Ghana has ordered all foreign entities to exit its gold trading market by April 30, as the country implements a new framework aimed at boosting national earnings, curbing smuggling, and streamlining gold purchases from small-scale miners. The West African nation, which holds the title of Africa’s leading gold producer, is moving away from a system …
Large Nigerian Companies Lead In Loan Defaults – CBN Q1 2025 Report
The Central Bank of Nigeria (CBN) has expressed concern over a sharp increase in loan defaults by large private companies and Other Financial Corporations (OFCs), signaling growing risks in the upper segment of the credit market. In its Credit Conditions Survey for Q1 2025, the CBN reported negative default index scores …
NNPC Ltd/FIRST E&P Joint Venture Support Nigerian NGOs With N287m Impact Grant
The NNPC Ltd/FIRST E&P Joint Venture (JV) recently supported Nigerian Non-Governmental Organizations (NGOs) with N287million impact grant held in its 2025 ‘Impact FIRST’ Grant presentation in Lagos. At the event, 12 NGOs across the country were awarded the grants to support their initiatives and create pathways for growth and development in the communities they serve. …
Alake: Tariffs Might Benefit Africa
Minister of Solid Minerals Development, Dele Alake, has said that the recent tariffs imposed by the United States on Nigerian exports could become a blessing in disguise for African economies. Speaking at the 14th Annual Investment Meeting (AIM) Congress in Abu Dhabi, UAE, Alake urged African nations to turn …
Nigeria Posts $6.83bn Payment Surplus In 2024
The Central Bank of Nigeria (CBN) has announced a significant economic turnaround, revealing that the country recorded a $6.83 billion balance of payments surplus in 2024. This marks a strong recovery from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. Speaking at the CBN Special Day during the 36th …
China To Invest $1B In Nigeria’s Sugar Industry
The National Sugar Development Council (NSDC) has signed a Memorandum of Understanding with Chinese conglomerate SINOMACH for a major sugarcane farming and processing project aimed at producing up to one million metric tons of sugar annually in Nigeria. The agreement, announced on Sunday, is part of the Nigeria-China Strategic Partnership championed by …
Nigeria Leads Africa In Soft Drink Consumption
Nigeria’s soft drinks and beverage market continues to show impressive growth, solidifying its position as the largest consumer of soft drinks in Sub-Saharan Africa, according to the German Mechanical Engineering Industry Association (VDMA). In a statement shared with Sunday PUNCH during a press briefing in Lagos ahead of drinktec 2025, …
Trump Defends Trade Policy As China Raises Tariffs
On Friday, April 11, President Donald Trump defended his escalating tariff policy, even as tensions with China deepened. Trump insisted that the United States was “doing really well” despite China announcing a sharp increase in tariffs on American goods to 125 percent, further escalating the trade war between the two largest economies. The …
FG Sets Up Team To Study Impact Of US Tariffs
The Federal Government has established a subcommittee to evaluate the direct and indirect effects of the recent U.S. trade tariffs on Nigeria’s economy. This move was confirmed in a statement released Friday by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance. According to the …
NSML, Temile Development Company Signs LoI For Ship Construction Supervision Services Maritime
Alfred Temile, MD/CEO Temile Development Company Limited (left) and Abdulkadir Kere Ahmed, MD/CEO of NLNG Shipping and Marine Services Limited (NSML) during the signing of Letter of Intent in London for ship construction services related to the construction of a Very Large Gas Carrier (VLGC) at Hyundai Heavy Industries Company Limited at the shipyard in …