Category: Business
The Minister of Mines and Steel Development, Olamilekan Adegbite, said on Sunday Small and Medium Enterprises (SMEs) would soon be allowed to obtain a loan with their gold in banks. Adegbite, who disclosed this to journalists in Abuja, said the gold jewellery would serve as collateral for SMEs in need of financial support to grow. […]
The SEC has rolled out a new set of rules for warehousing and collateral management in the country. The Securities and Exchange Commission (SEC) has rolled out a new set of rules for warehousing and collateral management in the country, as it set N50 million as the minimum paid-up capital. This is to ensure that […]
FG seeks to concession 12 federal highways to qualified individuals and consortia for management in the first phase. The Federal Ministry of Works and Housing has started the procurement process to concession highways across the nation under its novel Highway Management and Development Initiative (HMDI). This was disclosed by the ministry in a statement issued […]
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Melee Kyari, said on Thursday the corporation pays N120 billion monthly to subsidise Premium Motor Spirit (PMS) also known as petrol. Kyari disclosed this at the weekly ministerial media briefing held at the State House, Abuja. He described as overwhelming the burden placed on […]
The Minister of State for Petroleum, Timpreye Sylva, blamed fuel subsidy for the poor state of Nigeria’s refineries. He made this comment while defending the plan to repair the refineries. He said the reason Nigeria’s refineries are not functioning to full capacity is due to the payment of fuel subsidy, so they must be repaired […]
Dangote Cement is planning to raise funds for its operations. The Nigerian company will raise the debt through bond issuance at the capital market, a statement from the company has shown. In its filing to the stock exchange and investing public, Dangote Cement said it has sent an application which conveys its plan to the […]
Despite increase in dollar supply, the Nigerian Naira grew weaker against the US dollar on Thursday. After trading on Thursday, the foreign exchange market closed with Naira losing 0.24 percent to the dollar at N409.75k compared to N408.75k it closed on Wednesday at the Investors and Exporters (I&E) forex window, data from the FMDQ indicated. Thursday’s closing […]
The ECA has stated that between 49 million and 161 million Africans may have fallen into COVID-19 induced poverty. The Economic Commission for Africa (ECA), has disclosed that between 49 million and 161 million Africans may have fallen under the poverty line due to the effects of the pandemic. This was disclosed by Vera Songwe, United Nations […]
The Federal Government on Monday announced another currency reform as Naira falls across foreign exchange markets in the country. The Minister of Finance, Budget and National Planning, Zainab Ahmed, told journalists in Abuja that Nigeria would henceforth adopt the flexible Investors and Exporter window rate for official transactions. She said the government would start to use […]
The LIRS has advised taxpayers in Lagos State to clear up outstanding tax owed before March 31, 2021. The Lagos State Internal revenue Service, LIRS, has announced that taxpayers in Lagos State have up to 31st of March, 2021 to clear up outstanding tax owed to the state government. This was disclosed by Mr Seyi Alade, Director, […]
Afreximbank has insisted that NNPC will not operate and manage the refinery upon completion of the rehabilitation work. The Nigerian National Petroleum Corporation (NNPC) has revealed the basic condition given by the lender, Afreximbank, to fund the rehabilitation of the Port Harcourt refinery. The corporation stated that the financial institution insisted that the NNPC will […]
The FG has secured a $1 billion syndicated loan to support MSMEs in the country. The Federal Government has said that the Bank of Industry (BoI), under the supervision of the Federal Ministry of Industry, Trade and Investment, has secured a $1 billion syndicated loan to support Micro, Small and Medium Enterprises (MSMEs) in the […]
The $2.5 billion granulated fertilizer plant will help in achieving food sufficiency for Africa’s most populous country. Africa’s richest man, Aliko Dangote has disclosed that one of his closely held assets, the $2.5 billion granulated fertilizer plant located in Lekki Free Trade Zone (LFTZ), will commence operation in Nigeria in the first week of April. […]
The NSE Consumer goods index retraced the previous week’s gains of 2.18%, by about 67%. The Nigerian Stock Exchange Consumer Goods Index (CGI), an index that tracks the performance of consumer goods companies, contracted by 1.46%, to close at 531.97 index points in the week that just finished amidst selling down in the shares of […]
The FG has disclosed how it intends to raise the $1.5 billion for the rehabilitation of the Port Harcourt refinery. The Federal Government has revealed how it hopes to raise the $1.5 billion for the rehabilitation of the Port Harcourt refinery in Rivers State. This is as the government has said that the rehabilitation of […]
