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Posted on November 14, 2018
Nigeria will increase its oil production to 1.8 million barrels per day next year, Nigeria National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said yesterday. The country will also raise condensate production to 0.5 million bpd, he added, according to Reuters. Nigeria produces 1.6 million bpd of oil and 0.4 million bpd of condensate. […]
Posted on November 14, 2018
The Chief Executive Officer of MTN, Rob Shuter, has said that despite the challenges the telecommunications firm is facing in Nigeria, it will, next month, apply for a mobile-money licence. Shuter, who said MTN was making progress on resolving the issue around the $10 billion fine slammed on it by the Central Bank of […]
Posted on November 12, 2018
• AfCFTA’s $80 billion deals in three years at stake • Afreximbank to raise trade integration projects to $25bNigeria’s economic structure, dominated by commodities and primary products offerings, with a slow-paced, but painful infrastructure development strategy, is now running against its plans to participate in the continent’s market integration agenda.The integration plan, under the African […]
Posted on November 12, 2018
The earlier financial inclusion strategy of banks’ branch expansion and opening up of more micro finance banks has been overtaken by technological advances, but poor product developments and social issues are now challenging ongoing reforms, the Central Bank of Nigeria (CBN) has said. In a review of the Nigeria Financial Inclusion Strategy, it was found […]
Posted on November 12, 2018
BENIN—FORMER President of Trade Union Congress, TUC, Mr. Peter Esele, has disclosed that the Federal Government paid over N1 trillion to Electricity Generation Companies, GENCOs and Electricity Distribution Companies, DISCOs, since the commencement of the privatisation of the power sector with nothing to show for it. He accused both the GENCOs and DISCOs of failing […]
Posted on October 23, 2018
Absence of institutional framework stalling Nigeria’s progress, say stakeholders The Ministry of Petroleum Resources, the Department of Petroleum Resources (DPR), and the Nigerian National Petroleum Corporation (NNPC), are yet to take a position after a United States court gave a $6.59 billion default decision against the Federal Government. The sanction was for the parties thwarting […]
Posted on September 27, 2018
Equity transactions on the floor of the Nigerian Stock Exchange (NSE), closed on a downward note yesterday, occasioned by losses recorded by most bluechip stocks, as market capitalisation shed N55 billion.Yesterday, the All -share index (ASI) was down by 151.17 absolute points, representing a decrease of 0.46 per cent, closing at 32,963.27 points. Similarly, the […]
Posted on September 27, 2018
The Debt Management Office on Wednesday announced that it had raised additional N96.74bn to finance the 2018 Appropriation Act. A statement issued by the DMO and made available to our correspondent in Abuja on Wednesday said that the funds were raised through issuance of the FGN Bond in the primary debt market. According to the […]
Posted on September 27, 2018
The Central Bank of Nigeria on Wednesday gave a notification to revoke the operating licences of 182 other financial institutions in the country. According to the list released by the regulator on Wednesday, 154 of the affected institutions are microfinance banks; six are primary mortgage banks; while the remaining 22 are finance companies. The CBN […]
Posted on September 26, 2018
More than 400 businesses owned by Nigerians have been closed by authorities in Ghana, sparking a protest by owners who have issued a week ultimatum within which to resolve the surrounding the maltreatment of Nigerian business community in Ghana. The National Association of Nigerian Traders (NANTS) have written a petition to President Muhammadu Buhari and […]