Friday, September 11, 2020
FG inaugurates N75bn SMEs COVID-19 stimulus schemes
The Federal Government on Thursday flagged off two schemes to financially support about 1.7 million micro, small and medium enterprises across the country with N75bn. At a briefing on the flag-off of the National MSME Survival Fund…read more.
Naira plunges, exchanges for N440/$
The naira exchanged to the dollars for N440 in the parallel market on Thursday, despite the resumption of forex sales to the Bureau de Change Operators on Monday. The naira had last week dropped from N480/$ to N420/$, following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs…read more.
Discos to pay for rejecting electricity – NERC
The Nigerian Electricity Regulatory Commission has said the power distribution companies will be liable to capacity charge for failure to take their entire load allocation caused by constraints in their networks. NERC disclosed this in a document seen by our correspondent…read more.
Marketers hopeful deregulation, gas policies will bolster refining activities
Nigeria can develop into the refining hub for West and Central Africa, therefore becoming a net exporter of refined products following the Federal Government’s new policies on alternative energy, total deregulation…read more.
Nigeria, Korea to deepen cooperation in shipping
Nigeria and South Korea have agreed to intensify their collaboration in trade and shipping development. This was disclosed in Lagos, during a meeting between the Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA)…read more.
UNIDO projects ‘biggest collapse’ for global manufacturing
The United Nations Industrial Development Organisation (UNIDO) has projected a gloomy outlook for the global manufacturing industry, saying it was set for its biggest collapse in decades, by year-end…read more.
Nigeria to save $2.6bn yearly after end to fuel subsidy
Nigeria expects to save as much as one trillion naira ($2.6 billion) a year after it abolished subsidies paid to guarantee cheap gasoline in Africa’s top oil-producing country. “Already, we have taken off the budgetary provision for subsidy which is about 500 billion naira…read more.
UK court orders P&ID to deposit £1.5m for appeal against Nigeria
Justice Cranston J on Thursday ordered P&ID to make an interim payment of more than £1.5 million within 21 days to cover legal costs the FRN incurred as part of their successful application for the extension of time to challenge…read more.
Buhari warns CBN against funding food, fertiliser imports
President Muhammadu Buhari presides over the National Food Security Council Meeting at the State House in Abuja.President Muhammadu Buhari on Thursday warned the Central Bank of Nigeria (CBN) not to fund requests to import food…read more.
Onyeama Urges FG to List Proposed InfraCo on NSE
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has called on the federal government to prioritise the listing the Central Bank of Nigeria’s (CBN) proposed N15 trillion infrastructure development company (Infraco) fund on the NSE…read more.
Bankers’ Committee Introduces Fraud Awareness Initiative
The Central Bank of Nigeria (CBN) and the Bankers’ Committee have launched a cyber-security and fraud awareness campaign, called ‘Moni Sense,’ to educate members of the public on the benefits of protecting their bank and other related transaction details…read more.
Q4: Sterling Bank Projects N47bn Gross Earnings
Sterling Bank Plc has projected gross earnings of N46.730 billion fourth quarter ending December 31, 2020. The projection was contained in its forecast to the Nigerian Stock Exchange (NSE) yesterday…read more.
FG revenue falls 32% to N625.9bn in May
Driven by the drop in crude oil prices, federally collected revenue fell by 32 percent to N625.9 billion in May 2020 from N915.28 billion collected in April. Central Bank of Nigeria (CBN) stated this in its Monthly Economic Report for May released yesterday…read more.
Pump price: Why we sell below N160 per litre ― AA Rano
Kano The Chairman Chief Executive Officer of the AA Rano Oil and Gas Nigeria Limited, Alhaji Auwalu Abdullahi Rano, has disclosed the reason why his company decided to sell the Petroleum Products at N160 per litre and below as against the N162 per litre price…read more.
