Foreign investment inflow reverses trend
Foreign Direct Investment (FDI) into Nigeria may have returned to the downward trend after a mild recovery in 2018. The downward trend began in 2015. The Capital Importation Report by…
Coronavirus: Fear returns to stock markets
Global stock markets have fallen sharply as investors continue to worry about the broader economic effects of the coronavirus. London’s FTSE 100 share index fell more than 3% and there…
US markets in sharp drop amid rollercoaster over coronavirus
US stock markets closed sharply lower again on Thursday as fears about fallout from the virus outbreak sent more shudders through the financial world. The Dow Jones sank 968 points,…
OPEC seeks big oil cut in crunch talks with Russia amid virus outbreak
OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until…
FX intervention pressure mounts on Brazil central bank to sell dollar reserves
Brazil’s currency is weakening so quickly the central bank may soon be forced to set aside its free-market principles and sell dollar reserves to halt the slide. Market volatility is…
IMF: coronavirus means 2020 growth will be lower than 2019
The International Monetary Fund is to offer $50bn (£39bn) in emergency funding for countries hit by the coronavirus, as it warned that the spread of the disease has already pushed…
Moving goods from Apapa port 10 times costlier than Ghanaian, South African ports
A research carried out by SBM Intelligence has shown that it is 10 times costlier to move goods from the port in Apapa, Lagos than it is to move them…
Next Bank of England governor calls for funds for coronavirus-hit firms
The incoming governor of the Bank of England, Andrew Bailey, has called on the government to offer emergency financial support to help British companies through the worst of the coronavirus…
South Africa Central Banker Sees No Need for Emergency Rates Meeting
South Africa’s central bank sees no need for an emergency meeting on interest rates and will wait for its regular gathering on March 19 to announce a policy decision, Governor…
Nigeria Senate Approves President’s $23 Billion Loan Request
Nigeria’s Senate approved President Muhammadu Buhari’s plan to borrow $22.7 billion from external creditors to finance infrastructure projects. Lawmakers gave their endorsement to the government during Thursday’s proceedings in the…
Vitafoam reassures as shareholders okay N525.4m dividend
THE board and management of Vitafoam Nigeria Plc yesterday reassured shareholders and other stakeholders that the company would continue to be innovative in delivering quality products and services to customers…
Court grants claim for breach of contract against Shell
A Lagos High Court has set aside the arbitral tribunal award, which dismissed Global Gas and Refining Limited’s claim for a breach of contract for the supply of gas by…
Report Says Port Transport Is 10 Times Costlier In Nigeria Than Ghana, SA
Local transportation of goods from Apapa and Tincan Island ports in Lagos costs up to 10 times higher than the ports in Ghana and South Africa, according to a research…
FEC okays $2.571b Ajaokuta-Kaduna-Kano gas project
THE issuance of a sovereign guarantee to the tune of 85 per cent of the Engineering Procurement and Construction (EPC) contract for the Ajaokuta-Kaduna-Kano gas project has been approved, Finance,…
Nigerians, operators kick as FIRS plans to impose VAT on sports betting
For a while, the sports betting industry in Nigeria has been rife with the news that the Federal Inland Revenue Service (FIRS) had concluded plans to introduce the 7.5% value-added…
Pricing, infrastructure imbalance worsening Nigeria’s CNG investments deficit – NIPCO
Inappropriate pricing, infrastructure shortages and absence of a regulatory agency are partly responsible for investment deficit in Nigeria’s Compressed Natural Gas (CNG) industry. Managing Director, NIPCO Gas limited, Sanjay Teotia,…
Despite Stamp Duty Charge, PoS Transactions Hit N874bn In 3 Months
Despite the implementation of the stamp duty charge of N50 on Point of Sale transactions above N1,000, the value of transactions on PoS channel increased to N874.91 billion between September…
Dangote Refinery to employ over 70,000 workers, says CBN
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said Dangote Refinery will employ over 70,000 Nigerians when it begins operation. He said the various policies of the Federal Government…
Carbon launches USSD service to enhance access to finance
Carbon, the Pan-African digital financial services company, has introduced a USSD service to its platform, making it even easier for individuals that have little or no access to smartphones or…
Coronavirus: Cost of Chinese products in Nigeria surge
Prices of Chinese phones imported into Nigeria have reportedly risen exponentially over the past couple of weeks owing to the outbreak of Coronavirus (COVID-19). Findings revealed that within the last…
We’re committed to curbing ponzi schemes – SEC
The Securities and Exchnage Commission has reaffirmed its commitment to ensuring that illegal fund managers in the country are not allowed to operate. This was stated by the acting Director…
Petrol subsidy cost drops 22.5%
The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, paid N43.09 billion as subsidy on Premium Motor Spirit, PMS, also known as petrol, in the month of January 2020,…
CBN Reports Slow Economic Activities In February
Business activity, production level, new orders, supplier delivery time, employment level and raw materials inventories grew at a slower rate in February 2020. The Central Bank of Nigeria’ Statistics Department…
Gas supply from Nigeria to Ghana, others resumes
The West African Gas Pipeline Company Limited has said it is resuming its supply of natural gas from Nigeria to its customers in Republic of Benin, Togo and Ghana. WAPCo…
Coronavirus: Stakeholders worry about surveillance at Nigeria’s international airports
Following the announcement of the first case of coronavirus in Nigeria, aviation experts have called for better surveillance at all the country’s international airports. Aviation security expert, Group Capt. John…
Olam’s pilot farming project to boost tomato value chain
Olam Nigeria’s Vice President in charge of Farming Initiatives, Reji George, has disclosed that preliminary results from its pilots farming project point to a bountiful harvest, just as he revealed…
Total Is Said to Bid for Stake in $7.4 Billion U.K. Wind Farm
French oil company Total SA is among the final bidders for a stake in an offshore wind farm that may cost more than $7 billion to develop and operate, according…
It was a hellish week to be a billionaire
It was a bad day to be a billionaire. As stocks plummeted worldwide Monday on coronavirus fears, the 10 richest people in the world lost a collective $30 billion, according…
Africa May Only See Impact of New Free-Trade Deal After 3 Years
The real impact of commerce under a Pan-African deal to establish the world’s largest free-trade area will probably only be seen in three years, according an architect of the pact.While…