Latest Nigeria Business News
The Federal Government spent a total of $357.26m in the first three months of the year to service external debt, the Debt Management Office has disclosed. Statistics obtained from the DMO in Abuja on Thursday showed that commercial loans gulped the largest amount spent on external debt servicing in the first quarter of the year. […]
With the transmission expansion project that the Transmission Company of Nigeria (TCN) is implementing for grid upgrade, it is going to recover between 2,000mw to 3,000mw. The company’s Managing Director, Mr. Usman Gur Mohammmed, who revealed this in Abuja, said that TCN is re-conducting the line from kaduna to Zaria to Funtua and Futua to […]
The Central Bank of Nigeria (CBN) policy directing banks not to deposit funds above N2 billion at its Standing Deposit Facility (SDF) window will free over N750 billion excess cash for loans to key segments of the economy, The Nation has learnt. Banks are expected to deposit excess funds at the CBN on daily basis, and […]
… Emefiele meets Service Chiefs to enforce directive Governor of the Central Bank of Nigeria, Mr Godwin Emefiele has met with Service Chiefs and Heads of Paramilitary agencies to enforce Executive Order 003 mandating all Ministries Departments and Agencies to source their textile needs locally. Speaking at the meeting on Thursday Emefiele said the […]
…saves N288bn from IPPIS The Federal Government has collected over N10 trillion from the implementation of the Treasury Single Account (TSA) from 1,674 MDAs. Mr. Afolabi Ajayi in the Office of the Account General of the Federation (OAGF) made this disclosure on Thursday at Peer Review Mechanism of Ministries Departments and Agencies (MDAs) 2019 in […]
The organisers of the Second Intra-African Trade Fair (IATF2020) expect it to surpass the achievements of the inaugural trade fair held in Cairo in 2018 by attracting 10,000 participants and generating intra-African trade and investment deals worth more than $40 billion, Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has said. Prof. Oramah […]
The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did […]
Investors in the equities market of the Nigerian Stock Exchange saw the value of their investments decline by N265bn on Thursday. After the listing of Airtel Africa Plc’s shares on the NSE on Tuesday, the market capitalisation of equities was lifted above N14tn as the market recorded a marginal gain at the close of trading. […]
Oil producing companies flared gas worth $2.5billion (N875billion) in the last one year, The Nation has learnt. The firms include the International Oil Companies (IOCs), Independent Producers and the Nigerian Petroleum Development Company (NPDC). Data from the Department of Petroleum Resources (DPR) revealed that the volume of gas that was not commercialised (flared or re-injected) by March, […]
The Major Oil Marketers Association of Nigeria (MOMAN) has denied claims that marketers are getting foreign exchange (forex) at N305 to a dollar for importing petrol. Its Chairman, Mr. Tunji Oyebanji spoke on the sidelines at the just-concluded Nigerian Oil and Gas (NOG) conference in Abuja. He said total deregulation of the downstream sub-sector remained […]