Govt To Raise Local Content In Oil And Gas Sector To 40%
The Minister of State Petroleum Resources, Timipre Sylva, says Nigeria will raise local content in the oil and gas sector from its present 10 per cent to 40 percent by…
Will 24-Hour Port Operation Ever Work?
The idea of the 24 hours port operations has been on the front burner for long with different initiatives and programmes put forward by the authorities to no avail. However,…
Treasury Yields Jump Amid Renewed Stimulus Hopes
Treasury yields jumped on Monday amid renewed optimism that a coronavirus aid package could be agreed in the coming weeks. The yield on the benchmark 10-year Treasury note rose 4…
An Escalating Labor Strike Could Soon Wipe Out Almost 25% Of Norway’s Oil And Gas Production
A strike by workers in the Norwegian oil sector could soon wipe out nearly one-quarter of the country’s petroleum output, Norway’s Oil and Gas Association warned on Thursday, with the…
Nigeria’s Rising Inflation Worrisome, Experts Say
Two financial experts on Friday expressed concerns over the country’s rising inflation rate and urged the Federal Government to revisit the borders closure. They said this in separate interviews with…
Dollar Heads For Weekly Gain As Pandemic Recovery Stalls
The yen rose and the dollar was headed for its best week of the month on Friday, as surging coronavirus cases and stalled progress toward U.S. stimulus had investors seeking…
NNPC Reduced Losses By 99.7% In 2019
Barely five months after publishing its 2018 Audited Financial Statement, the Nigerian National Petroleum Corporation (NNPC), has released its 2019 Audited Financial Statement with a 99.7 per cent reduction in…
With 13.71% Inflation, Analysts List Ways to Grow Economy
Analysts yesterday called on the federal government to leverage on the COVID-19 pandemic and incentivise local food production, especially agribusiness, to boost the economy as headline inflation increased to 13.71…
‘CBN Did Not Enter Into Any Trade Agreement With Zamfara’
The state government explained that it does not directly mine the gold for itself, but purchases the gold from the federal government registered mining companies in the state. The Zamfara…
Hundreds Of Trucks Parked At Borders Stall African Trade Pact
Hundreds of trucks have been parked at Benin’s border for more than a year since its eastern neighbor Nigeria abruptly curbed imports. To the west of Benin, officials in Ghana’s…
339 Foreign, Local Firms Bid To Sell Nigeria’s Crude Oil Grades
At least 339 crude oil trading companies applied for the sale and purchase of Nigerian crude oil grades contracts spanning 2020 to 2022 by the close of the bidding process…
Sterling Edges Up Ahead Of UK Decision On Brexit Negotiations
Sterling rose slightly on Friday but was still on track to end the week on a loss, as markets waited for Britain to say whether it would continue with Brexit…
Forex, Infrastructure Hindering Readiness for Continental Trade – NACCIMA
The Nigerian Chamber of Commerce, Industry, Mines and Agriculture says access to forex, irregular electricity supply and poor infrastructure are issues affecting the readiness of Nigeria for the African Continental…
Ecobank Organises Diaspora Summit; Showcases Remittance Products for Nigerians Overseas
Ecobank Nigeria has announced that it is providing financial services and remittance solutions designed to support and enhance the lifestyles of Nigerians in the diaspora, ensuring their sustainable growth. This,…
Naira Gains 0.04% At Investors’ Window, Bitcoin Loses 0.13%
Despite the sharp rise in the demand for forex at the Investors and Exporters (I&E) segment of the market on Thursday, the Naira was strengthened against the Dollar by 16…
I’m Not Aware Of Waiver For Foreign Vessels – Amaechi
The Minister of Transport, Rotimi Amaechi, has dismissed claims that he had knowledge of waiver granted to foreign vessels operators by the Nigerian Maritime Administration and Safety Agency (NIMASA). He…
Nigeria: Border Closure Boosts Rice Sufficiency, Manufacturing, Says FG
The Federal Government on Thursday said the closure of Nigeria’s land borders was good for the economy as the country was now close to attaining self sufficiency in rice production.…
The Turkish Lira Is Getting Smoked, Will Crash To New Lows Due To ‘Unorthodox’ Policies, Analysts Say
Turkish policies have become too ‘hard-headed’, says professor Turkey’s embattled currency hit another record low on Thursday, touching 7.95 to the dollar as it continues its relentless march toward an…
Bankrupt Car Rental Firm Hertz Secures $1.65 Billion In Financing, Shares Soar
Bankrupt car rental company Hertz Global Holdings Inc said on Friday it had lined up $1.65 billion in debtor-in-possession financing, sending its shares soaring. Hertz plans to invest up to…
BioMed Valued At $14.6 Billion In Deal For Sale From One Blackstone Fund To Another
Blackstone Real Estate Partners and co-investors have agreed to sell BioMed Realty for $14.6 billion to a group led by existing BioMed investors, Blackstone Group Inc BX.N said on Thursday.…
Exclusive: Second Sovereign Downgrade Wave Coming, Major Nations At Risk – S&P Global
Some of the world’s top economies could see their credit ratings cut or put on downgrade warnings in the coming months in a second global wave of coronavirus-related revisions, S&P…
CBN, Shippers’ Council Read Riot Act To Shipping Firms
Governor of the Central Bank of Nigeria (CBN) says the bank has discovered that several shipping companies in Nigeria were not complying with the federal government’s directive on compulsory use…
Foreigners Are Perpetrating Illegal Mining In Nigeria-Minister
Mr Olamilekan Adegbite, the Minister of Mines and Steel Development says perpetrators of illegal mining in Nigeria are mostly foreigners. Adegbite made this known to the News Agency of Nigeria…
China Is Snapping Up Japanese Government Bonds, And It’s Not Just For The Returns
SINGAPORE — China’s recent purchase of Japanese government bonds surged to the highest level in more than three years – as the country more than tripled its holdings between April…
Dollar Strengthens As Vaccine, Stimulus Hopes Dim
The U.S. dollar strengthened on Tuesday as investors turned cautious after a Johnson & Johnson COVID-19 study was paused and as hopes dimmed that a fiscal stimulus package could be…
Sterling Bounces On Hope Of Further Brexit Talks
Sterling climbed from the day’s lows on Wednesday after a source close to the EU-UK Brexit talks said a trade deal is difficult but still possible and talks will continue…
Maize Importation: CBN Saves Nigeria From Food Crisis, Farmers Say
The recent importation of 262,000 metric tons of maize has saved Nigeria from a food crisis, poultry farmers in Nigeria have said. The poultry industry in the country, which reportedly…
NNPC, IDSL Chart Path To Achieving $10 Production Cost By 2021
The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Integrated Data Services Limited (IDSL) said they are continuing the search towards attaining a $10 per barrel production cost with…
IMF Predicts Rise In Bad Loans Over COVID-19 Pandemic
THE International Monetary Fund (IMF) has predicted capital shortage for many commercial banks across the globe due to rise in bad loans induced by COVID-19 pandemic, its Financial Counsellor and…
Naira Weakens At Black Market As External Reserves Loses $42 Million In 1 Week
Nigeria’s exchange rate at the NAFEX window remained stable agai nst the dollar to close at N386/$1 during intraday trading on Tuesday, October 13. Also, the naira depreciated marginally against…