Business

The Central Bank of Nigeria officially devalued the naira to 410.25/$ after the country’s currency defied all interventions to retain its value. However, experts have said that the last resort employed by the CBN to adopt the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange …

The Manufacturers Association of Nigeria says increase in the price of petrol is inevitable. The Director General of MAN, Segun Ajayi-Kadir, stated that regardless of the arguments around subsidy removal and the potential effect on the cost of production and the average Nigerian, the product could not be ‘insulated from …

The Nigerian Content Development and Monitoring Board said that it had committed a total of $332m to venture partnerships and targeted $3.7bn in direct investment to the country. The Executive Secretary of the NCDMB, Simbi Wabote, said this at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair …

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, said on Tuesday that the Ekiti Rice Pyramid Project would catalyse rice production in the South-West region of the country. He said the bank, through its Anchors Borrowers’ Programme, was financing numerous rice farmers across the country to boost production and …

The Federal Government on Tuesday announced its readiness to assist farmers, mostly youths, to cultivate 3,000 hectares of land in Ohaukwu Local Government Area of Ebonyi State. It said the farming programme, which would be done by about 3,000 youths, was part of activities under the National Young Farmers Scheme …

President Muhammadu Buhari on Tuesday in Paris, France, called on European countries and global financial institutions to consider debt relief for African countries. He said this would assist in reducing the devastating effect of the Coronavirus pandemic on the countries. According to a statement by his Senior Special Assistant on …

The Federal Government is losing over $90.5m annually to alleged shoddy agreements between the Federal Airports Authority of Nigeria and concessionaires on both the local and international wings of the Murtala Mohammed Airports in Lagos State. The Chairman of the House of Representatives’ Ad Hoc Committee to Investigate the Governing …

Latest operations report of the Nigerian National Petroleum Corporation indicates that Nigeria’s refineries under the management of NNPC could not refine a drop of crude oil amid concerns by the Nigeria Labour Congress over the comatose state of the facilities. In its most recent financial and operations report, the national …

The Nigerian National Petroleum Corporation has alerted the federal and state governments to its dwindling contribution to the federation account as a result of the bloated fuel subsidy. It said it would only be able to remit N12.966bn to the Federation Accounts Allocation Committee in June after removing fuel subsidy …

The Chairman, Senate Public Accounts Committee, on Wednesday gave the Ministry of Finance, Office of the Accountant General of the Federation and the Office of the National Security Adviser till Tuesday next week to explain an alleged ‘secret withdrawal of N7.5bn from the two per cent National Automotive Council Design …