The Executive Director of Nigerian Export Promotion council (NEPC), Segun Awolowo, has revealed that the country lost over $30 billion due to fall in crude export in 2015. Awolowo disclosed this in Abuja last Thursday when he hosted a delegation of Japanese Industrialist. The ED stated that, “Nigerian got $70 billion from oil export in …
Nigeria lost $30bn to oil export drop in 1 year – NEPC Read More »
About a week after the Federal Government announced the release of N72bn as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import Bank of China has approved $1.275bn (about N408bn) loan for the project on behalf of the Chinese government. While Nigeria is to bear 15 per cent of …
China Exim bank approves N408bn for Lagos-Ibadan rail project Read More »
Nigeria’s 2017 budget moved a step closer on Thursday to becoming law, as it passed its second reading in the upper house of parliament. The record 7.298 trillion naira ($24 billion) budget is a key part of President Muhammadu Buhari’s plan to pull Nigeria out of its first recession in 25 years, and he needs …
Nigeria’s record 2017 budget passes second reading Read More »
The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, says the Federal Government has recovered N15 billion and another $10.5 million so far in its asset recovery drive. Malami disclosed this on Thursday, in Abuja, when the Senate Committee on Judiciary, Human Rights and Legal Matters visited the ministry on its oversight …
Federal Government has recovered N18bn looted funds —Minister Read More »
Nigeria’s interbank lending rate dropped 6.5 percentage points on Friday to 5 percent on average as the money market was awash with cash from budgetary disbursal and coupon payment on matured bonds, traders said. The cost of borrowing among commercial lenders closed at 11.5 percent last week due to drop in liquidity in the market …
Nigerian interbank rate eases on liquidity injection Read More »
Despite the fact that it is yet to be given an official revenue target for 2017, Nigeria Customs Service (NCS) says it is targeting between N700billion and N900billion for the year. This was stated by the Comptroller-General of Customs (CGC), Colonel Hameed Ibrahim Ali (rtd), while fielding questions from journalists shortly after the celebration of …
Nigeria Customs Service targets N900bn revenue in 2017 Read More »
It’s a New Year and the excitement of the Christmas celebrations has worn out leaving many with an almost empty wallet and the eagerness for January’s salary which may not come till the next few weeks. This has left many confused and agitated as to how to handle some financial responsibilities that have surfaced. Here …
#ASKROSABON|Frequently Asked Questions About Rosabon Financial Services Loans Read More »
Africa’s richest man Aliko Dangote has shut his new tomato paste plant in Nigeria due to a shortage of dollars needed to import raw materials, a senior executive said. This is the second such closure in months in a blow to official plans to diversify the economy. President Muhammadu Buhari, elected in 2015 on a …
Another Nigerian tomato paste plant shuts, blames Dollar shortage Read More »
The frequency of system collapse in the nation’s power sector in recent times has resulted in prolonged blackout in many locations across the country. Findings showed that between January 15 and January 19, 2017, the country recorded two cases of total system collapse and three partial ones. Specifically, the total collapse of the power grid …
Currency retailers and experts have said the naira will trade slightly below 500 per United States dollar this week despite the commencement of the sale of foreign exchange to Bureau De Change operators by the Central Bank of Nigeria last week. The CBN had through the International Money Transfer Organization resumed the sale of dollars …
Naira to remain below 500/dollar this week – Market Experts Read More »
