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Global adoption of LNG as marine fuel rises over IMO 2020

Global adoption of LNG as marine fuel rises over IMO 2020

The Liquefied Natural Gas (LNG) is fast gaining strength as alternative marine fuel, as a worldwide push is on to sharply reduce or eliminate harmful emissions from the burning of fossil fuels by ocean going ships. Recent indications showed that ...

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Banks begin implementation of reduced charges

Banks begin implementation of reduced charges

Some banks have commenced the implementation of the reduced bank charges as instructed by the regulator, the Central Bank of Nigeria, with effect from January 2020. While some banks have notified their customers of the reduction in the new charges, ...

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Oil price rises, Nigeria faces crude production decline

Oil price rises, Nigeria faces crude production decline

The international oil benchmark, Brent crude, rose slightly on Thursday on the back of improving trade relations between the United States and China as well as rising tensions in the Middle East. Brent, against which Nigeria’s oil is priced, gained ...

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Forte Oil, Oando, PZ drop from NSE 30 Index

Market indices surge by nine per cent in five sessions

Forte Oil Plc, Oando Plc and PZ Cussons Nigeria Plc have dropped from the NSE 30 Index. The Nigerian Stock Exchange revealed this in its results of full-year review of market indices. The review of market indices is an annual ...

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Enugu airport rehabilitation ready before Easter — Minister

BULLS: Safer Skies for Nigeria

The Minister of Aviation, Senator Hadi Sirika, has said the Akanu Ibiam International Airport runway in Enugu would be completed before Easter. The minister, who inspected the reconstruction project on Thursday, said the runway would be reopened early enough for ...

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Foreign reserves drop by $4.45bn in one year

Foreign reserves drop by $4.45bn in one year

Nigeria’s foreign reserves, which stood at $43.07bn as of the beginning of January 2019, fell by $4.45bn to $38.619bn as of the end of December, 2019. The reserves, which had been recording a downward trend dropped from $39.8bn on November ...

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Airports recorded 8.5 million travellers in six months – NBS

The National Bureau of Statistics has said that a total of 8.48 million passengers travelled through Nigerian airports in the first half of 2019. The bureau said this in its air transportation report released on Tuesday night. A breakdown of ...

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Access Bank gets CBN recognition for sustainability

Access Bank gets CBN recognition for sustainability

Access Bank Plc says it was recently named the most sustainable bank in Nigeria for the third consecutive time at the 2019 Central Bank of Nigeria Sustainability Awards. The bank said in a statement that it was also awarded first ...

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Nigeria needs 30 million new jobs by 2030 – World Bank

Nigeria needs 30 million new jobs by 2030 – World Bank

Thirty million new jobs are needed in Nigeria by 2030 to maintain the current employment rate, the World Bank has said. It said the projection was based on the country’s current population growth trend and its unemployment rate. Unemployment rate ...

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Master mariners fault Senate on private ports security

Master mariners fault Senate on private ports security

Members of the Association of Master Mariners have frowned on the recent endorsement given by the Senate for the operation of the secure anchorage area at the Lagos ports. The Senate had said the secure anchorage area operated by a ...

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Imports from other West African nations drop by N127bn

Imports from other West African nations drop by N127bn

The value of goods imported by Nigeria from other West African nations, especially members of the Economic Community of West African States, fell by N127bn between the second and third quarter of 2019. Data from the National Bureau of Statistics ...

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We’ll soon decide on ECOWAS single currency — FG

Implementation of 7.5% VAT begins February 1 — Minister

The Federal Government on Monday said it was studying the decision of eight West African countries to change the name of their common currency to Eco. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said this in ...

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IOCs delay $58.4bn oil, gas projects in Nigeria

IOCs delay $58.4bn oil, gas projects in Nigeria

A number of oil and gas projects valued at $58.4bn are facing an uncertain future as international oil companies operating in the country have failed to sanction them several years after they were announced. Industry experts said the regulatory and ...

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CBN introduces measures to boost e-payment systems

CBN releases framework to address payment system risks

As part of its commitment to facilitate the development of the Nigerian payments system and deepen the adoption of various electronic payment options available to users, the Central bank of Nigeria has identified the predominant use of single messaging format ...

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NAICOM extends insurers’ recapitalisation deadline to December 2020

NAICOM to drive full digitisation of operations in 2020

The National Insurance Commission has extended the recapitalisation deadline for insurance companies  earlier slated for June 30, 2020 to December 31, 2020. The commission disclosed this on Monday in a circular which was signed by the Director (Policy & Regulation), ...

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Gas reduction stalls 1,109MW electricity generation

Electricity tariffs will increase April 1 – NERC

The volume of gas supplied to gas-fired power plants dropped from 820 million standard cubic feet per day in February 2019 to 595mmscfd in September, a development that stalled the generation of 1,109 megawatts of electricity. Latest data on gas ...

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CBN disburses N611.5bn to commercial farmers

CBN disburses N611.5bn to commercial farmers

The total amount disbursed to farmers under the Commercial Agriculture Credit Scheme from inception in 2009 rose to N611.5bn as of the end of November 2019. The Central Bank of Nigeria disclosed this in its November 2019 economic report Part ...

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Equities remain volatile in festive season’s profit-taking

Equities remain volatile in festive season’s profit-taking

The equities market continued its lackluster performance at the close of transactions last week over sustained risk-off sentiments and the absence of market catalysts. With losses recorded in two of the three trading sessions in the shortened week due to ...

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Why Nigerians may be poorer in 2020, by manufacturers

Why Nigerians may be poorer in 2020, by manufacturers

• Predict high cost of doing business, lower per capita income Nigerians’ hope of a better economic outlook in 2020 may not be realised unless some lingering challenges are addressed and the anxieties about more taxes, unfavorable government policies and ...

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FG moves to rejig coal production in Enugu

FG moves to rejig coal production in Enugu

The federal government has requested the Projects Development Institute (PRODA), Enugu to research into coal production with a view to making it less harmful to the environment. Minister of Science and Technology, Dr. Ogbonnaya Onu, who gave the charge in ...

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