Business & Economy - Page 8

The International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, has committed $25 million in equity capital to Jumia Technologies AG (NYSE: JMIA) to accelerate the growth of digital commerce infrastructure across Africa. ​The transaction serves as the

​Nigeria’s daily crude oil extraction, excluding blended condensates, declined by 37,000 barrels per day (bpd) to average 1.546 million bpd in July 2026, down from 1.583 million bpd recorded in June, according to the August 2026 Monthly Oil Market Report (MOMR) published

Nigeria’s public financial management has come under severe international and domestic scrutiny following the release of the U.S. Department of State’s 2026 Fiscal Transparency Report on Tuesday, August 11, 2026. ​The annual global report concluded that the Federal Government made “no significant

The Central Bank of Nigeria (CBN) has dismantled a seven-year monetary barrier, reopening its high-yield Open Market Operations (OMO) to local individual investors, private corporations, and non-bank financial institutions. ​The policy shift was detailed in an official circular issued from Abuja on

Nigeria’s daily national consumption of Premium Motor Spirit (PMS), commonly known as petrol, fell by 1.27 per cent year-on-year (YoY) in June 2026 to 47.4 million litres per day (ML/D), down from 48 million ML/D recorded in June 2025. ​The figures were

Electronic payment processing giant eTranzact International Plc has made a fresh push for the accelerated adoption of digital payment infrastructure across Nigeria’s Micro, Small, and Medium Enterprises (MSMEs) sector, warning that continuous over-reliance on cash inhibits economic scale, financial inclusion, and operational

By Victor Ogiemwonyi The New Fiscal Space for States The removal of petrol subsidy and the alignment of the Naira with market forces have created unprecedented fiscal room for Nigerian states. Before 2023, States struggled to pay salaries and pensions, often resorting

The Federal Government of Nigeria has pledged full legislative and policy backing for a new West African petrol pricing benchmark, aiming to dismantle the sub-region’s long-standing reliance on European price indices and establish energy independence. ​The endorsement was delivered on Tuesday, August

Africa’s journey toward seamless cross-border trade reached a decisive turning point as the African Continental Free Trade Area (AfCFTA) Secretariat selected AfriTrade CMP Limited, a specialized arm of Nigerian enterprise Bergmans Security Consultant and Supplies Limited to deploy and manage a $3.1