The African Export-Import Bank (Afreximbank) has approved a $500 million facility to enable Nigerian manufacturers take full advantage of the opportunities offered by the African Continental Free Trade Agreement (AfCFTA). Its President & Chairman of Board of Directors, Prof. Benedict Oramah, made the announcement during the “2019 Manufacturers Annual Lecture/Presidential Luncheon” of the Manufacturers Association […]

The Nigerian National Petroleum Corporation (NNPC) has clarified the redeployment of 12 management staff of its flagship upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). It said it was aimed at repositioning the company to meet its production and reserve targets. Its Chief Operating Officer, Upstream, Mr. Rowland Ewubare, said the reorganisation became imperative following […]

The nation’s economy grew more slowly in the second quarter of 2019 than it did in the first quarter, the National Bureau Statistics said on Tuesday. The Gross Domestic Product growth rate fell to 1.94 per cent in Q2 from 2.10 per cent in Q1, the new GDP report released by the NBS showed. The […]

Oil prices fell on Tuesday as the ongoing US-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output. US crude CLc1 was down 26 cents, or 0.5 per cent, at 54.84 dollars a barrel by 0644 GMT, while Brent LCOc1 […]

OVH Energy Marketing Limited, a licensee of the Oando retail brand, said on Tuesday that it had sacked 70 of its employees. The firm said in a statement that it was being speculated in some quarters that it laid off 100 staff members due to financial challenges within the downstream oil sector. “We would like […]

The nation’s stock market on Tuesday sustained the gains it began the month with as the market capitalisation increased further to N13.421tn from N13.410tn. MTN Nigeria Communications Plc, International Breweries Plc and Ecobank Transnational Incorporated saw buying interests, which drove the All Share Index northwards by eight basis points to 27,586.79bps. Consequently, the year-to-date loss […]

Telecom operators grew their revenue by 15 per cent in one year to reach N2.25tn in December 2018 from N1.96tn in 2017, a report by the Nigerian Communications Commission has shown. According to the industry regulator, investment of the operators in infrastructure declined by 62 per cent to stand at N32.1bn by the end of […]

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday, said significant progress had been made in the ongoing exploration of inland basins and that the target of growing the nation’s reserve to 40 billion barrels by 2023 was realistic and achievable. Kyari made this submission when he received the leadership […]