Business Archives - News Desk Nigeria

Enugu Palm Firm Begins Commercial Production, Commits $2.2m To Refinery And Industrial Expansion

NewsDeskNgSep 9, 2026September 9, 20260

Enugu United Palm Products begins commercial palm oil production as it invests $2.2m in refining and industrial expansion. As Enugu State pushes ahead with its agenda of reviving its abandoned palm plantations, the Enugu United Palm Products Limited (UPPL), has commenced commercial production of palm oil for the Nigerian market....

Air Peace Emerges Africa’s Fastest-Growing Major Airline As Capacity Jumps 55%

NewsDeskNgSep 8, 2026September 8, 20260

Air Peace has recorded Africa’s fastest airline capacity growth, expanding scheduled seats by 54.7% and returning to the continent’s top 10. Nigeria’s Air Peace has emerged as the fastest-growing airline among Africa’s 10 largest carriers by scheduled seat capacity, after expanding its capacity by nearly 55 per cent in one...

Dangote Targets 10 Million Shareholders Across Africa With Refinery IPO

NewsDeskNgSep 7, 2026September 7, 20260

Aliko Dangote targets 10 million shareholders across Africa after Dangote Refinery completes historic IPO signing in Lagos. Aliko Dangote says the Dangote Petroleum Refinery and Petrochemicals IPO is targeting 10 million shareholders across Africa, stressing that the offer is primarily aimed at broadening ownership rather than raising funds. Dangote made...

KIA Africa exits receivership as Bacita Sugar firm gets fresh investor lifeline

NewsDeskNgSep 6, 2026September 6, 20260

Lagos-based KIA Africa Group has regained full ownership and operational control of Bacita Sugar Company Limited, following what it described as an amicable resolution of all outstanding issues with Keystone Bank over the financing and redevelopment of the Kwara State-based agro-industrial firm. The company disclosed this in a statement issued...

Banks’ Deposits With CBN Fall 1.14% To N82.99tn In August

NewsDeskNgSep 6, 2026September 6, 20260

Banks’ deposits with the CBN fall to N82.99 trillion in August as lenders balance excess liquidity, credit risks and returns. Nigerian banks’ deposits with the Central Bank of Nigeria (CBN) declined by 1.14 per cent month-on-month to N82.99 trillion in August 2026, from N83.96 trillion recorded in July, latest data...

NAICOM Targets 10% Insurance Penetration, 25m Nigerians By 2031

NewsDeskNgSep 4, 2026September 4, 20260

NAICOM unveils five-year plan targeting 10% insurance penetration by 2031 and expanded coverage for 25 million Nigerians across Nigeria. National Insurance Commission (NAICOM), on Thursday, unveiled a five-year industry-wide programme to significantly deepen insurance coverage in the country, targeting an increase in insurance penetration from the current 0.5 per cent...

Stakeholders Demand Nigeria Process Critical Minerals Locally To Drive Green Industrialisation

NewsDeskNgSep 3, 2026September 3, 20260

Stakeholders urge Nigeria to reject raw mineral exports, prioritise domestic processing, manufacturing, jobs and environmental safeguards for sustainable growth. Stakeholders across government, development institutions, the private sector and civil society on Wednesday called for a fundamental shift in Nigeria’s approach to its critical minerals, insisting that the country must use...

FG Orders MDAs To Remove Export Barriers, Complete Single Window Phase 2 By November

NewsDeskNgSep 3, 2026September 3, 20260

Minister of industry Oduwoke directs MDAs to complete Single Window integration by November, targeting faster exports, lower costs and improved investor confidence. Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, on Wednesday , ordered Ministries, Departments and Agencies of Government (MDAs) involved in the trade architecture to complete the second...

Cardoso: Nigeria’s Remittance Inflows Near $1bn Monthly Target, Hit Record $947m In July

NewsDeskNgAug 31, 2026August 31, 20260

Nigeria’s remittance inflows through formal channels hit a record $947m in July, bringing CBN closer to its $1bn target. Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said Nigeria is closing in on its target of attracting $1 billion in monthly remittance inflows, after inflows through International...

Nigeria’s Foreign Reserves Hit $53.11bn, Highest In 17 Years

NewsDeskNgAug 27, 2026August 27, 20260

Nigeria’s foreign reserves climb to $53.11 billion, nearing a 2009 record as higher oil earnings boost dollar inflows. Nigeria’s external reserves have risen above $53 billion for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026. Data from the Central Bank of Nigeria...