Business

Business
NASS committees, stakeholders rally new strategies for aviation devt
July 30, 2021 3353 2374

Aviation committees in the lower and upper chambers of the National Assembly, and other stakeholders, have said that new strategies should not be an afterthought if the sector will wriggle out of current difficulties. They said besides the new vi... Read more

Business
Airlines fault revalidation of operating certificates every two years
July 30, 2021 2770 1995

Airline operators have faulted the two-year validity period on the Air Operating Certificate (AOC) currently issued to operating carriers, describing it as detrimental to sectoral growth. The operators said the routine requirement of going the wh... Read more

Business
Unease in forex market as dollar heads towards N550/$
July 29, 2021 3522 2329

Twenty four hours after the Central Bank of Nigeria (CBN) came down hard on Bureau De Change (BDC) operators for allegedly facilitating money laundering and other forex infractions, the naira fell significantly against the U.S. dollar at the paral... Read more

Business
In rare courage, CBN weakens BDC operations, stops FX funding
July 28, 2021 3756 2752

The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect. Governor of the CBN, Godwin Emefiele, in a media briefi... Read more

Business
E-Naira will make transactions cheaper, says CBN
July 28, 2021 3071 2191

The Central Bank of Nigeria (CBN) has said that transactions will be cheaper to conduct with Nigeria’s digital currency, e-naira. The Governor, Godwin Emefiele, spoke in Abuja at the end of the bi-monthly Monetary Policy Committee (MPC) mee... Read more

Business
Nigerian banks resilient, safe, sound, CBN insists
July 26, 2021 4431 3201

Ahead of its Monetary Policy Committee (MPC) meeting holding today and tomorrow in Abuja, the Central Bank of Nigeria (CBN) has reiterated the resilience, safety and soundness of the nation’s deposit money banks (DMBs) and other financial in... Read more

Business
Widening electricity gap, loopholes in PIB worry experts
July 25, 2021 4720 3299

Energy experts yesterday in Abuja raised fresh concerns over the growing gap in access to electricity and other energy sources as over 940 million people, especially in Africa and about 3 billion world population continues to lack access... Read more

Business
Nigeria’s auto industry loses $10bn yearly to petrochemical, steel deficits
July 23, 2021 5596 3710

Government’s failure to revive steel companies and equally develop indigenous petrochemical plants have stalled the local automotive development agenda, leading to loss of $10 billion yearly to large scale importation of fully-built motor ve... Read more

Business
Airlines count losses, struggle over disrepair at Lagos, P/Harcourt airports
July 23, 2021 5245 3511

Despite a rebound in passenger traffic since flights resumed a year ago, scheduled airlines are struggling to cope with poor aviation infrastructure that has not seen repair or upgrade in several years.Indeed, flight operations at the Lagos Airpor... Read more

Business
Nigeria’s crude wobbles as inventories keep volatility high
July 22, 2021 5208 3546

Selling above $75 dollar per barrel earlier this week, Nigeria’s Bonny Light crude yesterday, dropped to $68 per barrel on the backdrop of rising inventory by the American Petroleum Institute (API).   With a record $7 slide in less th... Read more

Business
Oando shareholders task SEC on value recovery, ROI
July 21, 2021 5670 3950

Shareholders of Oando have urged the Securities and Exchange Commission (SEC) to assist the company recover from the prolonged dispute, convene its yearly general meeting and increase return on investment.   According to them, giving the cu... Read more

Business
Nigeria’s sweet crude bullish at $75 despite oil prices crashing to $69
July 20, 2021 5523 3712

The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, but Nigeria’s sweet... Read more

Business
Nigeria hopeful of improved earnings from OPEC’s 1.8mbpd revised allocation
July 19, 2021 6011 4181

As the global economy recovers due to accelerated vaccination programmes, the Organisation of Petroleum Exporting Countries (OPEC) and its non-OPEC allies reached a deal, yesterday, to phase out 5.8 million barrels per day of oil production cuts b... Read more

Business
LASG remit N1 billion pension funds to 287 retirees
July 19, 2021 5420 3791

The Lagos State Government has said that 287 of its retirees have received the sum of N1 billion in their retirement savings accounts (RSA).   This was disclosed at the 86th bond presentation ceremony in Lagos by the Director-General, Lagos... Read more

Business
FG plans to raise oil reserves by 40 billion barrels
July 17, 2021 6147 4165

The Federal Government is planning to increase its oil reserves by 40 billion barrels and gas reserves to 220TCF by 2030. Also, the government is planning to increase oil production capacity to three million barrels per day. ... Read more

Business
CBN begins deduction of $2.1b budget support facility from states’ allocation
July 16, 2021 6394 4282

Repayment of $2.1 billion Budget Support Facility granted to states by the Federal Government will begin this month, it was announced at the National Economic Council (NEC) meeting on Thursday. The Federal Government through the Central bank of N... Read more

Business
OPEC, DPR, NNPC target $8bn from crude transport optimisation
July 15, 2021 6492 4219

Stakeholders in the oil and gas industry, as well as the maritime sector, have stated that the country can boost the sectors’ contribution to the economy by about $8 billion via crude oil transportation. Group Managing Director of the Niger... Read more

Business
‘How $3.4b was deducted from ALGON treasury to fund NIPPs’
July 15, 2021 5871 3666

The House of Representatives, yesterday, heard of how the sum of $3.4 billion was deducted from the treasury of the Association of Local Governments of Nigeria (ALGON) to fund National Integrated power Projects (NIPPs) between 2004 and 2007 Repre... Read more

Business
CWG, International Brewery, others lead stock market’s N71b loss
July 13, 2021 7027 4550

Following losses suffered by most blue-chip stocks, especially CWG, International Breweries and Champion Breweries, the nation’s equities market reopened on a negative note yesterday, causing market capitalisation to plunge by N71 billion. ... Read more

Business
Profit-taking costs market 0.57 per cent loss
July 12, 2021 6791 4282

Profit-taking resurfaced on the Nigerian Exchange Limited (NGX) on Thursday, halting three successive sessions of bulls run as investors booked profits after the recent rally.   Consequently, the NGX All-Share Index (ASI) and market capital... Read more

Business
FG, stakeholders partner to curb fish importation
July 11, 2021 6758 4163

The Federal Government and other stakeholders have expressed concern over 2.5 million metric tonnes of fish imported into the country yearly. They said despite abundant aquatic resources in the country, Nigeria produces less than one million metr... Read more

Business
Lekki Deep Seaport to commence operations 2022
July 11, 2021 6118 3677

The Minister of Transportation, Rotimi Amaechi has urged the promoter of the Lekki Deep Seaport, Lekki Port LFTZ Enterprise Limited, to fast track construction work and see to it that the Port commences operation by 2022. Amaechi, durin... Read more

Business
Shareholders attribute increase in cement price to naira devaluation
July 9, 2021 6490 3757

Shareholders have blamed the continued increase in the price of cement on currency devaluation, calling on the government to create a better operating environment and incentives to increase investments in the industry. This, they said, was necess... Read more

Business
Fresh loan request pushes Nigeria’s public debt to over N35.5 trillion
July 8, 2021 6910 3947

Following yesterday’s approval by Senate of a fresh $6.18 billion external loan request by the executive, there are indications that Nigeria’s documented public debt may exceed N35.5 trillion before end of the year. The Senate, yester... Read more

Business
Nigeria introduces new ship registration regime
July 7, 2021 6662 3744

The Federal Government has commenced restructuring of the Nigerian Ship Registration Office in a bid to prevent the entry of unseaworthy and sub-standard ships into the Nigerian flag.   Assistant Director, Public Relations, Nigerian Maritim... Read more

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