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Tag Archives: business

Oil price hits three-week high as glut drops

Shell oil

Global oil benchmark, Brent crude, rose to its highest level so far this month on Tuesday, as tension in the Middle East and the possibility of further falls in Venezuelan output helped offset the negative impact of growing United States’ crude production. Brent, against which Nigeria’s crude oil is priced, increased by $1.75 to $67.80 per barrel as of 5:40pm Nigerian time, while the United ... Read More »

NASENI Inaugurates Technology Centre


The National Agency for Science and Engineering Infrastructure on Tuesday inaugurated its technology orientation centre, which was built at a cost of N354,346,921. It will serve as a resource centre for the promotion of science, technology and innovation development in the country. Speaking at the inauguration, the Minister of Science and Technology, Dr. Ogbonnaya Onu, said the centre would help entrepreneurs, researchers and innovators to ... Read More »

Govt Collected N5tn Revenue In One Year – FRC


Nigeria’s federally collected revenues for 2016 amounted to N5.04tn, the Fiscal Responsibility Commission has said. The FRC, which stated this in its analysis of the 2016 budget performance, also indicated that a total of N242.72bn was paid into the Excess Crude Account within the year, while a total of N85.17bn was withdrawn from the account and shared between the federal and state governments. In a ... Read More »

36 Stocks Slide, Cadbury, Niger Insurance, Unity Bank Top Losers


The Nigerian equities market started the week in a loss after 36 stocks trended southwards. Cadbury Nigeria Plc, Niger Insurance Company Plc and Unity Bank Plc emerged as the worst-performing stocks, shedding 9.6 per cent, 9.5 per cent and 8.9 per cent, respectively. A total of 327.759 million shares valued at N5.259bn exchanged hands in 5,366 deals. The market, thus, maintained a downward trend from ... Read More »

$2bn Needed To Revive Lagos-Kano Rail Line – Osinbajo


vice-President Yemi Osinbajo on Wednesday said Nigeria would need $2bn (N610bn) to revive the Lagos-Kano rail line as part of efforts to boost local and international trade along the northern and southern zones. Osinbajo, who spoke at the opening of the inaugural edition of the Lagos-Kano Economic and Investment Summit in Epe, Lagos, said the Federal Government, in partnership with a private firm, General Electric, ... Read More »

TUC Kicks Against NNPC As Sole Provider Of Fuel

Trade union congreass- TUC

The National Executive Council of the Trade Union Congress of Nigeria has said that the current situation in which the Nigerian National Petroleum Corporation is the sole provider of fuel to the nation and absorbing subsidies is not healthy for the country. The TUC took this stand at the end of its NEC meeting in Lagos and advised the government to reimburse the NNPC to ... Read More »

Naira Records Marginal Gain, Closes At 362/Dollar


The naira closed at 362 per United States dollar at the parallel market on Wednesday, two days after the Central Bank of Nigeria injected $210m into the foreign exchange market. The local unit had closed at 363/dollar on Tuesday. The naira has been trading between 360 and 363 in recent weeks as the CBN continues to intervene in the market once or twice on weekly ... Read More »

Fuel Scarcity May Continue, IPMAN Warns


The Independent Petroleum Marketers Association of Nigeria has warned that the ongoing scarcity of petrol, which started since December 2017 may continue if the right steps are not taken by the authorities to address the problem. The Chairman, IPMAN, Western Zone, Mr. Debo Ahmed, who gave this indication, also said the NNPC had no capacity to meet the nation’s total petrol demand. Ahmed, whose zone ... Read More »

Intels Decides Revenue Sharing Formula With FG – NPA


The House of Representatives heard on Wednesday that the revenue collection contract between the Nigerian Ports Authority and Integrated Logistics Services Limited hugely favoured the latter such that the firm determined the Federal Government’s share. The NPA and Intels signed a two-legged agreement in 2010 allowing the firm to collect revenue on behalf of the Federal Government agency on some port operations. The Managing Director, ... Read More »

Federal Government Targets N3.6 Trillion Investments In Oil, Gas Infrastructure


Federal Government has renewed its commitment to attract over $10 billion (N3.6 trillion) to the Niger Delta between 2017 and 2019 through investments in infrastructure. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who made the disclosure at the graduation ceremony of the Petroleum Training Institute (PTI), Delta State, noted that the use of equity and debt to finance the share of Nigerian ... Read More »

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