Chinwe Michael

2 days ago | businessday.ng | Chinwe Michael

Smith Osemeke, CEO of Unitellas Edge Cloud, is calling on Nigerian businesses and government bodies to adopt locally hosted cloud services as Nigeria prioritises digital sovereignty and the stabilisation of its foreign exchange reserves. Speaking at a recent media chat in Lagos, Osemeke emphasised that patronising indigenous cloud infrastructure providers like Unitellas is a crucial step toward reducing capital flight and strengthening the naira.

3 days ago | businessday.ng | Chinwe Michael

Nigerian manufacturers’ loans from tier-one banks soared to a five-year high as a result of naira devaluation. Data from the Nigerian Exchange Group (NGX) show that loans to the manufacturing sector by the country’s top-tier banks increased to N6.4 trillion in 2024, representing a 218.4 percent year-on-year increase, and the highest level since 2020 when the total stood at N2.06 trillion.

3 days ago | businessday.ng | Chinwe Michael

Home > News > Manufacturers’ loans hit five-year high on naira devaluation Share Nigerian manufacturers’ loans from tier-one banks soared to a five-year high as a result of naira devaluation.

4 days ago | businessday.ng | Chinwe Michael

The latest data from the Stanbic IBTC Purchasing Managers’ Index (PMI) survey suggests that Nigeria’s private sector expansion pace is slowing down as inflationary pressures and declining employment persist. The headline PMI stood at 52.7 in May, indicating an improvement in business conditions for the sixth consecutive month. However, the figure dropped from 54.2 in April, marking the slowest rate of growth since January 2025.

4 days ago | businessday.ng | Chinwe Michael

Foreign investors are once again trooping into Nigeria amid economic uncertainty that has led many out of Africa’s largest consumer market, tapping opportunities to stay afloat, manufacturers have said. George Onafowokan, the managing director of Coleman Wires and Cables Industries Limited, said that despite prevailing economic challenges, more foreign investors are entering the country to establish businesses.