Tag: #BusinessNews
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GTEXT FOUNDER WARNS OF LIQUIDITY CHALLENGES IN NIGERIA’S REAL ESTATE SECTOR
The Founder of GText Holdings, Dr Stephen Akintayo, has identified liquidity challenges as a major concern affecting operators in Nigeria’s real estate sector. Speaking during the company’s 18th anniversary celebration in Lagos, Akintayo said real estate investments often require long-term capital commitments, making it difficult for some firms to maintain steady cash flow. He noted…
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EID-EL-KABIR: COMMERCIAL ACTIVITIES RESUME SLOWLY IN OSOGBO
Commercial activities recorded a slow start in Osogbo on Friday following the Eid-el-Kabir holiday, with many shops and markets still under lock and key. Markets in areas such as Akindeko, Adekunle, Igbona and Ayegbaju witnessed low business activity as several traders reportedly remained out of town for the Sallah celebration. While commercial banks and government…
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CHINESE-NIGERIAN PARTNERSHIP TARGETS ELECTRIC VEHICLE PRODUCTION IN NIGERIA
A new partnership between China’s Launch Design Shanghai and Hybrid Motors Nigeria is set to boost electric vehicle manufacturing and assembly in Nigeria. The companies say production facilities will be established in Lagos and Abuja to support the rollout of “Acely,” an indigenous electric vehicle brand designed for Nigerian roads and consumers. According to the…
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NIGERIA’S PORTS RECORD STRONGER CARGO, VESSEL TRAFFIC IN Q1 2026
Nigeria’s maritime sector recorded notable growth in the first quarter of 2026, with the Nigerian Ports Authority (NPA) reporting increases in cargo movement, vessel traffic and port activities. According to the NPA, ocean-going vessel traffic rose by 19.5% to 46.75 million Gross Registered Tonnage, while total cargo throughput increased by 11.6% to 32.38 million metric…
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CHINA’S YUAN GAINS SLIGHTLY AGAINST U.S. DOLLAR
China’s currency, the Yuan, strengthened slightly against the U.S. dollar on Monday, according to the China Foreign Exchange Trade System. The central parity rate rose by 35 pips to 6.8467 per dollar ahead of trading activities in the interbank foreign exchange market. China’s forex system said the daily rate is determined using a weighted average…
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PRESSCO POSTS BIG GAINS: PROFIT SOARS 57% IN 2025
Presco Plc has reported a 57.1% jump in profit before tax to ₦177.9 billion for 2025, showing strong momentum in Nigeria’s edible oil sector. Profit after tax rose to ₦121.5 billion, while revenue surged nearly 60% to ₦330.6 billion, driven by improved efficiency and market demand. Gross and operating profits also recorded impressive growth of…
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SAUDI ENVOY, DANGOTE MOVE TO BOOST INVESTMENT TIES BETWEEN BOTH ECONOMIES
Saudi Arabia’s Ambassador to Nigeria, Yousef bin Mohammed Al-Balawi, has met with billionaire businessman Aliko Dangote to deepen economic cooperation between both countries. The meeting, held at the envoy’s residence in Abuja’s Diplomatic Quarter, focused on expanding partnerships in energy, industry, infrastructure, and investment opportunities. Al-Balawi said the engagement reflects growing Saudi–Nigeria economic relations and…
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CHINA BLACKLISTS 7 EU FIRMS IN EXPORT CRACKDOWN
China has added seven European Union companies to its export control list, tightening restrictions on the flow of critical materials and technology. The Ministry of Commerce says the move is to protect national security and enforce non-proliferation rules—meaning no more “dual-use” items (goods that can serve both civilian and military purposes) will be supplied to…
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HOTEL OWNERS ON NOTICE: NHA THREATENS SHUTDOWN OF UNREGISTERED HOTELS
If your hotel isn’t registered, it may soon be checking out—for good. The Nigeria Hotel Association (NHA) has warned that it will begin clamping down on and shutting down unregistered hotels across the country, citing security risks and industry reputation concerns. NHA President, Eze Patrick Anyanwu, issued the warning in Owerri during a meeting with…
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BREWERY SECTOR BOUNCES BACK — BUT NEW COST RISKS LOOM
Nigeria’s beer industry is back in profit after years of losses — but rising costs and new taxes could spoil the party. Lagos, April 16, 2026 — Nigeria’s brewed products sector returned to profitability in 2025 after years of losses, Nigerian Breweries Plc has said, even as consumers continue to feel the pinch of inflation.…
