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Tag Archives: business

2.9 Million Households Not Metered, Says NERC


The 11 Electricity Distribution Companies (AEDC) in Nigeria are yet to meter about 2.9 million households since they began operating the network on November 1, 2013. Nigerian Electricity Regulatory Commission (NERC) made this disclosure in a statement yesterday in Abuja while meeting with the DisCos to evaluate their performance on the Credited Advance Payment for Metering Initiative (CAPMI). According to the Statistics, of the 403,255 ... Read More »

Fed Govt Eyes 87% Rise In Non-Oil Income


The Federal Government expects its non-oil revenues to double this year as it seeks to offset a slump in oil revenues, according Reuters report. Funding of the 2016 budget with an expected deficit of N2.2 trillion has been so far unclear. The government expects to generate N3.38 trillion this year from non-oil sources, up by 87 per cent from N1.81 trillion in 2015, the presentation ... Read More »

Dangote Asks FG To Invest In Infrastructure, Housing To Support Growth

aliko dangote

he Chairman of Dangote Cement Plc, Alhaji Aliko Dangote, yesterday charged the Federal Government and other African countries to invest in infrastructure and housing to support the rapidly developing continent, just its company is expanding across the continent. He stated this at the company’s Annual General Meeting (AGM) where it declared N8 per share dividend for the financial year ended December 31, 2015, stressing “The ... Read More »

NCC Eyes N44.6b From 2.6ghz Sale

The Nigerian Communications Commission (NCC) said it will not only boost Federal Government revenue by auctioning the 2.6gigahertz (GHz) spectrum, it will also encourage indigenous players to play important roles in the industry and boost the Federal Government’s National Broadband Plan (NBP). Speaking on the time table for the auctioning process for the 2.6GHz spectrum in Lagos at the weekend, its Director, Spectrum Administration, Mr. ... Read More »

51 Foreign Investors Exit Equities, Bond Markets


Fifty-one foreign investors repatriated profits from their investments in equities and Federal Government of Nigeria (FGN) bonds last week. The investors considered Nigeria’s foreign exchange policies of the Central Bank of Nigeria (CBN), especially its refusal to devalue the naira, unfavourable to their investments. They pushed the transactions through Stanbic IBTC Bank, published data on forex disbursement for last week showed. The major part of ... Read More »

Emefiele Predicts Economic Boom for Nigeria in 2018


The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the economy would experience a boom by the end of 2018 just as he hinted of a hike in interest rate by May this year at the monetary policy committee (MPC) of the apex bank following the inflation rate that has galloped to 12.4 per cent from 11.8 per cent. Emefiele, who ... Read More »

World Bank, Partners to Provide Identification for Africans

African leaders and development partners have agreed on a common approach for accelerating the provision of unique identification for millions of people in Africa as a means to foster more inclusive economies and greater regional integration.  At a high-level meeting during the World Bank-IMF Spring Meetings, representatives from the African Union, the Economic Community of West African States, the East African Community, African Ministers of ... Read More »

UN Seeks Insurers Role In Climate Change Response

united nation

The global insurance industry is a key actor in forging new instruments to anticipate and manage climate risks, and must continue to work with the United Nations (UN) to manage and reduce such risks, its Secretary-General, Ban Ki-moon has said. Speaking during a high-level meeting on resilience with insurance industry leaders and other stakeholders at the UN headquarters in New York, United States, at the ... Read More »

Osinbajo: 250,000 Barrels of Oil per Day Being Lost in Niger Delta


Vice President Yemi Osinbajo said at the weekend that pipeline vandalism in the Niger Delta was causing Nigeria huge revenue losses and preventing the country from meeting its daily crude oil production plan. Osinbajo made the assertion on Friday in Warri after an assessment of the damage to pipelines at the Forcados Terminal in Delta State. He said the federal government was weighing several options ... Read More »

Adeosun: Nigeria Does Not Need IMF Loan


Finance Minister, Kemi Adeosun, has said Nigeria has a home-grown solution to the challenges it is currently experiencing and would not need any foreign assistance to solve its domestic problem, particularly a loan from the International Monetary Fund (IMF). Adeosun, who spoke at a panel discussion on “Sub-Saharan Africa: Just a Rough Patch?”, noted that the kind of support it sought and received was a ... Read More »

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