The Dangote Group has restated its commitment in deepening Nigeria’s local content across business sectors. The representative of the company, Hajiya Halima Wali, said this on Thursday during the Dangote Group Special Day at the ongoing 45th Kaduna International Trade Fair. Wali said that investing in local industries,...
BUSINESS
The Federal Government said it had paid over 120 million dollars out of the 1.3 billion dollars owed Gas Suppliers in the country. The Director, Decade of Gas Secretariat, Mr Ed. Ubong, on Thursday at the ongoing 7th Edition of the Nigeria International Energy Summit (NIES 2024), said...
Export is the sale of goods or services from a seller country to a buyer country, and it has the important effect of improving the economy of the selling country. A lot of people have believed that exporting involves taking some products and putting them on a plane...
The Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday that the outcome of the 2023 UN Climate Change Conference (COP28) and its agreement, reflected OPEC advocacy on pathways towards reducing carbon emission. The Secretary-General of OPEC, Haitham Al-Ghais, said this while speaking with newsmen on the...
The Organisation of the Petroleum Exporting Countries (OPEC) says the oil industry will require about 14 trillion dollars investment from now to 2045, to meet global demand. The Secretary-General of OPEC, Haitham Al-Ghais, made this known while fielding questions from newsmen on Thursday on the sidelines of the...
By CALLISTUS OFFOR, Abuja – MTN Nigeria, one of the largest telecommunications companies in the country, has said the multiple fibre cuts were responsible for the network outage being experienced by its subscribers nationwide. It would be recalled that millions of subscribers experienced difficulty making and receiving calls for...
First Bank of Nigeria Plc has reiterated its commitment to supporting businesses through various initiatives and providing financial solutions for a thriving business environment and economic growth. Mrs Olaitan Martins, Group Executive, Transaction Banking, reaffirmed this during an interactive session with some Fast Moving Consumer Goods (FMCGs) business...
The African Export-Import Bank (Afreximbank) has said Nigeria is among the largest beneficiaries accounting for about 60 per cent of its US$30 billion funding of the energy sector in Africa. The Afreximbank said it has been able to make modest contributions in the oil and gas sector because...
Nick Agule Twitter: @NickAgule Email: nick.agule@yahoo.co.uk Facebook: Nick Agule, FCA 28.02.2024 Introduction The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) yesterday, 27th February 2024 briefed the nation on the outcome of its meeting. A major decision that was announced was to raise the...
The Federal Government said on Tuesday that none of the International Oil Companies (IOCs) doing business in Nigeria has left as against insinuations. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, gave the clarifications during the inauguration of the ongoing Nigeria International Energy Summit (NIES 2024), at...
The Central Bank of Nigeria (CBN) has said the on-going reforms will check rising inflationary trend and address distortions in the foreign exchange market The CBN Governor, Yemi Cardoso said this on Tuesday in Abuja, while presenting the communique from the apex bank’s Monetary Policy Committee (MPC) meeting....
Transactions on the stock market closed negative on Tuesday for the secondary day, depreciating further by 1.38 per cent and in reaction to the outcome of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). The News Agency of Nigeria (NAN) reports that CBN,...
The Federal Government has said the Obiafu/Obrikom/Oben (OB3) Gas Pipeline will be completed in March 2024. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made this known at the official opening of the 7th edition of the Nigeria International Energy Summit (NIES 2024) on Tuesday at...
The Central Bank of Nigeria (CBN) on Tuesday approved allocation of 20,000 dollars to all eligible Bureau De Change (BDC) operators across the country as part of its on-going reforms. Dr Hassan Mahmud, Director, Trade and Exchange Department, CBN, in a circular, said the move was aimed at...
The National Bureau of Statistics (NBS) says prices of beef, rice, beans, onion, tomato, and other food items increased in January 2024. It said this in its Selected Food Prices Watch report for January 2024 released in Abuja on Tuesday. The report said that the average price of...
The market capitalisation of the Nigerian Exchange Ltd. (NGX) Monday dropped by N51 billion. Specifically, the market capitalisation opened at N55.861 trillion to close at N55.810 trillion, representing 0.09 per cent decrease. The All-Share Index also dropped by 0.09 per cent or 93 points, to close at 101,995.53,...
Kenyan oil dealers are in a crisis mode after Uganda stuck to its guns and started talks with Tanzania to import its fuel through the Port of Tanga instead of the Port of Mombasa following a spat with Nairobi. Uganda had initially announced that it was in talks with...
By OLA MUDOPE, Lagos – The Central Bank of Nigeria (CBN) has been urged to peg the customs duty exchange rate at N1000 per dollar for the rest of the year. The founder, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, made the call in a...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has reviewed the formula for fixing foreign exchange rates for Customs duty on importation. The Director, Trade and Exchange Department of the CBN, Dr Hassan Mahmud, said this in a memo addressed to the Nigeria Customs Service...
The Federal Government has said it is interacting with the critical sectors to halt exportation of Liquefied Petroleum Gas (LPG), also known as cooking gas in view of its rising cost. It added that all LPG produced within the country would be domesticated to crash the price of...