Category: Business
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MultiChoice Nigeria Loses 243,000 Subscribers as Living Costs Soar
MultiChoice Group has reported a significant decline in its Nigerian operations, losing 243,000 subscribers across its DStv and GOtv services between April and September 2024. The pay-TV company attributes this exodus to escalating costs of living, including rising food prices, electricity tariffs, and fuel costs, which have forced many customers to abandon their subscriptions. The…
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Nigeria’s Foreign Reserves Hit $40.1bn Milestone as Naira Tests New Lows Against Dollar
Nigeria’s foreign reserves have reached a milestone of $40.167 billion as of November 11, 2024, marking the highest level since 2022, according to fresh data from the Central Bank of Nigeria (CBN). This comes amid continued pressure on the naira, which recorded notable depreciation against the US dollar in recent trading sessions. The latest figures…
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Bitcoin Surges Past $81,000 as Trump Urged to Leverage Cryptocurrency to Address U.S. Debt Crisis
The cryptocurrency market has been thrust into the spotlight as Bitcoin surged past the $81,000 mark for the first time, driven in part by Tesla billionaire Elon Musk’s public call for incoming U.S. President Donald Trump to leverage the digital asset to tackle the country’s mounting debt. In a series of tweets, Musk warned of…
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Manufacturers Face Crisis as Unsold Inventory Hits N1.24trn
The Nigerian manufacturing sector is experiencing an unprecedented crisis as unsold finished products inventory surged to N1.24 trillion in the first half of 2024, marking a 357.6 percent increase from N271 billion recorded in the corresponding period of 2023, according to the latest economic review by the Manufacturers Association of Nigeria (MAN). The alarming rise…
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NNPC Halts Petroleum Imports as Dangote Refinery Takes Centre Stage
In a major change for the petroleum industry in Nigeria, the Nigerian National Petroleum Company Limited (NNPC) has announced the cessation of petroleum products importation, marking the end of decades-long dependence on foreign refined products. This strategic move, coupled with a new partnership with the Dangote Petroleum Refinery, is projected to conserve $10 billion in…
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Okonjo-Iweala Set for Second Term as Solo Candidate in WTO Leadership Race
Dr. Ngozi Okonjo-Iweala has emerged as the sole candidate for the World Trade Organisation (WTO) Director-General position, paving the way for her second term at the helm of the global trade body. This development follows the close of nominations on November 8, with no other candidates stepping forward to contest the position. Ambassador Petter Ølberg…
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Presidency Partners with Tuface to Promote MSME Development, Job Creation
The Job Creation and Micro, Small and Medium Enterprises (MSMEs) Secretariat in the Office of the Nigerian Vice President has entered into an agreement with popular Nigerian musician, Mr. Innocent Idibia, also known as Tuface. The agreement was signed on Friday in Abuja, with Mr. Temitola Adekunle-Johnson, the Senior Special Assistant to the President on…
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Elon Musk’s Wealth Soars $13 Billion After Trump’s Presidential Win
Tesla and X owner Elon Musk’s wealth witnessed a remarkable surge of approximately $13 billion in the immediate aftermath of Donald Trump’s victory in the United States presidential election. The dramatic increase in Musk’s fortune highlights the intricate relationship between political outcomes and market dynamics. Strategic Investment Pays Off The wealth explosion came as investors…