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Tag Archives: business news

Nigeria’s Oil Exports To Slip In October

crude-oil

Nigeria’s total exports are set to slip in October, possibly to a five-month low, according to loading programmes. Export plans for most grades were showing levels of roughly 1.72 million bpd, compared with 1.88 million bpd in September, according to a Reuters’ report. While some cargoes would likely be added, the current plan stands at a five-month low, and was expected to remain slightly below ... Read More »

60% Forex Allocation Saved Manufacturing Sector – Report

dollars

Although the Central Bank of Nigeria’s preferential allocation of foreign exchange to the manufacturing sector was short-lived and fraught with controversies, a report has emerged showing that the initiative registered a huge impact and lent a boost to the manufacturing sector during the period. The initiative, which commenced in August 2016, came to an end in February 2017. An executive summary of the Manufacturers Association ... Read More »

Power Generation Tumbles 18months After 5,074MW Peak

electricity-POWER

The nation’s power generation has been struggling to stay above the 3,000 megawatts mark more than a year after it hit a peak of 5,074.70MW, despite the reported increase in gas supply to power plants. Electricity generation in the country has continued to hover between 2,000MW and 4,000MW in recent months. The nation achieved its peak generation of 5,074.70MW on February 2, 2016, according to ... Read More »

N30tn Revenue Loss: Senate Gives Dana, Others 48-Hour Ultimatum

SENATE

The Senate Joint Committee on Customs, Excise and Tariff and Marine Transport has directed Dana Group and 12 other companies, allegedly involved in N30tn revenue scam, to appear before it or face the full wrath of the law on Monday. The Chairman of the committee, Sen. Hope Uzodinma, who made this known in a statement on Friday in Abuja, said the committee was giving the ... Read More »

Nigerian Stock Index Rises As Bank Shares Gain

nigerian-stock-exchange-logo-1

Nigerian stocks closed higher on Friday for the second consecutive day, lifted by shares in banking, cement and a consumer goods maker. But the stock market cumulatively depreciated by 3.35 per cent this week, owing majorly to profit-taking activities by investors following major gains the past weeks. Reuters reported that the main share index ended up by 1.66 per cent at 36,920 points after bargain ... Read More »

Vandals Hurting The Economy – NNPC

NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has appealed to oil pipeline vandals to desist from such nefarious activity, saying the conduct is not only harmful to the environment but equally hazardous to the economy. Speaking while receiving a delegation of the Nigerian Environmental Society (NES) who was at the NNPC Towers Abuja for a business meeting, Baru ... Read More »

Stocks Fall By N294bn, Near Two-week Low

nigeria-stock-exchange

The Nigerian stock market recorded a N294bn decline on Tuesday, nearing its lowest level in two weeks. The market was dragged down by losses in banking, cement and fast-moving consumer goods sectors, as some investors took profits from previous gains in the market, traders said. The Nigerian Stock Exchange market capitalisation declined to N12.786tn from N13.080tn recorded on Monday, as the NSE All-Share Index closed ... Read More »

Graft: FG Gets 5,000 Tips From Whistle-Blowers

adeosun

…approves new policy guidelines for contract execution Ifeanyi Onuba and Everest Amaefule, Abuja The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government had received a total of 5,000 tips from Nigerians through the whistle-blower policy. She said this in Abuja during a presentation on ‘The whistle-blower policy and its implication for public servants’, which was delivered at a seminar organised ... Read More »

Graft: FG Gets 5,000 Tips From Whistle-Blowers

naira-note

The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government had received a total of 5,000 tips from Nigerians through the whistle-blower policy. She said this in Abuja during a presentation on ‘The whistle-blower policy and its implication for public servants’, which was delivered at a seminar organised by the Bureau of Public Service Reforms. The whistle-blower policy, which was launched ... Read More »

Naira Appreciates To N366.5/$ In NAFEX

Naira-notes-360x225

The naira yesterday appreciated to N366.5 per dollar in the Investors & Exporters (I&E) window with $157.87 million traded. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, also known as, Nigeria Autonomous Foreign Exchange, NAFEX, dropped to N366.5 per dollar at the close of business yesterday from N367.5 per dollar on Wednesday. This translated to appreciation ... Read More »

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