hit N2.41tn, reflecting sustained investor interest across the three tenors on offer. However, this marked a decline from the N3.22tn recorded in the previous auction held on February 5, 2025. This is according to the auction results seen by The PUNCH on...
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Lafarge Africa trains geoscientists, mining engineers in Ogun

22.02.2025
Lafarge Africa Plc has trained geoscientists and mining engineers in Ogun State as part of its efforts to improve operational excellence and capacity development in Nigeria’s mining sector. The company said in a statement that it held a three-day capacity-building programme at its Training Centre in Ewekoro, Ogun State, in collaboration with the Ogun State...
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I apologise for saying no heaven without tithe – Adeboye

04.10.2024
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has apologised for saying that Christians who don’t pay tithe might not make it to heaven. Adeboye who had previously said that paying tithe was one of the prerequisites for going to heaven, apologised for the comment while addressing his congregation Thursday...

Protesters storm Rivers electoral commission, insist election must hold

04.10.2024
Angry protesters on Friday stormed the office of the Rivers State Independent Electoral Commission, singing and chanting ‘Election must hold’. They defied the heavy rainfall spreading canopies, while singing and drumming, with one side of the road blocked. The protest came after the Rivers State governor stormed the RSIEC in the early hours of Friday...

Man who asked Tinubu to resign admitted in psychiatric hospital

04.10.2024
The Adamawa State Police Command has disclosed that the 30-year-old Abdullahi Mohammed who climbed a 33 kv high tension electricity pole in Mayo-Belwa last Friday has been admitted at the Yola Psychiatric hospital for mental examination. The Police Public Relations Officer of the command SP Suleiman Nguroje, told Arewa PUNCH on Friday in an exclusive...

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