African Bank approves $100mn loan for Nigeria to boost fertilizer production
Another loan to help meet MDG goals
NNPC fails to remit N726bn in three years as Nigeria loses N100bn to inefficiency
NEITI audit could not trace remittances in relevant accounts at CBN
Transcorp, General Electric sign agreement on infrastructure development
Transcorp and GE are to facilitate the generation of 10,000 megawatts in the next 10 years
N8.5 trillion foreign investments coming to Nigeria in 5yrs, says Aganga
Mr. Aganga says trade accounts for 18.1 per cent of Nigeria’s gross domestic product. The Minister of Trade and Investments, Olusegun Aganga, said on Wednesday that more than N8.5 trillion foreign direct investments, FDIs, are coming to Nigeria over the next five years as a direct consequence of the Federal Government’s effort to create an […]
BPE writes BFIG, gives conditions for ALSCON takeover
Finally, BPE moves to give effect to the Nigerian Supreme Court order more than seven months after More than seven months after the Supreme Court ordered the reinstatement of the American-Nigerian consortium as the authentic winner of the bid for the Aluminium Smelter Company of Nigeria, ALSCON, Ikot Abasi, the Bureau of Public Enterprises, BPE, […]
NEXIM, BOI get $700million ADB facility to support SMEs
The Nigerian Export-Import Bank, NEXIM, and the Bank of Industry, BOI, on Tuesday received about $700 million (N105 billion) credit to support small and medium enterprises. The sovereign-guaranteed multi-tranche lines of credits, LoCs, was received from the African Development Bank, AfDB, to support export-oriented small and medium enterprises, SMEs, as well as their modernisation and […]
Why Flour Mills, Niger Mills are merging
One of Nigeria’s largest flour milling company, Flour Mills of Nigeria Plc has notified the Nigerian Stock Exchange, NSE, that its Board and that of Niger Mills Company Limited are negotiating a merger, according to information from Renaissance Capital, an investment bank, on updates in the Nigerian Stock Exchange. The proposed merger scheme will be […]
LCCI wants single digit interest rates for manufacturers and SME’s
The interest rates on bank loans are too high that it cripples SME’s.
Flour Mills, Niger Mills to merge
One of Nigeria’s largest flour milling company, Flour Mills of Nigeria Plc, has notified the Nigerian Stock Exchange, NSE, that both its board and that of Niger Mills Company Limited have been in discussions and negotiations with regard to merging their respective businesses. Upon the scheme becoming effective, all shares held in Niger Mills shall […]
FIRS’ N5.007 trillion tax revenue in 2012 highest in agency’s history
The Federal Inland Revenue Service, FIRS on Sunday said it recorded impressive performances in its revenue generation activities last year, reporting steady increases in the collection of all taxes under its portfolio. The Service said in a statement by its Director, Communications & Liaison Department, Emmanuel Obeta, that the 2012 financial year closed on a […]
Core investors to takeover PHCN successor companies in Q2 2013
FG reported plan to hand over the PHCN companies in two weeks unrealistic
Dominance of Foreign Investment not threat to Nigeria’s Stock Exchange – Finance Analysts
Finance experts have allayed the fears that the dominance of foreign investments in transactions on the nation’s Stock Exchange market is risky and unhealthy and might lead to a repeat of the market crisis recorded few years ago. The Nigerian Stock Exchange, NSE, last week, placed foreign investment in trading activities at 56 per cent […]
Group asks EFCC to investigate NCC over N53bn ‘spectrum fraud’
CSNAC mentioned various allegations of financial impropriety against the NCC.
How presidency, National Assembly feud over SEC boss, Oteh, makes workers suffer
The ongoing battle between the Director General of the Securities and Exchange Commission, SEC, Arunma Oteh, and the House of Representatives is already taking its toll on the staff of the Commission, who are being made to bear the brunt of the ‘ego’ clash. The National Assembly last year refused to treat the 2013 budget […]
Local content policy created 30, 000 jobs for Nigerians — Alison-Madueke
Nigeria’s Petroleum Minister says implementation of local content policy has created jobs for Nigerians.
Nigeria’s Central Bank revealing obsession for maintaining strong Naira- Financial Analyst
Nigeria’s Central Bank, with its decision to maintain all monetary policy instruments yet again, is beginning to reveal an obsession for maintaining a strong Naira, Bismarck Rewane, a finance analyst and Managing Director, Financial Derivative Company, has said. Mr. Rewane said among the factors that might have influenced the MPC’s Decision Framework is that the […]
CBN seeks quick passage of PIB, retains banks’ lending rate.
CBN urges FG to pass Petroleum Industry Bill.
Nigerian, Englama, named head of West Africa Monetary Institute
Mr. Englama will head WAMI for an initial two years.
Managing Nigeria’s Monetary Policy, By Ifeanyi Uddin
Again, the Central Bank of Nigeria’s (CBN) rate-setting committee (the Monetary Policy Committee ― MPC) meets this morning. In a marked departure from practice, the meeting this January (the MPC meets every other month) is scheduled to run for just one day (all through last year, the meetings lasted the better part of two days). […]
West Africa must learn from Eurozone on single currency- Okonjo-Iweala
West Africa states are moving to establish a single currency for the region.
Nigeria’s Capital Market to face liquidity, depth challenges in 2013
Despite the introduction of market making companies into Nigeria’s Stock Exchange, NSE, to aid liquidity, Oscar Onyema, the Chief Executive Officer of the Exchange said the Capital Market will continue to face challenges around liquidity and depth in 2013. He however, said “there is a concerted effort to drive improvements in market participant experience” at […]
Nigeria, USAID collaborate to boost banks’ lending to agric sector
Nigeria’s government and USAID partner to increase lending by banks to agriculture.
Statistics bureau puts Inflation rate at 12% in December
Consumer Price Index rose to 12 per cent in December.
World Bank projects Nigeria’s economy to grow by 6.6% in 2013
foreign investments are expected to be the main drivers of the economic growth in Nigeria.
CBN to increase N300bn power, airline fund
The Central Bank of Nigeria, CBN, has said that it will increase the N300 billion Power and Airline Fund, PAIF, to the power and aviation sectors, a statement said. In a statement, issued in Lagos on Tuesday, the CBN said that the development is with a view to increasing available funds for the execution of […]