Category: Business
The Naira has, once again, weakened at the black market as the exchange rate at the parallel market suffered its second depreciation of the year. The exchange rate between the Naira and Dollar at the black market closed at N475/$1 representing a N3 drop when compared to the N472/$1 it closed on January 8, the […]
National Liquid Hydrocarbon Production report of the Department of Petroleum Resources (DPR) has shown that Nigeria’s crude and condensate output in December fell nine per cent month-on-month to 1.52 million b/d, owing to production challenges at key export grade Qua Iboe. According to the report, crude production fell to 1.17 million b/d last month from […]
According to a report from the News Agency of Nigeria (NAN), the marketers explained that monitoring of petroleum products from the point of loading to distribution would help curb smuggling activities. Opuwei said, “It is a step in the right direction but there is the need to do some sort of close monitoring of what goes around in […]
For millions of Nigeria’s graduates to get employment opportunities, all tiers of government must provide good governance.This is the view of the Director, Business School Netherlands (BSN) Nigeria, Professor Lere Baale, at the Fellows’ Conference of the Nigerian Society of Chemical Engineers, held in Lagos. Speaking on the theme, ‘the Scourge of Unemployable Graduates in […]
The indebtedness of oil & gas and electricity companies in the country to banks as of third quarter end climbed by N200 billion to N5.85 trillion, data obtained from the National Bureau of Statistics (NBS) on Thursday showed. The N5.85 trillion debt constituted 29.44 per cent of the total exposure of banks to the private […]
Former President Goodluck Jonathan on Tuesday said he was wrongly judged by some of his friends and political opponents before the 2015 presidential election because of his personal convictions and the vision he had for the country. He, however, insisted that he does not hold any grudge against his detractors for their harsh criticisms. It […]
The Nigerian government has sent a written request to the National Assembly, seeking a new review of the 2020 budget. Zainab Ahmed, the minister of finance, budget and national planning, specifically demanded an extension of the expiration date of the capital component of the 2020 budget from the House of Representatives. Alhassan Ado-Doguwa, the majority leader, […]
Another round of banking consolidation is inevitable for lenders to thrive by growing capital base quicker than inflation rates and devaluation of the naira, management consulting firm McKinsey & Company said in a report on Tuesday. The document titled Nigeria’s banking sector: Thriving in the Face of Crisis and Bold Ideas to Help the Industry Build […]
Nigeria’s hydropower plants have been increased to four after the connection of a new plant to the national grid. Situated in Gombe State, the Dadin Kowa Hydropower plant has a 60 megawatts (mw) installed generation capacity, figures from the Nigerian Electricity System Operator (NESO) revealed on Sunday. The new hydropower plant began contributing electricity to the national […]
Oil prices climbed on Monday, lifting Brent (the benchmark for Nigeria’s crude oil grades) above $50 per barrel amid optimism that a dispensation of coronavirus vaccines will boost global fuel demand while a tanker blast in Saudi Arabia caused some panic in the market. Brent crude futures for February advanced by 67 cents or 1.3% to $50.64 […]
Time-to-time measures taken by monetary authorities in the foreign exchange systems of Nigeria and other emerging economies are creating an undue optimism in the local currency, the International Monetary Fund (IMF) has said. “Persistent interventions might feed a (false) sense of security about future exchange rate developments that leads firms or households to take on […]
With the several disruptions experienced in product supply over the past years, ‘the proactive approach adopted by marketers to stock up product for the Yuletide this year towards ensuring adequacy in product distribution will result in huge losses from this price reduction which was effected following agreements with Labor Unions. This current price reduction by […]
Nigerian employees of the Anglo-Dutch oil company Shell ordered the deliberate vandalisation of oil pipelines for personal gain, a documentary in the Netherlands has reported. Dutch television documentary programme Zembla, together with Dutch environmentalist organisation Milieudefensie, reported in a programme to be aired on Thursday that “multiple witnesses declared that SPDC, a subsidiary of Shell, caused the […]
The Central Bank of Nigeria (CBN) has approved new minimum capital requirements for payment service providers and other financial institutions in the country in a bid to “promote a strong and credible payment system.” In a circular issued to payment service providers, banks and other financial institutions on Thursday endorsed by Musa I. Jimoh, CBN’s […]
Osinbajo has launched the Process Manual on Port Operations to boost efficiency and accountability in Nigeria’s port industry. The Vice President said that the manual would reduce bureaucratic roadblocks for stakeholders in the sector, and ensure that smuggling was stamped out in Nigerian ports. “In 2017, Executive Order 1 was issued, essentially to address, promote […]
