Daily Archives: November 4, 2020

Firms expect borrowing, inflation rates to rise – CBN

Firms expect borrowing, inflation rates to rise – CBN

The Central Bank of Nigeria has said the firms that participated in its latest business expectations survey expect borrowing and inflation rates in the country to rise further in the coming months. The CBN said in its October 2020 Business ...

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OML 40 explosion damages marine storage vessel, stalls 10,000bpd

OML 40 explosion damages marine storage vessel, stalls 10,000bpd

The Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation, has reported an explosion at a production facility in Oil Mining Lease 40 involving its partners, Elcrest Exploration and Production Nigeria Limited. Spokesperson for NNPC, Kennie Obateru, ...

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FG releases funds to Discos for mass metering

FG releases funds to Discos for mass metering

The Federal Government has released funds to power distribution companies for the mass deployment of about six million free electricity meters to power consumers nationwide. It was gathered that some senior officials of power distribution companies met with the Central ...

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ITU honours two Nigerians, others for business innovation

ITU honours two Nigerians, others for business innovation

Two Nigerians, Ikechukwu Umezurumba and Dominic Nwaogu, are among the 20 winners of the 2020 International Telecommunication Union’s Innovation Challenge. A statement from the union said they were honoured at the 2020 edition of the ITU Global Innovation Forum held ...

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10 power plants suffer gas shortage, 1,753MW idle

10 power plants suffer gas shortage, 1,753MW idle

The lingering challenge of gas supply in the nation’s power sector left 1,753.4 megawatts generation capacity at 10 power plants idle on Monday. The nation’s total unutilised electricity generation capacity stood at 2,131.9MW as of 6am on Monday, with low ...

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FG seeks fresh $1.2bn loan from Brazil

Experts blame borrowing, fuel price hike as inflation climbs to 14.23%

The Federal Government is seeking a $1.2bn external borrowing from Brazil to finance agricultural programmes in the 2021 budget. A request for approval has also been transmitted to the National Assembly. The Minister of Finance, Budget and National Planning, Zainab ...

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