News Reports

An inland Port used to illustrate the story

Nigeria loses $9.1bn revenue to foreign ships yearly – Shippers Council

“There is also a lack of government infrastructure and government support.”

IMF Managing Director (MD), Christine Lagarde

IMF puts global debt at $180trn

“It is important, particularly for highly indebted emerging-market and low-income countries, to rebuild buffers.”

Diamond Bank

Diamond Bank no longer international; now national – Official

The Central Bank has approved Diamond Bank’s new status.

Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman,

NPA replies Senate on N177 billion unremitted revenue allegation

The NPA said the Senate’s allegation is “without foundation”.

Electricity station used to illustrate the story.

Nigerian power firm to sell electricity to Burkina Faso

The planned energy export is being put in place by the concessionaire of Kainji and Jebba hydro power stations, Mainstream Energy Solutions Limited, MESL.

Oil rig

Oil falls, heading for biggest monthly slide since 2008

The losses mark the largest one-month fall since the depths of the financial crisis in 2008.

Diamond Bank

UK firm mulls investing $1.2bn in Nigeria

The firm plans to open offices in Lagos and Nairobi, Kenya’s capital, an official says.

Ibe Kachikwu

Nigeria indecisive over oil output cuts as OPEC meets

Nigeria was excluded from the previous round of cuts, which began in 2017.

Mining site used to illustrate the story.

Nigeria awards exploration contracts to 10 mining firms

The minister did not say how much the contracts were worth.

Bank of Industry

BOI disburses N278bn to 219,000 enterprises – Official

The intervention has reportedly resulted in the creation of an estimated one million direct and indirect jobs.

Central Bank of Nigeria (CBN)

CBN supplies $210 mn in wholesale FOREX market, others

The regulatory body assured its continued mediation in the interbank foreign exchange market.

Afreximbank Building

AFREXIMBANK opens virtual platform for information on African trade

The new platform was opened to run as part of the forthcoming intra-African Trade Fair (IATF 2018) in Cairo, Egypt next month.

Ibe Kachikwu

Three modular refineries to begin operations in 2019 — Kachikwu

“Out of the 40 licenses issued, only 10 have shown progress…”

Nigeria Stock Exchange

Continental Reinsurance Africa to acquire Nigerian entity’s outstanding shares

A notice was sent to the Nigerian Stock Exchange on Monday.

General Motors (Photo Credit: Moneycontrol)

General Motors to cut 15% jobs, halt production in plants

The plan, the global firm said, would affect more than 14,000 jobs.

Volkswagen factory (Photo credit: RT.com

Volkswagen spearheads workshop to make Nigeria automotive hub

The workshop was organised for Nigeria and Volkswagen to agree on the next steps.

Afreximbank Building

Afreximbank records $546.6 million gross income

The bank also recorded a net income of $172.4 million during the period, which was 11.9 per cent higher than 2017 record.

NDIC building

Why depositors in liquidated Nigerian banks haven’t been paid – NDIC

The suffering of the depositors would continue unless the NDIC enabling Act is speedily amended by the national assembly.

Central Bank of Nigeria (CBN)

Why CBN is controlling monetary rates for 14th consecutive time – MPC

Foreign reserves down from $42.6 billion in September to $41.53 billion on November 16.

nigerian_stock_exchange

Zenith Bank drives trading on NSE

The bank accounted for 605.54 million shares worth N14.53 billion followed by Transcorp.

Oil rig

Oil bounces above $63 after slide, but glut worries persist

Brent crude, the global benchmark, was up 92 cents to $63.45 per barrel.

Minister of Trade and Investment, Okechukwu Enelamah

Nigeria signs $60mn development partnership with UNIDO

The partnership is for inclusive and sustainable industrial development in Nigeria for 2018- 2022.

United States flag used to illustrate the story. [Photo credit: World Atlas]

U.S. banking sector reports $62bn profit in Q3

Only 3.5 per cent of banks reported net losses, down from four per cent a year ago.

Carlos Ghosn (Photo Credit: Al Jazeera)

Nissan shares slump after arrest of chairman Carlos Ghosn

The embattled official was arrested and would be fired from Nissan’s board this week, the company said.

Yobe on map

Yobe govt. promises to sustain immunisation coverage

The governor said the improvement in security had provided opportunity to reach more women and children for coverage in remote areas.