Author: Marketforces Africa

Exchange rate: The Naira slumped against the dominant foreign currencies despite the fact that the United States

Equities analysts at Apex Asset Limited have placed Zenith Bank shares on its buying bucket…

The Nigerian Exchange (NGX) equities market capitalisation shed by more than N409 billion…

Prof. Umar Danbatta, the Executive Vice-Chairman of the Nigeria Communications Commission…

NNPC, Indorama Partner on 800mscf Gas Supply, Industrialisation GAS: The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has signed a Memorandum of Understanding (MoU) with Africa Indorama Energy Petrochemical Ltd. to supply 800 million scuffs of gas to promote industrialisation in Nigeria. Malam Mele Kyari, Group Chief Executive Officer, NNPC Ltd., said this during the signing of the MoU in Abuja on Saturday. He said the aim of the MoU was to ensure that Nigeria’s abundant gas resources were harnessed. According to him, the project is expected to contribute a common revenue of 3.8 billion dollars annually to the Gross…

AfreximBank Balance Sheet Expands by 8% to $30bn African Export-Import Bank (AfreximBank) has expanded its balance sheet size by 8% in the first half of the year to more than $30 billion, the multilateral financial institution said in its consolidated financial statements. The results demonstrate a strong and resilient performance, which was ahead of expectations, the group said in its performance scorecard following surging disbursements. AfreximBank Group’s total balance sheet assets grew by 8% from US$27.9 billion as of 31 December 2022 to approximately US$30.1 billion as of 30 June 2023. The growth was driven by the increase in loans…

AfDB, Korea Sign $28.6m Deal to Support Africa’s Development The African Development Bank and the Government of Korea signed two agreements for financial support to boost Africa’s development agenda. The value of the financing is $28.6 million. The funding complements $600 million in co-financing under the Korea-Africa Energy Investment Framework, agreed with the Korean government in 2021. The framework supports African countries to build human capacity and develop their energy sectors. The agreements were signed in Busan, during the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC), which is being co-hosted by the Bank and Korea. The new funding will primarily…

President Bola Tinubu has nominated Dr. Yemi Cardoso as the Governor of the Central Bank of Nigeria (CBN)

Brent price jumped to $94 per barrel as the oil market rallied further on Friday amidst tight global supply

Bitcoin and other cryptocurrencies advanced Friday as risk-sensitive assets at large enjoyed gains