News - Business and Economy

SEC Arraigns Two Former BGL Chiefs

1 year ago /

Nigeria’s Securities and Exchange Commission on Thursday arraigned two former executives of the shutdown Investment and Securities Trading Group, BGL at an Abuja Magistrate Court. The former Group Managing Director of the BGL Group, Albert Okumagba, and the Group Deputy Managing Director, Chibundu Edozie, were taken to court early on charges...

FG Constitutes Committee On Export Promotion

1 year ago /

The federal government has constituted a national committee on export promotion. The committee is expected to support the economic diversification of the country as well as work with various institutions and states that could take ownership of export process. This was one of the decisions reached at the national economic council on...

FG To Support Local Industries

1 year ago /

The Nigerian government is to support local industries especially those in the interior decoration and furniture industry to increase their contribution to gross domestic product G.D.P. Minister of the federal capital territory, Mohammed Bello, said this during an inspection of facilities at the Kugbo furniture market in the nations capital Abuja. He...

Nigeria’s Economic Growth Is Fragile – MPC

1 year ago /

Amidst news about Nigeria’s exit from recession, the Central Bank Governor (CBN), Godwin Emefiele,  has called for the implementation of policies that will sustain Nigeria’s economic growth due to the fragile state of the growth. This call was made during the Monetary Policy Committee (MPC) bi-monthly meeting on Tuesday. During the meeting,...

Monetary Policy Committee Retains Rate At 14%

1 year ago /

The monetary policy committee rose from its 250th meeting in Abuja on Tuesday with a decision to retain the Monetary Policy Rate, MPR, at 14 percent for the seventh time. Governor of the central bank of Nigeria, CBN, Godwin Emefiele said the committee’s decision was based on the need to further...

Road Deficit: Saraki Seeks Private Sector Interventions Through Tax Incentives

1 year ago /

Senate president, Bukola Saraki on Monday disclosed that Nigeria cannot find the money required to fund its road deficit infrastructure in the next 10 to 20 years. Saraki stated this when he officially declared opened a public hearing on two separate but closely related bills namely; company income tax act 2004(amendment)...

Adeosun Tasks States On Fiscal Discipline

1 year ago /

Nigeria’s Minister Of Finance Kemi Adeosun says for Nigeria to return to the path of sustainable growth, states and local governments must adopt fiscal discipline and innovative strategies to improve their internal revenue generation. Adeosun said this at the opening of a two day workshop on alternative sources of revenue generation...

Buhari’s Administration Welcomes Exit From Recession With Cautious Optimism

1 year ago /

The Buhari administration says it welcomes news of Nigeria’s exit from recession with cautious optimism and will continue to drive Nigeria’s economic growth by vigorously implementing the economic recovery & growth plan. The federal government said overall economic plan and direction of the administration has resulted, among others, in sustained restoration...

ILO, NLC, Say Africa Looses $50 Billion To Looting Annually

1 year ago /

Africa looses over fifty billion dollars annually to looting through tax evasion with more than half of the amount from Nigeria. The director, international labour organization in charge of Nigeria, Ghana, Liberia, and sierra-Leone, Dennis Zulu who said this believes only a quick implementation of the African union report on illicit...

FG Unveils $200m Bailout For Oil, Gas Firms

1 year ago /

The Federal Government on Thursday launched a fund with an initial value of $200m to support local oil and gas firms. The intervention fund, according to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, is part of measures to improve access to low-cost credit for oil and gas firmsl...

Oil Prices Hit Two-Month High Of $53

1 year ago /

Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25. U.S. West Texas Intermediate (WTI) futures were up 16 cents or 0.3per...

9mobile Replaces Etisalat’s Logo, Website

1 year ago /

Emerging Markets Telecommunication Services Limited (EMTS), previously trading as ‘Etisalat Nigeria’ on Wednesday officially unveiled its new brand identity, 9mobile, with a new logo and website. The Chief Executive Officer of 9mobile, Mr Boye Olusanya, said at a news conference in Lagos that the new logo was in conformity with the...

 

Our Role In Spending Abacha Loot Was Limited, World Bank Tells SERAP

1 year ago /

President of the World Bank, Jim Yong Kim, has insisted that the global financial institution only played a limited role in the spending of loots recovered from the late Military Head of State, Sani Abacha. The bank was responding to a letter from economic watchdog, Socio-Economic Rights and Accoundtability Project (SERAP)...

Libya, Nigeria May Attend OPEC, Non-OPEC July Meeting

1 year ago /

Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices. Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global...

Etisalat Terminates Its Management Agreement With Etisalat Nigeria

1 year ago /

Etisalat has terminated its management agreement with its Nigerian arm and has given Etisalat Nigeria three weeks to phase out the brand in the country. The decision of the Abu Dhabi owned telecommunications networks resulted after the failure its $1.7 billion laon talks collapsed. Chief executive of Etisalat International, Hatem Dowidar said...

Asset Declaration Will Boost Nigeria’s Income-to-GDP – Minister

1 year ago /

The Minister of Finance, Mrs. Kemi Adeosun, has explained that the newly launched Voluntary Asset and Income Declaration Scheme (VAIDS), is a credible platform put in place for defaulting Nigerian taxpayers to work out a flexible way to pay their outstanding tax liabilities. Speaking in Abuja after the launch of VAIDS...

Minister Seeks Support On Implementation Of ERGP

1 year ago /

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has solicited the support of the APC and other stakeholders for the full implementation of the Economic Recovery and Growth Plan (ERGP). Udoma made the call in during the presentation of ERGP 2017 to 2020 and the 2017 report, presented...

Why Aisha Buhari Hurried To UK – Fayose

1 year ago /

The Ekiti state governor, Ayodele Fayose has maintained that he president is incapacitated and is surving on life support. The state governor while speaking on the First Lady’s trip to UK noted that Aisha Buhari who was allegedly denied access to the president during her first trip to UK has made...

Forex: Again, CBN Pumps $195m Into Market

1 year ago /

The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange market, has injected the total sum of $195 million into various segments of the inter-bank foreign exchange market. A breakdown of figures released by the CBN on Monday, July 3, 2017,...

CBN Lifts Market By $195m

1 year ago /

The Central Bank of Nigeria (CBN) has lifted the inter-bank market with another round of 195 million dollars. Authorised dealers in the wholesale segment received a 100 million dollar offer from the CBN while the small and medium enterprises as well as invisibles windows received 50 million dollars and 45 million...


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