Business

The federal government and the World Bank power sector team met on the possibility of Nigeria accessing a one billion dollar Performance Based Loan (PBL) from multilateral institutions. Finance Minister Mrs Zainab Ahmed dropped the hint at a joint news conference with Central Bank of Nigeria (CBN) Governor Godwin Emefiele …

The state government of Osun will strengthen its economy by creating an enabling environment for business and investment to thrive. Governor Gboyega Oyetola stated this while receiving the Venezuela Ambassador to Nigeria, Mr David Nieves Valasquez-Caraballo; envoys from Israel, Cuba, Cote D’ivoire and Republic of Benin‎. The envoys were received …

The Monetary Policy Committee of the Central Bank of Nigeria has reduced the monetary policy rate, also known as the benchmark or main interest rate, from 14 per cent to 13.5 per cent. The MPR, which is used to determine bank lending rates and the cost of credit for borrowers, …

The Central Bank of Nigeria on Tuesday announced the restrictions of sale of foreign exchange to importers of textiles and other clothing materials. The CBN Governor, Mr Godwin Emefiele, said this in Abuja during a meeting with stakeholders in the cotton value chain. He said the restriction which takes immediate …

The Nigerian banking stocks slumped the most since June 2016 a day after the re-election of President Muhammadu Buhari, as some investors showed disappointment at the defeat of his market-friendly opponent. An index of Nigeria’s 10 largest banking stocks dropped by 4.6 per cent at the end of trading on …

The gross revenue that accrued into the federation account dropped by N42.21BN from N547.46BN recorded in December last year to N505.24BN in January. This was disclosed shortly after the end of the federation account allocation committee meeting held at the headquarters of the ministry of finance in Abuja. The meeting …

Latest update as Oil prices have soared to their highest level since December 2014 amid the possibility of the US carrying out air strikes against Syria. Brent Crude rose to $71.33 per barrel late on Tuesday, marking its highest level since December 3, 2014, markets showed. American benchmark West Texas …

The Federal Government has at last recognized Anambra as one of the oil producing states in the federation. National chairman of Host Communities Producing Oil and Gas, HOSCON, Prince Mike Emuh disclosed this yesterday at Anambra State Traditional Rulers’ House, Government House, Awka, while briefing traditional rulers in the state. …

The US dollar continued to be higher against its major counterparts in the European session on Thursday, buoyed by reducing fears over a trade war between the US and China after Washington expressed willingness to negotiate a resolution for proposed tariffs. News that officials from US and China had signaled …

Nigeria will refocus on oil projects that deliver higher returns to keep production within the limits set by OPEC, oil minister Emmanuel Kachikwu said late Tuesday. The country has been struggling to make good on its pledge not to produce above 1.8 million b/d under the OPEC/non-OPEC output agreement, with …