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Tag Archives: business

FG Plans 10 New Rail Lines


The Federal Government is currently carrying out feasibility studies on the construction of 10 new standard gauge rail lines across the country. According to the Nigerian Railway Corporation, the standard gauge rail lines will cover a travelling distance of over 3,421 kilometres when completed. It further stated that the various rail lines would pass through Lagos, Oyo, Osun, Ogun, Benin, Abuja, Kogi, Onitsha and Sokoto, ... Read More »

Naira Rebounds, Closes At 365/Dollar


nira The naira closed at 365 per United States dollar on Friday, up from 367/dollar as dollar supply continued to improve. The local currency has been trading between 367 and 369/dollar in recent weeks. Analysts said the local unit would continue to trade between 360/dollar and 370/dollar in coming months. They, however, said that the Central Bank of Nigeria’s policies on naira would determine the ... Read More »

Buhari Okays CBN’s Agric Initiative, Lists Achievements


CBN’s $504m forex offer steadies market ahead of holiday President Muhammadu Buhari yesterday, in his Independence Day broadcast, commended the premium initiative of the Central Bank of Nigeria (CBN)- Anchor Borrowers programme (ABP). He also took time to enumerate the programme’s successes, which he included in his administration’s achievement. Furthermore, the President said a new presidential initiative would soon start with each state of the ... Read More »

Four Banks Trading Below Minimum Liquidity Ratio – MPC Members


Four commercial banks in the country are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the Central Bank of Nigeria’s Monetary Policy Committee have said in statements on the bank’s website. The two MPC members, Dr. Doyin Salami and Prof. Balami Dahiru Hassan, did not name the lenders, but said the four banks ... Read More »

Low Oil Price Will Help Nigeria, Others – Dangote

aliko dangote

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has said low oil prices will help Nigeria to reduce its reliance on crude oil revenues. Dangote stated this at the UN General Assembly in New York on Tuesday, according to a statement from the African Press Organisation. Global oil benchmark, which fell from a high of $115 per barrel in mid-2014, has continued to hover around ... Read More »

Manufacturers Reject Monthly Review Of Electricity Tariff


The Kwara Branch of the Manufacturers Association of Nigeria has kicked against the monthly review of electricity tariff by distributing companies. The Executive Secretary of the association, Mr. Gbenga Johnson, told the News Agency of Nigeria in Ilorin on Thursday that many consumers are not getting value for money. “We have been experiencing epileptic power supply and Ibadan Electricity Distribution Company has continued to charge us on ... Read More »

Govt To Reduce N6b Forex Spending On Tomato Imports


LOCAL manufacturers have embarked on projects that will reduce the cost of tomato import, Manufacturers Association of Nigeria (MAN) president,  Dr. Frank Udemba Jacobs, has said. In an interview with The Nation, he said Nigeria currently spends N6bilion on importation of tomato, adding that the country is currently not producing up to its capacity of 1.8million metric tons.  “The spending cut of N6bn spent on the importation ... Read More »

NNPC Loses N48bn As Refineries’ Performance Drops By 45%


 Nigerian refineries are still performing poorly as an analysis of the latest monthly oil and gas sector report has shown that their combined performance, with respect to capacity utilisation, has dropped by 44.87 per cent. This came just as the Nigerian National Petroleum Corporation continued to record losses on monthly basis since the beginning of this year. Figures from the June 2017 financial and operations ... Read More »

Naira Closes At N362 As CBN Injects $297m Into FX Market


The naira got another boost yesterday as the Central Bank of Nigeria (CBN) injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547 million. The intervention boosted its rate as it closed at N362 to the dollar as against N365 at which it opened yesterday. Confirming the ... Read More »

Kachikwu Predicts Petrol Price Crash In 6 Months


The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu, has given assurance that the pump price of Premium Motor Spirit (PMS), otherwise known as petroleum will crash from the current N145/litre within four to six months. Kachikwu who made the prediction in a podcast message to mark his two years in office, did not give the likely price the vital product would be sold. According ... Read More »

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