Transnational Corporation Plc (Transcorp) has reported a significant increase in its gross profit for the year ended Dec. 31, 2023, indicating positive growth in its financial performance. According to Mr. Tony Elumelu, Chairman Board of Directors, Transcorp, the company’s gross profit surged by 66.0 per cent to N109.1 billion, compared to N65.77 billion in the Read More…
In a groundbreaking achievement, Nigerian cinemas amassed a staggering 7.2 billion naira in revenue throughout 2023, drawing over 2.6 million admissions, with Nollywood commanding a formidable 39 percent market share, as revealed by a comprehensive report. These earnings represent a notable surge, exceeding the previous year’s figures by over 416 million naira, accompanied by a Read More…
Finance Minister Olawale Edun announced the Federal Executive Council’s (FEC) approval of a $1 billion concessional loan from the African Development Bank (AfDB) aimed at bolstering the budget and enhancing foreign exchange reserves. Edun revealed the loan details, citing a 4.2% interest rate over 25 years with an eight-year moratorium, following a cabinet meeting in Read More…
Reports from Sky News suggest a potential milestone agreement between Manchester United’s American owners, the Glazer family, and British billionaire Jim Ratcliffe. The deal, set at $33 per share, signifies Ratcliffe’s acquisition of a significant 25% stake in the revered English soccer club. This impending deal, expected to be finalised imminently, marks the conclusion of Read More…
Ramnin Toloui, Assistant Secretary for U.S. Economic and Business Affairs, has predicted that Nigeria’s creative industries could generate $100 billion in revenue by 2030. Speaking at the Africa Creative Market Conference in Lagos, Toloui also suggested that the industry, if properly harnessed, could create up to 2.7 million jobs by 2050. The conference, focused on Read More…
The National Bureau of Statistics (NBS) has reported that the 36 states and the Federal Capital Territory (FCT) witnessed a 1.6 per cent year-on-year growth in Internally Generated Revenue (IGR), amounting to N1.92 trillion in 2022, up from N1.89 trillion in 2021. These figures are outlined in the NBS report on Internally Generated Revenue at Read More…
The National Bureau of Statistics (NBS) reports that in Q3 2022, the Nigerian Railway Corporation earned N715.09 million from fares. This information was made public on Tuesday in Abuja as part of the NBS Rail Transportation Data for Q3 and Q4 2022. According to the data, the sum was down 60.52 percent from the N1.81 Read More…
The Cinema Exhibitors Association of Nigeria (CEAN) on Monday said that it generated N346.6 million from tickets sold across the country in March. Mr Patrick Lee, CEAN’s National President, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos. Lee said that the figure represented a 45 per cent increase compared Read More…
In picture above: OYASAF holds what is widely acknowledged to be the largest private art collection in Nigeria. Photo: Mfon Ralph Obot/Courtesy of OYASAF Lagos State is looking toward a comprehensive development of grassroots tourism to boost internally-generated revenue. Mrs Adenike Adedoyin-Ajayi, Permanent Secretary at the state’s Ministry of Arts and Culture made the declaration Read More…
The Nigeria Customs Service (NCS) has generated N466.1 billion revenue in the first quarter of 2021. The statistics obtained by the News Agency of Nigeria (NAN) from the office of the Public Relations Officer of the service, Mr Joseph Attah on Tuesday, showed that the revenue was generated from January to March. The data indicated Read More…
