News

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Benin Republic Arrest Nigerian Oil-bunkering Vessel, 4 Suspects

It was not immediately clear where the ship and its crew were heading when the…

POS

POS transactions grow to N24billion monthly, says CBN

Mobile money transaction value also grew to N819 million. (more…)

Cars

30 vehicle manufacturing plants set to open in Nigeria, says auto council

The country had 14 existing plants at different locations in the country. (more…)

Cement bags

Nigerian considers new consumer protection policy against unfair business practices

The implementation of the policy would provide a level playing ground for businesses. The Federal government is considering a new Competition and Consumer Protection policy to help tackle unfair business practices and provide a fair and competitive environment for industry, trade and investment in the country. The Minister of Industry,…

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Renewable energy: EU supports Nigeria with N3.4 billion

EU is committed to getting electricity to a greater number of Nigerians. The European Union, EU, on Thursday said it had given more than N3.4 billion grant to boost renewable energy in Nigeria under the Nigeria Energy Support Programme, NESP. The Acting Head of EU Delegation to Nigeria and the…

Godwin Emefiele, CBN governor

Single currency for West Africa postponed to 2020

Emefiele was unanimously elected WAMZ Chairman of Committee of Governors. (more…)

CBN

Cashless policy: Bank customers task CBN on internet fraud

CBN introduced the cashless policy to reduce the amount of physical cash circulated in the economy. (more…)

National-Bureau-of-Statistics-NBS

Nigeria’s GDP grows by 6.21 per cent – NBS

The performance was 4.55 per cent higher than the figure recorded in the corresponding quarter of 2013. The National Bureau of Statistics, NBS, on Tuesday reported a growth rate of real gross domestic product, GDP, of 6.21 per cent in the first quarter of 2014. The bureau, in its 2014…

petrol station fuel

Nigeria’s 36 states insist on removal of fuel subsidy

Federal, states, local governments share N756 billion for June. The 36 states of the federation on Tuesday declared that there was no going back on their demand for the Federal Government to put a stop to the removal of subsidy on petroleum products in the country. The Chairman, Finance Commissioners…

Sarah Alade

Nigeria meets all criteria for ECOWAS single currency – CBN

Nigeria is the only country in the region that has met the “primary convergence criteria”. (more…)

ndic

No plan to liquidate insurance companies in Nigeria – NDIC

“...the liquidation of insurance companies does not fall under the purview of the corporation.” (more…)

Cecilia Ibru

Court stops AMCON from acquiring Aero Contractors’ assets

Ms. Ibru challenged the plan to take over Aero Conractors by AMCON. An Abuja Federal High Court on Thursday restrained the Asset Management Corporation of Nigeria, AMCON from acquiring the assets of Aero Contractors Limited. Justice Ahmed Mohammed had granted the requests in an application by the embattled former Managing…

Microfinance bank

Microfinance banks seek inclusion in CBN’s Bankers Committee

Microfinance banks also want to be allowed to purchase treasury bills. The National Association of Micro Finance Banks, NAMB, on Wednesday called on the Central Bank of Nigeria, CBN, to include its members on the Bankers Committee. The immediate past president of NAMB, Jethro Akun, who made the call at…

Lagos Chamber of Commerce and Industry

LCCI blames performance on uncertainties in Nigerian business environment

“If the economy must grow at the least desired rate in the subsequent quarter key issues must be fixed.” The Lagos Chamber of Commerce and Industry, LCCI, on Wednesday blamed the poor performance of most of its members in the second quarter to uncertainties in the business environment. The LCCI's…

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AfDB to establish resource hub to support Nigeria’s infrastructure plan

Infrastructure spending in Nigeria would grow from $23 billion to $77 billion in 2025. The African Development Bank, AfDB, says it would set up a Public Private Partnership, PPP, Resource Centre in Abuja in support of government’s efforts to bridge the infrastructure gap in the country. The AfDB Private Sector…

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World Bank supports sub-Saharan Africa’s development with $15.3 billion in 2014

Credits and grants the highest IDA delivery by any region in the World Bank’s history. The World Bank Group’s support to sub-Saharan Africa’s development in 2014 fiscal year was about $15.3 billion. This was disclosed by its Vice President for the Africa Region, Makhtar Diop, on Tuesday. Mr. Diop said…

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World Bank reviews partnership strategy with Nigeria

Nigeria declared credit worthy to borrow on lower-middle income countries. (more…)

FIRS

FIRS commences audit of Parco Steel company

FIRS says there is no hiding place for tax evaders anymore. The Federal Inland Revenue Service, FIRS, said on Thursday that it has begun the audit of the tax records of PARCO Steel Enterprises. The audit is coming after the steel group allegedly failed to honour several notifications and meetings…

nigeria corruption protest

Petroleum marketers to get another N45 billion subsidy claim

New payment procedure to avoid Federal Government liability against litigation between banks and marketers. The Federal Ministry of Finance on Wednesday said it was currently processing for payment the latest batch of subsidy claims to petrol marketers totalling another N45 billion. The Special Adviser to the Minister of Finance on…