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…
Category: Finance
China Exim bank approves N408bn for Lagos-Ibadan rail project
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…
Nigeria’s record 2017 budget passes second reading
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…
Federal Government has recovered N18bn looted funds —Minister
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…
Nigerian interbank rate eases on liquidity injection
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…
Nigeria Customs Service targets N900bn revenue in 2017
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),…
#ASKROSABON|Frequently Asked Questions About Rosabon Financial Services Loans
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…
Another Nigerian tomato paste plant shuts, blames Dollar shortage
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…
Power system collapses four times in five days
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…
Naira to remain below 500/dollar this week – Market Experts
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…
