Category: Business
The Dangote Group has said that the prices of its various classes of cement products still remain unchanged despite the devaluation of the naira by the Central Bank of Nigeria (CBN). This is as the conglomerate has moved to further increase the capacity of its cement production in order to sort the issue of scarcity […]
The Director of the Department of Petroleum Resources (DPR), Sarki Auwalu, said on Wednesday the agency is expecting the first crude oil production from some of the recently awarded 57 marginal oilfields in January 2022. Auwalu disclosed this during a strategic engagement session with the Nigeria Extractive Industry Transparency Initiative (NEITI) in Lagos. The marginal […]
Investors in the Nigerian stock market lost N12.02 billion on Wednesday due to the dip in market capitalization. The market capitalization dropped from N19.940 trillion to N19.928 trillion on Wednesday. The All Share Index also slipped by 0.06 percent to settle at 38,233.68 compared to 38,256.76 reported on Tuesday. Investors traded 203.08 million shares valued at N1.81 […]
The continuous fall of the Nigerian currency, the naira reached a record low against the dollar at the parallel market on Wednesday. According to market data, Naira closed at N493 on Wednesday a 1.23 percent drop from N487 it traded on Tuesday. This occurred as black market speculators begin to take advantage of the Central […]
The World Bank has approved $700 million credit to the Nigeria Sustainable Urban and Rural Water Supply, Sanitation and Hygiene Program (SURWASH) to aid access to potable water and improved sanitation services. This was disclosed by the World Bank via a statement issued and seen by Nairametrics on Thursday. The global financial institution explained that […]
The Nigerian National Petroleum Corporation (NNPC) has said that it plans to acquire a 20% minority equity stake in Africa’s biggest oil refining facility, Dangote Refinery, Lagos. This is to help further ensure an undisrupted supply of petroleum products across the country when the transaction pulls through. This disclosure was made by NNPC Chief Operating […]
The Bureau of Public Enterprises disclosed plans to unbundle the Transmission Company of Nigeria. This was disclosed in a Bloomberg interview with BPE Boss, Alex Okoh, who said the plans would be shared with the National Council on Privatisation soon. What the report said “The Bureau of Public Enterprises is looking at various strategies to reform […]
According to the circular referenced: “BD/2000/EXP/S.651” and dated May 14, 2021, the same policy would apply to consultants in health institutions. The Federal Government has commenced preparation of 2022 budget focusing specifically on recurrent expenditure and overhead.`Consequently, the Minister of Finance, Mrs. Zainab Ahmed, has issued the “2022 Personnel Cost Budget Call Circular”, with an explanation […]
WTO Boss, Dr Okonjo Iweala stated that for Africa to make the African Continental Free Trade Area work, the focus needs to be on logistics and simplifying movements of goods and services across the continent. She disclosed this at the UBA Africa Day event on Tuesday themed: “Africa to the world.” What Okonjo-Iweala said about AfCFTA implementation […]
Payment System operators have received a new license requirements to operate in Nigeria. The Central Bank of Nigeria (CBN) set new eligibility criteria which includes capital base and stricture. The operators were separated into four categories: Mobile Money Operator (MMO), Payment Terminal Service Provider (PTSP), Payment Solutions Service Provider (PSSP), Super Agent Licence, Switch and Processing Licence, […]
The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, said on Tuesday cryptocurrency is majorly used for illegitimate transactions. The CBN governor’ comment came three months after the apex bank clamped down on cryptocurrency transactions in the country. The CBN had on February 5 directed deposit money banks to close accounts linked to cryptocurrency exchange in […]
Africa’s startup ecosystem recorded the highest number of deals in 2020 despite the pandemic. AfricArena, an African tech ecosystem accelerator predicted in 2020 that venture capital funding in the continent’s startups would fall between $1.2 billion and $1.8 billion. Reports at the end of the year by Partech and Briter Bridges showed that total investment […]
The federal government says it plans to review Nigeria’s Industrial Revolution Plan (NIRP) to reflect economic realities towards the implementation of the African Continental Free Trade Agreement (AfCFTA). This was disclosed by the Minister of Trade and Industry, Adeniyi Adebayo, at the commissioning of the chemical solutions manufacturing plant in Lagos, on Monday. The Minister said the […]
Nigeria’s leading logistics service provider, GIG Logistics (GIGL), is digging deeper into Nigeria’s northern markets in spite of what many business watchers see as an uncertain investment climate. It announced over the weekend, a network expansion to five Northern states in the country. The growth sees the launch of new experience centres in Yola, Zamfara, […]
The balance in Nigeria’s excess Crude Account (ECA) is $72.41 million as of May 18, 2021, about the same as in April 2021 Despite the consistency from the previous month, the May level is 78 percent lower than $324.97 million as at December 2019. This was disclosed by the Lagos State Governor, Babajide Sanwo-Olu, following […]
