Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of February 2nd–8th, 2025.
FG Unveils Plans To Improve Loan Access For Nigerian SMEs
The Federal Government announces plans to launch a new initiative aimed at easing access to loans for Small and Medium Enterprises (SMEs) across Nigeria. The Minister of State for Industry, Trade, and Investment, Senator John Enoh, shares this information during the Renewed Hope Global Virtual Conference 2025 on Sunday.
Tinubu’s BRICS Involvement Does Not Create Tension With US – Senator Jimoh Ibrahim
Senator Jimoh Ibrahim reassures that President Bola Tinubu’s participation in BRICS does not pose any risk of tension with a potential Donald Trump administration in the US. He states that Tinubu’s leadership style is in line with liberal democratic values, similar to those upheld in the United States, despite differing governance approaches.
U.S. Trade Deficits: Nigeria Among 48 Countries In The Red
Nigeria stands among the 48 nations running a trade deficit with the United States, underscoring the shifting economic ties between both countries.
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CBN Plans To Offer N670 Billion In Treasury Bills
The Central Bank of Nigeria (CBN) has announced plans to auction N670 billion worth of Treasury bills to manage liquidity in the financial system. These short-term government securities will be available in three different maturities: 91-day, 182-day, and 364-day bills.
Nigeria’s Business Confidence Holds Strong As PMI Stands At 52.0 In January 2025
Business confidence in Nigeria remains strong despite a slight slowdown in growth, as the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) records 52.0 in January 2025.
PoS Transactions Reach N18 Trillion In 2024 As Fintechs Expand Terminal Deployment
The total value of transactions conducted via Point of Sale (PoS) terminals in Nigeria rises to N18 trillion in 2024, marking the highest annual record to date.
NGX Gains ₦83 Billion As Telecom And Palm Oil Stocks Rise
Investors in the Nigerian stock market saw a profit of over ₦83 billion on Monday as share prices of telecom and palm oil companies surged. The Nigerian Exchange (NGX) recorded a positive performance, with the All-Share Index (ASI) rising by 0.13% to close at 104,630.30 points.
CBN Extends Deadline For FX Sales To BDC Operators
The Central Bank of Nigeria (CBN) has officially extended the deadline for Bureau de Change (BDC) operators to access foreign exchange (FX) sales in the informal currency market. The new deadline is now set for May 30, 2025, instead of the initial January 31 deadline. This extension is aimed at ensuring the continued availability of FX to meet retail market demands.
NBS Website Crashes Again, Delays Release of Rebased GDP and CPI Figures
The anticipation surrounding the National Bureau of Statistics’ (NBS) promise to unveil Nigeria’s rebased Gross Domestic Product (GDP) and Consumer Price Index (CPI) by the end of January 2025 is waning, as the bureau’s official website has once again gone offline.
Tinubu Increases 2025 Budget To N54.2 Trillion Following Additional Revenue Gains
President Bola Tinubu revises the 2025 budget proposal, increasing it from N49.7 trillion to N54.2 trillion, citing higher revenue inflows from key government agencies.
CBN Introduces New Foreign Exchange Rules For BDC Operators
The Central Bank of Nigeria (CBN) has issued new rules that restrict how Bureau de Change (BDC) operators can buy and sell foreign currency.
NGX Market Capitalization Surpasses N65 Trillion As Investors Buy FBNH, ETERNA And Others
The Nigerian stock market saw a major boost as investors gained more than N332 billion in a single trading session. This surge in the Nigerian Exchange (NGX) was driven by increased demand for shares in FBN Holdings (FBNH), ETERNA, and Cadbury Nigeria, pushing the total value of all stocks listed on the exchange above N65 trillion.
US Dollar Strengthens Against Major Currencies In Forex Market
The US dollar (USD) saw an increase in value against most of its major global trading partners on Thursday, except for the Japanese yen, which gained strength following a statement from the Bank of Japan.
Exchange Rates Gap Drops To N70 As CBN Defends Naira
The value of the Nigerian naira continued to decline, reaching N1,500 per U.S. dollar in the official currency market on Thursday. This marks the fourth consecutive day that the naira has lost value due to a shortage of foreign exchange (FX) supply.
