The oil market is heading for a significant shortfall of around two million barrels per day at the end of the year as a result of a production cut by major producers. The Organisation of the Petroleum Exporting Countries (OPEC) disclosed this on Thursday. In its monthly report for...
BUSINESS
The Nigerian Export Promotion Council (NEPC) on Thursday in Abuja, reiterated the Federal Government’s commitment to increase cashew export earnings from 252 million dollars to 500 million dollars in 2023. The Executive Director/CEO of NEPC, Dr Ezra Yakusak said this at the inauguration of the organic cashew certification programme...
By OLA MUDOPE, Lagos – First Bank of Nigeria Ltd., has announced a phased corporate name change of its subsidiaries in the United Kingdom and Sub-Saharan Africa. Mrs Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, FirstBank, said this in a statement in Lagos. The statement said that the...
The Global Sovereign Debt Roundtable (GSDR), on Wednesday discussed debt sustainability and debt restructuring challenges and ways to address them. This is contained in a statement issued by the International Monetary Fund (IMF) Press Centre, a copy of which was obtained by the News Agency of Nigeria(NAN) in Abuja....
Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, has reviewed the state of affairs in ports administration since he stepped in the saddle and concluded that improved port efficiency aided competitiveness in the sector. Bello-Koko said during an interview that immediately he...
The Debt Management Office (DMO), has listed four Federal Government of Nigeria (FGN) bonds valued at N360 billion for subscription at N1,000 per unit. The first offer is a February 2028 FGN Bond valued at N90 billion, at interest rate of 13.98 per cent per annum (10-year re-opening). The...
Some bank customers said they still prefer the use of Fintech companies like OPay, PalmPay and others for their electronic transactions in spite of fraud allegations against the companies. Some of the customers who spoke with the News Agency of Nigeria (NAN) in Abuja on Tuesday, described the platforms...
The 2.4 bilion dollars revenue probe over alleged illegal sale of 48 million barrels of crude oil export from 2014-2015 is not a witchhunt, says Mr Femi Gbajabiamila, Speaker of the House of Representatives. Gbajabiamila made the clarification at plenary on Tuesday in Abuja, during the House of Reps...
The International Monetary Fund (IMF) said on Tuesday that the economic prospects of emerging market and developing economies were on average stronger than advanced economies. “On average, growth is expected to be 3.9 per cent in 2023 and to rise to 4.2 per cent in 2024,” the IMF said...
By CALLISTUS OFFOR, Abuja – The Nigerian Communications Commission (NCC) says it is not the regulator of the contents of the social media networks that many stakeholders have complained about. The Director, Public Affairs of the Commission, Mr. Reuben Muoka, stated this while receiving members of the National Civil...
By JOY ADARA, Abuja – The Bureau of Public Enterprises (BPE) had signed a tripartite agreement with Portman Freight Services Limited and Lagos International Trade Fair Complex (LITFC) to lease a portion of the complex to the freight service company. This is contained in a statement signed by BPE’s...
The Cinema Exhibitors Association of Nigeria (CEAN) on Monday, said it generated N441 million from tickets sold across the country in March. The National Chairman of CEAN, Mr Opeyemi Ajayi disclosed this while speaking with the News Agency of Nigeria (NAN) in Lagos. Ajayi said the total admission of viewers...
The Board of Directors of the African Development Fund (ADF) has approved eight million dollars to boost the banking system on the continent. A statement by African Development Bank (AfDB) said the fund was for establishing a digitally interoperable unique bank identification system. It said the fund was also...
A Financial Analyst, Mr Muktar Muhammed, has urged the Federal Government to take steps to increase foreign exchange earnings to stabilise the Naira. Muhammed said this in an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja against the backdrop of depleting foreign exchange reserves of...
Business aviation firm, Falcon Aerospace Limited, has launched two technology platforms designed to ease business jet booking and make access to the service more inclusive. The firm introduced the products at a recent event in Lagos where it unveiled its operational business units, According to CEO, Chukwuerika Achum, Falcon...
The Nigeria Customs Service (NCS), Ogun 1 Area Command, says it generated N44,857,053,50 in the state between January to March, this year. The Area Comptroller, Bamidele Makinde, disclosed this in statement made available to newsmen in Ota, on Friday. Makinde said that the proceeds of revenue generated which was...
The Nigerian National Petroleum Company Limited (NNPC Ltd), says Nigeria’s domestic gas infrastructure network has capacity to transport 6.9 billion Standard Cubic Feet (BCF) of gas to support power generation and gas-based industries. Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd., made this known on Thursday in...
The Ministry of Communications and Digital Economy is set to spend its Internally Generated Revenue (IGR) of N41.6 billion in the provision of broadband connectivity in higher institutions, airports and markets. Speaking at a news briefing on Thursday in Abuja, the Minister, Prof. Isa Pantami stated that the N41.6billon...
Twitter boss, Elon Musk, has lost his title as the world’s richest person following a steep drop in the value of his stake in Tesla and a $44 billion bet on Twitter. In the Forbes list published on Tuesday, ‘The Real-Time Billionaires List’, Elon Musk’s estimated net worth is...
A new World Bank report says economic growth in Sub-Saharan Africa (SSA) is set to slow from 3.6 per cent in 2022 to 3.1 per cent in 2023. This is contained in a statement issued by the World Bank on the latest Africa’s Pulse, the World Bank’s April 2023...