Presco PLC’s 2024 financial results highlight exceptional growth, with pre-tax profit soaring 156% to N128 billion and revenue jumping 93% to N198.1 billion. The company’s strong performance was fueled by robust sales in Nigeria and Ghana, alongside significant gains from asset revaluation and exchange gains. Despite rising operational costs, Presco achieved a 108% increase in gross profit, showcasing its resilience and efficiency. Total assets also expanded to N422 billion, reflecting the company’s solid financial position.
President Tinubu has secured $70 million from the IFC to fund mini-grid projects, marking a major step in Nigeria’s renewable energy expansion. Meanwhile, NNPCL is set to construct five mini-LNG plants in Ajaokuta to enhance power generation and clean cooking access.
Accrue, a Nigerian fintech startup, has raised $1.58 million in seed funding led by Lattice Fund. Originally launched as a crypto investment platform, Accrue pivoted to address cross-border payment challenges in Africa.
Nigeria's energy sector recorded a groundbreaking $6.7 billion investment in 2024, with significant contributions to oil and gas, clean energy, and metering initiatives.
Public debt in Nigeria rose to N142.3 trillion in Q3 2024, reflecting a 5.97% increase due to naira depreciation and higher domestic borrowing. This report delves into the key drivers, debt components, and implications for the nation’s fiscal health.
Billionaires worth a staggering $1.2 trillion, including Elon Musk, Jeff Bezos, and Mark Zuckerberg, attended Donald Trump’s inauguration, underscoring the event’s high-profile allure.