Nigeria’s E-Payment Revolution: Transactions Hit N1.07 Quadrillion in 2024

Nigeria’s digital payment landscape has exploded in 2024, with electronic transactions reaching a record-breaking N1.07 quadrillion, equivalent to approximately $702.6 billion. This monumental figure, based on a N1,535/$1 exchange rate as of December 31, 2024, marks the first time the nation has crossed the quadrillion naira threshold in e-payments. Data released by the Nigeria Inter-Bank …

January 30, 2025
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Business

Nigeria joins BRICS as Partner Country

Nigeria has officially joined BRICS as a partner country, as confirmed by Brazil’s Foreign Ministry on January 17, 2025. This move, established at the 16th BRICS Summit in October 2024, aligns with the shared goals of strengthening cooperation among Global South nations and advocating for reforms in international organizations. Nigeria joins eight other partner countries: …

January 22, 2025
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Business

Nigeria Rises to Second in Africa’s 2024 Hotel Development Rankings

Nigeria has climbed to second place in Africa’s 2024 Hotel Development Rankings by room numbers, boasting 7,622 rooms across 50 hotels. This surge is driven by significant developments from major global hotel chains such as Hilton, Radisson, Marriott International, and Leva Hotels, with Lagos leading the expansion with five new hotel deals. Egypt maintains its …

January 16, 2025
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Nigeria’s 2024 Crude Oil Production Reaches 566 Million Barrels, NUPRC Data Reveals

Nigeria’s crude oil and condensate production in 2024 totaled 566.8 million barrels, according to data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). Nairametrics calculations, based on the NUPRC’s Crude Oil and Condensate Production Report for 2024, confirm a total output of 566,794,493 barrels. Key Highlights: Key Takeaways: Despite a strong finish to the year, …

January 15, 2025
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Business

U.S. and Nigeria Partner to Expand Broadband Access with $2 Million Grant

In a significant move to boost Nigeria’s digital infrastructure, the U.S. and Nigerian governments have signed a $2,095,000 grant to assess the feasibility of deploying at least 90,000 kilometers of new fiber optic backbone infrastructure across the country. The announcement was made during the inaugural U.S.-Nigeria Technology Dialogue held in Washington, D.C., on January 10, …

January 14, 2025
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Business

Nigeria and Brazil Forge Strategic Partnership to Revolutionize Agriculture in 774 LGAs

Abuja, Nigeria – In a groundbreaking move aimed at bolstering Nigeria’s agricultural sector, the Nigerian government and Brazil’s Fundação Getulio Vargas (FGV) have entered into a strategic partnership. This collaboration, formalized through a Memorandum of Understanding (MoU), is poised to revolutionize agriculture across all 774 local government areas in the country. The agreement, signed by the …

November 25, 2024
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Rural Electrification Agency (REA) calls for participation to fast-track development of Nigeria’s renewable energy sector

In a bid to streamline activities and drive rapid development in Nigeria’s renewables space, the Rural Electrification Agency (REA) has announced a call for participation’ inviting all stakeholders in Nigeria’s renewable energy sector to actively participate in its strategic initiatives aimed at accelerating the sector’s growth and development. This call is part of REA’s ongoing …

November 11, 2024
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Nigeria Invites Investors to Tap into Nigeria’s Lucrative Sugar Market

Abuja, Nigeria – The Federal Government of Nigeria has extended an invitation to both domestic and international investors to capitalize on the country’s burgeoning sugar industry, estimated to be worth $2 billion. Kamar Bakrin, Executive Secretary and CEO of the National Sugar Development Council (NSDC), highlighted Nigeria’s substantial annual sugar consumption, ranging from 1.4 to …

November 11, 2024
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10 Reasons Nigeria is a Business Hub in Africa

Nigeria: Africa’s Rising Business Powerhouse Nigeria, often referred to as the “Giant of Africa,” is rapidly emerging as a significant business hub on the global stage.With a burgeoning population, abundant natural resources, and a dynamic economy, the country offers immense potential for businesses seeking to expand their operations into Africa. This article delves into ten compelling …

October 26, 2024
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Nigeria officially joins BRICS as partner country

Abuja, Nigeria – October 25, 2024 – Nigeria has officially become a partner country of the BRICS group, joining a growing alliance of emerging economies. The announcement was made during the 16th BRICS summit held in Kazan, Russia, from October 22 to 24, 2024. The BRICS group, originally comprising Brazil, Russia, India, China, and South …

October 25, 2024
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Business

Category: Business