Chinwe Michael

1 week ago | businessday.ng | Chinwe Michael

Nigeria’s fast-moving consumer goods (FMCG) sector is showing signs of recovery after a turbulent year marked by sharp currency depreciation and import cost shocks. Data gathered by BusinessDay shows that the recent stability of the naira has led to a drop in FX losses across six FMCG companies, falling from N420.8 billion in Q1 2024 to N27.3 billion in Q1 2025.

1 week ago | businessday.ng | Chinwe Michael

Share Nigeria’s fast-moving consumer goods (FMCG) sector is showing signs of recovery after a turbulent year marked by sharp currency depreciation and import cost shocks. Data gathered by BusinessDay shows that the recent stability of the naira has led to a drop in FX losses across six FMCG companies, falling from N420.8 billion in Q1 2024 to N27.3 billion in Q1 2025.

1 week ago | businessday.ng | Chinwe Michael

Nigerian pharmaceutical firm Codix Bio Ltd is set to begin the local production of millions of rapid diagnostic test kits for HIV and malaria in response to looming supply gaps caused by cuts in U.S. foreign aid. The company’s new manufacturing facility, located outside Lagos, will start operations later this month with an initial annual capacity of 147 million test kits.

1 week ago | businessday.ng | Chinwe Michael

In Nigeria, South Africa, and other African countries, mobile connectivity is driving access to business, education, healthcare, and digital banking, transforming the way millions live and work, according to a report by The African Exponent. The report disclosed that in 2025, Africa had over 1 billion active Subscriber Identity Module (SIM) cards, with penetration rates exceeding 100 percent in many countries due to widespread multi-SIM ownership.

1 week ago | businessday.ng | Chinwe Michael

Sterling Financial Holdings Company Limited has posted a 129 percent surge in after-tax profit for the first quarter of 2025, signalling a robust start to the year amid a stabilising macroeconomic environment. According to its unaudited financial statements, the group recorded a profit after tax of N17.2 billion, up from N7.5 billion in Q1 2024. This performance outpaced its projection of N11.64 billion as contained in its Q1 earnings outlook.