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External reserves lowest in six months, at $42.84bn

The nation’s foreign exchange reserves have declined further, falling to the lowest level since March 12, latest data obtained from the Central Bank of Nigeria on Sunday showed. The external reserves, which rose to a high of $45.18bn on June 10, 2019 from $43.17bn on January 1, dropped to $42.84bn on September 12. The reserves […]

NNPC, Chinese lender seal $2.5bn pipeline deal

The Group Managing Director, Nigerian National Petroleum Corporation, Mallam Mele Kyari, says the corporation has agreed to a $2.5bn financing with a Chinese lender for pipeline project in Nigeria. The NNPC boss who stated this in an interview with Bloomberg TV, said it was a pipeline contractor project that would deliver 3, 600 megawatts of […]

Ogun, manufacturers in talks to improve infrastructure

The Ogun State Government is discussing with some notable manufacturing firms on how to improve infrastructural facilities in the state including road network to speed up its industrial revolution. The Ogun State Governor, Prince Dapo Abiodun, who disclosed this on Tuesday, also said his administration’s policies would improve the prosperity of hardworking individuals and companies. […]

Buhari urges manufacturers to focus on industrialisation

The Manufacturers Association of Nigeria, (MAN) has been given the task of creating development strategies that would boost industrialisation in the country. President Muhammadu Buhari last week at the 2019 Exhibition and 47th Annual General Meeting, AGM, of the Association  in Lagos, reminded the manufacturers that the sector remains the key driver in the economic development […]

Xenophobia: Air Peace offers to evacuate Nigerians from South Africa

Domestic carrier, Air Peace, says it is willing to evacuate Nigerians to complement efforts of the Federal Government to check the death of Nigerians residing in South Africa. The Airline’s Chief Operating Officer, Mrs Oluwatoyin Olajide, in a letter addressed to the Minister of Foreign Affairs, Geoffrey Onyeama, on Wednesday, urged the Federal Government to […]

How global impact investing assets grew by over 300% in five years

Between 2014 and 2018, the global impact investing assets grew by 396 percent from $46 billion to $228 billion in just five years, a publication from McKinsey & Company says. The quantum leap in impact investing assets came from significant interest institutions shown by institutions such as banks and diversified financial institutions, pension funds and insurance companies, […]

Stakeholders seek solution as vandals break 45,347 pipeline points in 18yrs

Stakeholders who converged on the Nigeria International Pipeline Technology and Security Conference and Exhibition, have urged for collaborative that will bring a lasting solution to pipeline vandalism as the country recorded a total of 45,347 pipeline breaks in the past 18 years. The menace, which rose to 77 percent in recent times, have grave implications […]

Argentina imposes currency controls to support economy

Argentina has imposed currency controls in an attempt to stabilise markets as the country faces a deepening financial crisis. The government will restrict foreign currency purchases following a sharp drop in the value of the peso. Firms will have to seek central bank permission to sell pesos to buy foreign currency and to make transfers […]

Nigeria’s audit challenge and tardy corruption war

From personal interest to lack of political will, the all-important enactment that would strengthen fiscal laws, provide undeniable evidence of a breach of public trust and effective anti-corruption war, has remained in limbo. The Federal Audit Reform Bill was introduced to the National Assembly (NASS) as a private member’s bill and went through legislative processes, […]

‘Air travel to contribute one per cent GDP by 2020’

The master plan for the development of the aviation sector has been estimated to worth at least one per cent of Nigeria’s Gross Domestic Product (GDP) by 2020. The Minister of Aviation, Hadi Sirika, who disclosed this, said efforts were in top gear to ensure that the industry is maximised to full potential. Recall that […]

Nigeria among top 10 countries with highest oil production cost

Despite claims by the Federal Government that it has succeeded in crashing oil production cost to $23 per barrel, Nigeria is said to be among the top 10 countries with the highest cost. Chairman of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Paul McGrath, stated this at […]

Nigeria’s problem is revenue, not debt — Finance minister

Minister of Finance, Zainab Ahmed, has said that Nigeria does not have a debt problem, despite misgivings amongst experts over the country’s rising debt profile. Ahmed, who decried what she termed ‘insensitivity’ concerning the country’s debt situation, said what Nigeria had at the moment was a revenue problem rather than debt challenge. She spoke at […]

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