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Yearly Archives: 2019

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

N651.77bn generated from VAT in six months – NBS

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

We’re still consulting on revised budget — Finance 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

Government moves for $10 oil production cost

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

GIS Policy: Managing Loan Defaulters

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

‘Insurance operators not compelled to contribute N10m against COVID-19’

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 N539.8m loans to farmers in three months

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

Investors lose N50bn as stocks suffer decline

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

LCCI, NECA, PENGASSAN demand stimulus packages, PIB passage

• 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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AIB releases preliminary report on Med-View plane crash

AIB releases preliminary report on Med-View plane crash

The Accident Investigation Bureau (AIB) has released the preliminary report on the crash involving a Boeing 737-500 aircraft owned and operated by Med-View Airline. The General Manager, Public Affairs, Tunji Oketunbi, disclosed this in a statement yesterday in Lagos.He said ...

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‘Why NNPC will not go public despite losses’

FG’ll divert N457bn petrol subsidy to other sectors –NNPC

At a time when national oil companies across the world are launching Initial Public Offerings (IPOs) and raising capital from public investors to outsmart the volatility in the oil and gas industry, the Nigerian National Petroleum Corporation (NNPC) remains unprepared ...

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Experts query 2019 capital budget release

We’re still consulting on revised budget — Finance minister

• Allocation Too Meagre To Make A Mark • Say Entire Budget Incapable Of Powering Development Despite the Federal Government’s claim to have released more than 56 per cent of the approved expenditure for capital projects in the 2019 Appropriation, some ...

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West African nations rename common currency, sever its links to France

West African nations rename common currency, sever its links to France

Eight West African countries Saturday agreed to change the name of their common currency to Eco and severed the CFA franc’s links to former colonial ruler France. The CFA franc was initially pegged to the French franc and has been ...

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Port congestion worsens as NAFDAC conducts e-certification

Port congestion worsens as NAFDAC conducts e-certification

Cargo congestion at the Lagos ports has worsened amidst the ongoing e-certification by the National Agency for Food and Drug Administration and Control. NAFDAC had in September announced that its electronic licences had been incorporated into the Nigeria Single Window ...

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NITDA probes taxpayers’ personal data disclosure by LIRS

NITDA probes taxpayers’ personal data disclosure by LIRS

The National Information Technology Development Agency has launched investigations into the publication of personal information of taxpayers by the Lagos State Internal Revenue Service. Director-General of NITDA, Kashifu Abdullahi, disclosed in a statement on Friday that the development breached provisions ...

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NNPC, JVs finally seal $10bn NLNG Train-7 deal

NLNG Denies Alleged $1.05bn Illegal Withdrawal

The Nigerian National Petroleum Corporation and its joint venture partners in the Nigeria Liquefied Natural Gas Limited on Friday took the Final Investment Decision on the commencement of the $10bn NLNG Train-7 project. Shareholders of the company took the FID ...

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Brexit, US-China trade war threats to Nigeria’s economy –World Bank

Brexit, US-China trade war threats to Nigeria’s economy –World Bank

The planned withdrawal of the United Kingdom from the European Union and the ongoing trade war between the United States and China constitute major threats to Nigeria’s economy, the World Bank has said. In its latest Nigeria Economic Update, the ...

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Petrol subsidy now N47.5/litre as oil price hits $67.86

Petrol price may increase as Brent stabilises around $35/barrel

Landing cost of petrol was N180.7/ltr on Dec 23 – PPPRA Dangote refinery’ll change subsidy regime, say marketers The subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price ...

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