Business

FEDERAL GOVERNMENT SEEKS PARTNERSHIPS WITH HUNDREDS OF INTERNATIONAL INVESTORS

The Federal Government has said it is looking to get fresh investments from over 190 investors from 40 countries in key sectors of the economy. Executive Secretary of the Nigeria Investment Promotion Commission, Yewande Sadiku, disclosed this yesterday in Abuja. Sadiku stated that the commission now had a seamless collaboration with the states to enable […]

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NIGERIA’S EXTERNAL RESERVES DROP FOR FIRST TIME IN EIGHT MONTHS

The Central Bank of Nigeria has said the country’s foreign exchange reserves have dropped for the first time in eight months, slipping to 47.79 billion dollars. The reserves, which have risen by over 9 billion dollars this year, fell by 72 million dollars from 47.9 billion dollars last Thursday. The significant increase in the reserves […]

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WORLD BANK GROUP INVESTS 10.7 BILLION DOLLARS IN NIGERIA

The World Bank Group has invested about 10.7 billion dollars in projects and programmes in Nigeria. The bank’s delegation of 10 executive directors which visited the country last week, said it was excited with the economy’s return to growth and pledged more collaboration to accelerate the growth rate. The breakdown of the bank’s total investment […]

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NIGERIA’S EXCESS OIL REVENUE RISES TO 22.4 BILLION NAIRA

Nigeria’s excess oil revenue has risen to 22.4 billion naira daily as a result of the sudden leap in the price of crude from 67 dollars to 77 dollars per barrel in the international market. The rise in oil price was partly attributed to President Donald Trump’s decision to re-impose economic sanctions on Iran and […]

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FEDERAL GOVERNMENT SEEKS 46 BILLION DOLLARS IN FUNDING FOR RAILWAY PROJECTS

The federal government is negotiating with Russian Exim Bank and other investors from India to raise 46 billion dollars to fund railway modernisation across the country. Minister of Transportation, Rotimi Amaechi, revealed yesterday that President Muhammadu Buhari had given approval to source for loan for the completion of the three standard gauge lines running from […]

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CBN PEGS 5 -YEAR FUEL IMPORTATION BILL AT 36.3 BILLION DOLLARS

The Central Bank of Nigeria, CBN, has said that the sum of 119.4 billion dollars was spent on the importation of commodities into the country in five years. The apex bank also disclosed that of the amount, 36.37 billion dollars was expended on the importation of petroleum products from 2013 to 2017. The Director in […]

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CBN PEGS 5 -YEAR FUEL IMPORTATION BILL AT 36.3 BILLION DOLLARS

The Central Bank of Nigeria, CBN, has said that the sum of 119.4 billion dollars was spent on the importation of commodities into the country in five years. The apex bank also disclosed that of the amount, 36.37 billion dollars was expended on the importation of petroleum products from 2013 to 2017. The Director in […]

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CBN DEMANDS 15 BILLION NAIRA COLLATERAL FROM SETTLEMENT BANKS

The Central Bank of Nigeria (CBN) has asked settlement banks to provide clearing collateral of not less than 15 billion naira worth of treasury bills to enable them perform settlement roles. The directive was contained in the CBN’s Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2018/2019. The CBN said it would […]

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CBN SIGNS 2.5 BILLION DOLLAR CURRENCY SWAP DEAL WITH CHINA

The currency swap between Nigeria and China has finally been consummated by the two countries. This was announced yesterday in Abuja by the Central Bank of Nigeria (CBN). CBN Spokesperson, Isaac Okorafor, said the execution of the 2.5 billion dollar bilateral currency swap agreement has taken off with the signing of necessary papers by the […]

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NIGERIAN COMMUNICATIONS COMMISSION REMITS 49.7 BILLION NAIRA TO GOVT COFFERS IN FOUR MONTHS

The Nigerian Communications Commission, NCC has announced that it had remitted up to 49.7 billion naira to the federal government, in the first four months of 2018 in compliance to the fiscal responsibility Act of 2007. The Fiscal Responsibility Act was passed into law in 2007 and amended in 2011. The law serves to protect […]

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