Latest Nigeria Business News
The Federal Government is currently in talks with the World Bank for a fresh $2.5bn loan. World Bank Vice President for Africa, Hafez Ghanem, disclosed this in an interview in Abuja on Wednesday, Bloomberg reported. Nigeria received $2.4bn from the World Bank in the past year, according to Ghanem. “We are talking about a new set of […]
The Central Bank of Nigeria has said it will no longer provide foreign exchange for the importation of cassava, starch, ethanol and all other derivatives into Nigeria. The CBN Governor, Mr Godwin Emefiele, said this during a meeting with some state governors held at the headquarters of the CBN. The meeting was attended by governors […]
Nigeria lost $1.3bn worth of crude oil to theft and pipeline vandalism in the first six months of 2019, according to state governors, who looked into the criminal cases in the oil sector in the Niger Delta. The governors were members of a 13-member ad hoc committee raised by the National Economic Council to carry […]
Barely 24 hours after receiving an investigative report from the Economic and Financial Crimes Commission (EFCC), President Muhammadu Buhari last night removed Head of the Civil Service of the Federation (HoCSF), Mrs. Winifred Oyo-Ita. Oyo-Ita was probed by the anti-graft agency over alleged N3billion fraud in her Office. The President appointed the Permanent Secretary, Ministry […]
THE acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has said a former Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke (SAN) has a case to answer over the Settlement Agreement on Malabu Oil Block (OPL 25). He said Adoke has been offering the reading public in […]
Upon their conviction on Thursday, a Federal High Court in Abuja ordered the winding-up of a controversial engineering firm, Process and Industrial Development Limited and its affiliate in Nigeria, P&ID Nigeria Limited. The court also ordered the forfeiture of their assets and properties to the Federal Government. Justice Inyang Ekwo, before whose court the firms […]
The Army on Thursday urged members of the public to disregard rumours of impending attacks on Maiduguri and its environs by Boko Haram Terrorists, saying there is no cause for panic. The spokesman of operation Lafiya Dole Theatre Command in the northeast, Col Ado Isa said in a statement that troops are on patrol and […]
Nigeria have dropped by one spot in the FIFA ranking for September, placing 34th on the ranking table. In the ranking table on the world football governing body’s website on Thursday, Nigeria garnered 1, 482 points in the month under review as against 1,481 it had in August. However, in spite of the drop by […]
The International Monetary Fund (IMF) says Malawi’s economy is likely to expand by 4.5% this year due to a rise in agricultural production. The growth projection is down slightly from the IMF March forecast of a 5% expansion to gross domestic product. Earlier in September the country’s finance ministry said growth would advance 5%, up […]
THE information communication technology (ICT) sector now accounts for approximately 10 per cent of nominal gross domestic product (GDP), the telcos said on Wednesday. Acting under the auspices of Association of Licensed Telecoms Companies of Nigeria (ALTON), the carriers said as against 2016, it now has direct contribution of over N1.549trillion to the economy. Its […]