Latest Nigeria Business News
The Kaduna Refining and Petrochemical Company did not refine any crude oil from February 2018 to January this year, the latest data obtained from the Nigerian National Petroleum Corporation showed. The Port Harcourt Refining Company was idle from July 2018 to January this year. It was gathered on Wednesday in Abuja that the last time […]
The Federal Government of Nigeria’s savings bonds reduced by 50.18 per cent at the end of the 2018 financial year. According to a report by the Central Bank of Nigeria on its 2018 activities, “a total of N3.59bn was allotted during the review period, indicating a decline of N3.61bn or 50.18 per cent when compared […]
The Central Bank of Nigeria, on Tuesday, injected the sum of $205m into the inter-bank foreign exchange market in its continued push to sustain liquidity. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100m, while the Small and Medium Enterprises segment received […]
Records have shown that Africa holds an estimated 7.5 per cent of global proven oil reserves, about 126.5billion barrels and 7.1 per cent of global proven gas reserves about 487.8 trillion cubic feet. Operations Director, Seplat Petroleum Development Company Plc, Effiong Okon, stated this while delivering a keynote address at the Africa Exploration & Production […]
Some economic experts have tasked the new administration under President Muhammadu Buhari to consolidate on the economic achievements recorded in the first term. The experts, Chief Kola Akosile, Chairman, Manufacturers Association of Nigeria (MAN), Southwest zone and Prof. Wale Ogunkola, Professor of Economics, University of Ibadan, gave this advice in separate interviews with the News […]
The Nigerian equities market on Tuesday experienced a turnaround with the market capitalisation improving by N490 billion or 3.68 per cent, ahead of the May 29 inauguration. Specifically, the All-Share Index improved by 1,112.29 points or 3.68 per cent to close at 31,307.00, against the 30,194.71 recorded on Monday. Similarly, the market capitalisation inched N490 […]
A total of 223 local and foreign firms on Tuesday offered to sell and purchase over 7,000 metric tons (mt) of natural gas liquids in the domestic and export markets. The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, who was represented by the Chief Operating Officer, Gas and Power, Engr. Saidu […]
Food and beverage company Nestle Nigeria Plc, on Tuesday posted a revenue of N71.0 billion for the first quarter of this year, representing a growth of 5.2 per cent over the previous year. Its gross profit for the period stood at N31.5 billion, compared to N25.8 billion during the previous year. Nestle’s net profit for […]
The Asian Development Bank is embarking on its largest ever project to finance infrastructure by funding a key railway line in the Philippines. It will provide $2.75bn (£2.1bn) to build a 33-mile (53.1 km) passenger railway connecting the Manila suburb of Malolos and the Clark economic zone in Central Luzon, according to www.publicfinanceinternational.org. The Malolos–Clark […]
The Association of Senior Civil Servants of Nigeria on Tuesday said it would write a petition to President Muhammadu Buhari seeking the investigation of the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah. The association said the minister should be investigated over his “illegal and fraudulent” transfer of N14.37bn from the capital account of […]