Business Archives - Page 12 of 41

25May

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Business

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Nigeria’s GDP grows by 3.89% in first quarter of 2026

25May

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Business

Nigeria’s GDP grows by 3.89% in first quarter of 2026

Nigeria’s Gross Domestic Product (GDP) grew by 3.89 per cent in real terms in the first quarter of 2026, reflecting stronger economic activities across key sectors of the economy despite persistent inflationary pressures and declining crude oil production. The latest GDP report released by the National Bureau of Statistics (NBS) on Monday, showed that the growth rate exceeded the 3.13 per cent recorded in the corresponding quarter of 2025, indicating improved performance in telecommunications, agriculture, trade, construction, financial services and other non-oil sectors. According to the report, Nigeria’s economy was largely driven by the non-oil sector, which contributed 96.08 per cent to total real GDP during the quarter under review, while the oil sector accounted for 3.92 per ce...

Nigerians Face Fresh Hardship As Cooking Gas Prices Rise Nationwide to N1600

25May

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Business

Nigerians Face Fresh Hardship As Cooking Gas Prices Rise Nationwide to N1600

The price of liquefied petroleum gas, popularly known as cooking gas, has increased across Nigeria amid complaints of scarcity by marketers. The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) disclosed that the price of cooking gas has climbed to about ₦1,500 per kilogram from ₦1,200 in Abuja. NALPGAM President, Edu Inyang, and the association’s Executive Secretary, Bassey Essien, made this known in a joint statement issued over the weekend. The latest increase represents a ₦300 rise per kilogram, translating to about a 25 percent jump in price. The development means Nigerians already struggling with the high cost of living may now spend even more to refill cooking gas cylinders, depending on their location. “The citizens of Nigeria have woken up to buy ...

Cardoso dismisses calls for CBN to resume intervention programmes.

24May

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Business

Cardoso dismisses calls for CBN to resume intervention programmes.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has defended the apex bank’s return to orthodox monetary policy and warned against renewed calls for interventionist programmes, saying such measures previously distorted the institution’s balance sheet and weakened policy effectiveness. Cardoso made the remarks during the opening session of a Monetary Policy Committee workshop held on May 21, 2026, according to a statement issued by the CBN on Sunday. The statement said the governor reaffirmed the bank’s commitment to orthodox monetary policy, transparency and evidence-based decision-making, describing the ongoing reforms as critical to restoring confidence in the Nigerian economy and strengthening macroeconomic stability. The workshop, themed “Strengthening Monet...

‘Guardiola made me believe I could be a coach’– Bayern Munich manager, Vincent Kompany

23May

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Business

‘Guardiola made me believe I could be a coach’– Bayern Munich manager, Vincent Kompany

Bayern Munich coach Vincent Kompany said former mentor Pep Guardiola, who announced today he is leaving Manchester City, gave him the belief to become a manager.Speaking in Berlin ahead of Saturday’s German Cup final against Stuttgart, Kompany, who captained City under Guardiola for three seasons, said working with the Catalan coach was “a gift”. “I have my own personality and my own character, but the trust and belief that I could become a coach: for that, I owe gratitude to Pep,” Kompany said.“And that is just how great his influence is. I maybe wasn’t his best friend in the dressing room, or maybe I wasn’t always loved, but I had an incredible belief in his style of leadership.” In a decade at City, the former Barcelona and Bayern manager won the Premier League six times and the Champio...

Meta lays off 8,000 employees as A.I. restructuring accelerates

21May

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Business

Meta lays off 8,000 employees as A.I. restructuring accelerates

Meta Platforms has laid off around 8,000 employees as part of a major internal restructuring aimed at transforming the company into an artificial intelligence–focused organisation. The job cuts, which represent roughly 10% of its global workforce, began rolling out across different regions, including Asia, Europe, and the United States, with affected staff receiving notification emails early in the morning. The layoffs come as the company intensifies its shift toward A.I. development under CEO Mark Zuckerberg, who has repeatedly described artificial intelligence as the most important technology shaping the future of the company. In addition to the job cuts, Meta has also reassigned about 7,000 employees to new A.I.-driven initiatives, signaling a broader restructuring of its workf...

BREAKING : CBN retains Interest Rate at 26.5% amid Inflation battle

20May

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Business

BREAKING : CBN retains Interest Rate at 26.5% amid Inflation battle

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5% following the conclusion of its 305th meeting held in Abuja. Naija News understands that all 11 members of the committee attended the meeting, where discussions centred on inflation trends, lending conditions, and the overall performance of the Nigerian economy. CBN Governor, Olayemi Cardoso, announced the decision at the end of the meeting on Wednesday. In addition to retaining the benchmark interest rate, the committee also left all other key monetary policy parameters unchanged, signalling the apex bank’s decision to maintain its current strategy aimed at controlling inflation and preserving financial stability. The latest decision follows the bank’s ...

“What is the state government doing to prevent future occurrences?” – Toyin Abraham reacts to the recent killing in Oyo State

20May

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Business

“What is the state government doing to prevent future occurrences?” – Toyin Abraham reacts to the recent killing in Oyo State

Nollywood actress, Toyin Abraham, has expressed intense grief and outrage over the recent terrorist invasion of Community High School in the Oriire Local Government Area of Oyo State. Heavily armed men recently stormed the institution, abducting scores of students, the school principal, and several teachers. Taking to her Instagram page, the filmmaker stated that her heart was deeply heavy over the tragedy. She sympathized with the grieving families, the traumatized community, and the parents whose children were forcefully taken into the forest. Voicing her frustration over the escalating insecurity, Abraham stressed that no child should have to fear going to school and no family should wake up to the reality of bloodshed. She also directly challenged the Oyo State G...

20May

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Business

Dollar to Naira exchange rate today 20 May 2026

The Nigerian naira maintained a relatively stable position against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Official data from the Central Bank of Nigeria’s exchange rate portal indicated that the NFEM rate settled around ₦1,361 per dollar. Throughout the trading session, the rate experienced minor fluctuations, moving between approximately ₦1,355 and ₦1,366 as supply and demand dynamics played out.In the parallel market, Bureau De Change operators in Lagos and Abuja were buying the dollar at approximately ₦1,385 and selling it within a range of ₦1,395 to ₦1,405.These figures varied slightly based on the transaction volume and specific location.Market analysts observed that the narrow sp...

Day 25 Countdown To 2026 FIFA World Cup: World Cup, Latest Team News And Injury Updates

17May

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Business

Day 25 Countdown To 2026 FIFA World Cup: World Cup, Latest Team News And Injury Updates

With just 25 days remaining before the kickoff of the 2026 FIFA World Cup, excitement continues to build as football fans across the globe look ahead to the biggest tournament in the sport’s history. The 2026 edition, hosted by United States, Canada and Mexico, will feature a record 48 national teams competing across North America. Historically, Brazil remain the most successful team in World Cup history with five titles, while Germany and Italy have lifted the trophy four times each. Miroslav Klose still holds the record as the highest goalscorer in World Cup history with 16 goals, while Brazilian legend Pelé remains the only player to have won three FIFA World Cups. The 2022 tournament in Qatar also set a new record for the highest number of goals scored in a single World Cu...