Nigeria Recorded $1.1 Billion Foreign Trade Balance In Q4 2021
Nigeria’s foreign trade balance leapfrogged to a surplus of $1.1 billion in Q4 2021, as export value surpassed import bill for the first time since Q3 2019, representing 8 consecutive…
Ghana Cedi Ranked As Second Worst Performing Currency
The Ghana cedi has been ranked as the second worst-performing currency. The local currency has depreciated by 4.70% to the US dollar. A report by Joy Business indicated that the…
Beijing Insurance Coverage To Now Cover Fertility Services
Beijing will include more than a dozen fertility services in a government-backed medical insurance scheme for the Chinese capital, state media reported on Monday. This is to support those seeking…
Investigation Claims Credit Suisse Handled Dirty Money
Credit Suisse handled billions of dollars in dirty money for decades, an international media investigation based on a massive data leak has claimed in the latest setback for Switzerland’s second-largest…
Nigerian Content Attracts $8bn Annually, Says NCDMB
The implementation of the Nigerian Oil and Gas Industry Content Development Act has created over 50,000 direct jobs in the local economy over the past 11 years, the Executive Secretary,…
Ghana accuses harassed Nigerians of tax evasion, flouting rules
The CEO of Ghana Free Zones Authority, Amb. Michael Ocquaye has said Nigerian businessmen accusing Ghanaian authorities have been found culpable of evading taxes Amb. Michael Ocquaye to India said…
No sugar scarcity, production not reduced, says FG
The Federal Government on Wednesday refuted claims of imminent sugar scarcity in Nigeria. FG further stressed that there was also no reduction in the production of the commodity. It warned…
NNPC- How we rejected five cargoes of adulterated petrol
The Nigerian National Petroleum Company Limited on Wednesday disclosed how five cargoes containing ethanol-laden petrol were rejected after discovering that the first was substandard. NNPC Group MD Melee Kyari, also…
Peter Obi- Borrowing for consumption is Nigeria’s major challenge
Peter Obi, former governor of Anambra, says borrowing for consumption is Nigeria’s major challenge. He said this in a tweet on Thursday. According to him, the country can borrow funds…
Ikoyi Building Collapse: Lagos To Demolish Remaining Skyscrapers, Prosecute Culpable Officials
The Lagos State Government has accepted 26 recommendations of the Toyin Ayinde-led panel. The panel was set up to investigate the collapse of a 21-storey building in the Ikoyi area…
IMF: Dangote Refinery, Supportive Credit Facility, Can Accelerate Nigeria’s Economic Recovery Process
The International Monetary Fund has noted that the non-oil sector of the Nigerian economy could be stronger, benefitting from its recent growth momentum, higher production from the new Dangote Refinery,…
Banks Loan To Private Sector Surged By N5.58 Trillion In 2021
Banks credit to the private sector hit its highest level in December 2021, reaching N35.73 trillion from N30.15 trillion recorded as of December 2020, representing a N5.58 trillion increase in…
Investors Turn To Gold As Stock Stumbles
Stock markets fell on Thursday after Russian-backed separatists and Ukrainian government forces accused each other of firing shells, sending traders to seek safety in government bonds and pushing gold prices…
NETCO boss unveils three books on fuel scarcity, others
The Managing Director, National Engineering and Technical Company Limited, Mr Johnson Awoyomi, has launched three new books on the Nigerian oil and gas industry. According to a statement, the books…
CIA elects new president, inducts 170 members
The Chartered Institute of Administration says it has elected a new President/Chairman of Council. According to a statement by the professional body, the election held in line with the provisions…
Marketers resolve to blend dirty fuel, scarcity persists in states
Oil marketers have resolved to start blending over 100 million litres of adulterated PMS imported into Nigeria over two weeks ago. NNPC had yet to recall all the contaminated PMS,…
Oil investment in Nigeria now at record low – Report
Oil and gas investment in Nigeria, Africa’s biggest producer, has fallen to a record low, even as the country’s production outlook has not appeared as uncertain as it does now,…
Electricity Gulps 50% Of MSMEs’ Profits, Says NCEEC
The National Centre for Energy Efficiency and Conservation, University of Lagos, has said electricity consumes about 50 per cent of the profits of micro, small and medium enterprises in Nigeria.…
‘Only 10% Of Nigerian Farmers Engage In Mechanised Farming’
The National Chairman of Tractor Owners and Hiring Facilities Association of Nigeria, Danladi Garba, on Wednesday, lamented that only 10 per cent of Nigerian farmers engage in mechanised farming. Garba…
Chinese Businessman Guo Wengui Files For Bankruptcy In U.S. Court
Chinese businessman Guo Wengui, also known as Ho Wan Kwok, filed for individual bankruptcy protection in a U.S. bankruptcy court in Bridgeport, a court filing showed. Guo listed assets in…
Apple Shareholder ISS Urges To Vote Against CEO Cook’s Bonus
Proxy advisory firm Institutional Shareholder Services (ISS) urged Apple Incinvestors to vote against Chief Executive Officer Tim Cook’s remuneration, citing concerns around the magnitude and structure of his equity award.…
PAN dumps Peugeot after over 40 years
PAN Nigeria Limited says it has dropped Peugeot assembly plant and opted for two Chinese brands, Chery and Higer. The auto company dismissed reports that its Kaduna State-based factory has…
Experts tell FG – Seek debt moratorium to reduce debt profile
Economic experts have urged the Federal Government to seek a debt moratorium to reduce the cost of funds expended on debt servicing. They said this in separate interviews with the…
Maritime workers begin strike March 1, vow to ground port operations
The Maritime Workers Union of Nigeria have concluded plans to ground port operations of the International Oil Companies The union described the international oil companies as non-compliance with the Extant…
Fintech firm to launch financial services marketplace
PayPassage is a digital transaction solutions provider set to launch its financial services platform in Nigeria. The financial services platform would offer digital financial solutions to help drive the financial…
World Bank economist warns countries against excessive borrowing
Delays in dealing with the growing debt burden in poor countries seem unlikely to be resolved by the G20, a top World Bank official warned. As interest rates are starting…
Buhari appoints Bello-Koko substantive NPA’s managing director
President Buhari has approved the appointment of Mohammed Bello Koko as the substantive managing director for the Nigerian Ports Authority. This was contained in a press statement signed by the…
EU Pledges €44 Million To FG’s Jubilee Fellows Scheme For Young Graduates
The European Union has announced a pledge of €44 million for Nigeria’s Jubilee Fellows Programme (NJFP). A youth empowerment partnership initiative between the Federal Government of Nigeria and the United…
COREN moves to reposition engineering education
The Council for the Regulation of Engineering in Nigeria said it is adopting an Outcome-Based Education (OBE) system in the training of a new set of engineers in the country…
Bankers In Nigeria May Declare Assets As Senate Moves To Amend 35-Year-Old BEDA Act
The senate on Tuesday considered a bill seeking to amend the 35-year-old Bank Employees Declaration of Assets (BEDA) Act 1986. Ezrel Tabiowo, special assistant (Press) to the senate president, said…