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Tag Archives: business news

Nigeria Earns N284bn From Cashew Exports In Three Years

Between 2015 and 2017, Nigeria earned $813.05m (N284.5bn) in foreign exchange from the exportation of cashew. The President, National Cashew Association of Nigeria, Mr. Tola Fasheru, gave the figure in Abuja shortly after he led a delegation of the association to meet with the Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar. The NCAN president disclosed that the contribution of cashew to ... Read More »

PFAS Invest N224.7bn In Real Estate

The Pension Fund Administrators have invested a total of N224.7bn of the increasing funds under the Contributory Pension Scheme in real estate. Latest figures obtained from the National Pension Commission indicate that this amount represents 3.03 per cent of the total N7.4tn assets under the management of the pension operators. The commission also stated that substantial funds had been invested in domestic and foreign ordinary ... Read More »

Power Distributors Owe Market Operator N165bn


The total debt electricity distribution companies owe operator of the Nigerian electricity market, otherwise known as market operator, has risen to N165.21bn. Latest data obtained from the MO, an arm of the Transmission Company of Nigeria, showed that the debt or shortfall, in terms of stipulated remittances to the market, grew by N6.41bn between October and November last year. A report put together by the ... Read More »

No Apologies For Supporting Buhari’s Re-Election Bid- El-Rufai


Governor Nasir El-Rufai of Kaduna State on Friday said northern governors were committed to President Muhammadu Buhari’s re-election bid and have no apologies for their stand. El-Rufai was speaking after seven state governors from the Northern part of the country met behind closed doors with President Buhari at the Presidential Villa, Abuja. All the governors were elected on the platform of the All Progressives Congress. The ... Read More »

Gas Supply To Power Plants Intact, Says NNPC


The Nigerian National Petroleum Corporation on Friday said routine gas supply for power generation was not affected by the fresh fire incident that engulfed a segment of the Escravos-Lagos Pipeline System. Thursday’s incident came four days after the resumption of gas supply to six power plants – Egbin (Lagos), Omotosho I and II (Ondo), Olorunsogo I and II and Paras Energy (Ogun) – following the ... Read More »

Aircraft Maintenance: Nigeria, W’Africa Airlines To Save $1bn Yearly

Stakeholders in the aviation industry have said that Nigerian and West African airlines could save billions of dollars annually on aircraft maintenance with the establishment of Aero Contractors’ Maintenance, Repair and Overhaul facility at the Murtala Muhammed Airport, Lagos. The stakeholders made this known at the roll-out of the first successfully conducted Boeing 737-500 C-check at the facility, on Friday. A former President of the ... Read More »

Oil Rises Above $68, Highest Since May 2015


Global oil benchmark, Brent crude, extended its gains on Tuesday, trading near $69 per barrel on the back of production cuts led by the Organisation of Petroleum Exporting Countries and expectations that the United States’ crude inventories had dropped for an eight-week low. Brent, against which Nigeria’s crude oil is priced, rose by $1.07 to $68.85 per barrel as of 7:40pm Nigerian time, its highest ... Read More »

World Forecasts 2.5% Growth For Nigeria In 2018

The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade. According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is expected to grow by 2.8 per cent in 2019 and ... Read More »

External Reserves Hit $38.7bn, Rise By 50% In One Year


The nation’s external reserves, also known foreign exchange reserves, rose by 50 per cent in the last one year to hit $38.73bn on December 28, 2017, the Central Bank of Nigeria data showed on Sunday. This means that the foreign reserves gained $12.9bn between December 2016 and December 2017. Between January and October 2017, the reserves rose by $8bn, indicating a 30.9 per cent increase ... Read More »

FG Saves N30bn From Mdas’ Payroll Audit


The Federal Government has said it has saved a total of N30bn through an audit of its 181 Ministries, Departments and Agencies conducted by the Presidential Initiative on Continuous Audit. The development was contained in a report on the achievements of the Minister of Finance, Mrs. Kemi Adeosun, in the last two years The government stated that the audit followed claims of a shortfall in ... Read More »

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