Meta Quitting Nigeria Threatens 20 Million Businesses on Facebook and Instagram
“My shop practically lives on these platforms, especially Instagram,” Lagos-based baker Fatima Tunde said. “If it’s gone, I’m out of business.”
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NESG Advocates for Nigeria’s Import-Export Shifts Beyond U.S. and China
The Nigerian Economic Summit Group (NESG) has emphasized the need for Nigeria to reevaluate and diversify its trade partnerships, particularly by shifting focus towards countries that remain unaffected by the tariffs imposed by the United States. This recommendation is articulated in the NESG’s latest Foreign Trade Alert for the fourth quarter of 2024 and the…
PZ Wilmar Sustains Mamador and Devon King’s Manufacturing in Nigeria as PZ Cussons Exit Ventures
PZ Cussons Plc and Wilmar International Limited have agreed definitive terms for Wilmar to purchase the 50 percent equity stake in PZ Wilmar Limited held by PZ Cussons Plc, for a cash consideration of $70 million.” A statement by the company , said that the transaction, which is subject to regulatory approvals, is expected to…
FCMB onboard Rewane to drive next phase of growth
Rewane is a respected economist and experienced leader in Nigeria’s financial sector, with more than 40 years of experience in macroeconomic research, investment banking, and strategic management.
NACCIMA Opens MUSIAD Office in Nigeria to Promote Trade and Investment
▪︎Mamut Asmali, General President The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, (NACCIMA) has opened MUSIAD Office in Nigeria. MUSIAD (Müstakil Sanayici ve İşadamları Derne) is an Independent Industrialists and Businessmen’s Association with 56 representatives in Turkey and 32 representatives abroad. The Nigerian office brings its global presence to 33. NACCIMA’s Director- General,…
Etuh, Danjuma Buy Notore Chemical for $150m
▪︎Thomas Etuh Thomas Etuh’s Tak Agro and Theophilus Danjuma’s TY Holdings, have acquired Notore Chemical Industries Plc in Onne, Rivers State, for $150 million. “We put $150 million into an escrow account. Being a publicly quoted company, we were made to go through a bid process and won the bid,” Etuh told BusinessDay.“I am excited…
Upcoming Expo For Local Buyers And Sellers of Newest Manufacturing Equipment
▪︎File photo from previous edition / MAN The Nigeria Manufacturing and Equipment Expo with the theme: Future of Manufacturing, will be held in partnership with the Nigeria Raw Materials Exhibition (NIRAM Expo) in November 2023, at the Federal Palace Hotel in Lagos. The Expo being the 7th edition in the series, is organised yearly by…
NQC, BSI Workshop on Enhancing Seamless Trading Between UK and Nigeria
How to enhance seamless trading between the United Kingdom and Nigeria was the focus of a Train the Trainers workshop for stakeholders in Nigeria. The workshop was put together by the National Quality Council (NQC) in collaboration with the British Standards Institute (BSI). Public sector participants in the workshop were drawn from the National Quality…
Tinubu Tasks Dev’t Financiers on Investments In Agric, Infrastructure
Nigeria holds the second-largest IFC portfolio in Africa with an active investment portfolio of $2.1 billion as of April 2024
Naira Exchange Rates to Foreign Currency, Friday June 12
Black Market
US Dollar (USD) Buy ₦1,397 Sell ₦1,405
Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1,587 Sell ₦1, 607
Canadian Dollar (CAD) Buy ₦1,030 Sell ₦1,100
South African Rand (ZAR) Buy ₦75 Sell ₦90
UAE Dirham Buy ₦350 Sell