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Lagos Govt, UK Plan Alternative Energy For Transport

Lagos State Government has said a plan to invest in compressed natural gas (CNG) is in the offing to reduce dependence on petrol and diesel that currently power its high capacity bus services known as the Bus Rapid Transit (BRT). The government is therefore seeking the assistance of the United Kingdom in attracting investors in its energy and solid mineral sector in the State that ... Read More »

Inflation Rate: Odds Still Against Lower Interest Rates, Say Experts

The recent downward trend in the current inflation figure notwithstanding, informed economic players have argued against the call for lower interest rates as the Central Bank of Nigeria’s Monetary Policy Committee meets next month. According to the National Bureau of Statistics, inflation eased from 9.5 percent in February to 8.6 percent in March, the lowest in almost five years, as the impact of higher fuel ... Read More »

EFCC To Probe N16.4bn ALSCON Asset Loss

The controversy surrounding the management of the Aluminium Smelter Company of Nigeria has assumed a different dimension as BFI Group is set to invite the Economic and Financial Crimes Commission to investigate the N16.4bn loss in the company’s asset. Chairman of BFIG, Dr Rueben Jaja, confirmed the development to our correspondent in Abuja on Friday during an interview. Jaja said, apart from instituting a $2.8bn ... Read More »

Exchange Rate: Naira Appreciates Against Major International Currencies

The naira remained firm against the dollar. The naira appreciated against some major international currencies at the official and black market ends of the foreign exchange market on Friday, the News Agency of Nigeria reports. The naira appreciated against the pound sterling and the euro, but remained firm against the dollar at the two markets. The naira appreciated against the pound sterling at the official ... Read More »

F.G Targets 3M Tonnes Steel Production in 2013

Nigeria’s steel sector is set to receive urgent attention from the Federal Government, as President Goodluck Jonathan, yesterday, in Ogun State, disclosed plans to increase the country’s steel production capacity to three million tonnes this year. Jonathan stated this at the commissioning of the $1.5 billion WEMPCO Steel rolling mill built by the Western Metal Product Company at Ibafo,Ogun State. To achieve the three million ... Read More »

NSE Investors Move 255mn Shares Worth N2.53bn—-Premium Times

This is in contrast to the 355.02 million shares valued at N5.86 billion traded in 5,211 deals on Thursday. Investors on the Nigerian Stock Exchange (NSE) on Friday exchanged 255.42 million shares worth N2.53 billion in 4,452 deals. This was in contrast to the 355.02 million shares valued at N5.86 billion traded in 5,211 deals on Thursday. Japaul drove the activity chart with a total ... Read More »

Nigeria’s external reserves still above $48bn – CBN

Nigeria had targeted an external reserve of $50 billion before end of 2012. The Central Bank of Nigeria has said that Nigeria’s external reserves stood at 448.76 billion (N75.57 trillion) as at April 16. According to the Central Bank, which disclosed this on its website on Thursday, the figure represented an increase of 2.54 per cent over the last figure of $48.75 billion (N75.56 trillion). The nation’s ... Read More »

12 Ships To Discharge Petroleum Products At Lagos Port—-Leadership

A frantic burst of activities will soon commence at various oil terminals in Lagos, as 12 ships are to discharge petroleum products, the Nigerian Ports Authority (NPA) has said. The daily publication of the NPA, “Shipping Position’’, which was made available to newsmen on Thursday, showed that four of the 12 ships were laden with petrol. According to the publication, five of the ships are to discharge ... Read More »

Computer Village Generates $2bn Annually To Economy – Minister

The Computer Village in Ikeja, Lagos, generates about two billion dollars (N300 billion) to the economy annually, Mrs Omobola Johnson, Minister of Information and Communications Technology, has said. Johnson disclosed this at the Monthly Breakfast Meeting of the Nigerian-South Africa Chamber of Commerce on Thursday in Lagos. According to the minister, the revenues come mostly from the cloning of phones and the exploration all sorts ... Read More »

Africa Tycoon Aliko Dangote ‘Plans Nigeria Refinery’—–BBC

Africa’s wealthiest man, Aliko Dangote, says he aims to invest up to $8bn in a major new oil refinery that would almost double Nigeria’s oil output. Nigeria is Africa’s biggest oil producer but lacks refining capacity and has to import most of its fuel. Mr Dangote, 56, told Reuters news agency that those who should have invested in refineries were benefiting from Nigeria’s lack of ... Read More »

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