Business

Business
PIA implementation begins next year
August 19, 2021 1464 964

The Federal Government has embargoed implementation of the Petroleum Industry Act (PIA) till August 2022. President Muhammadu Buhari gave this hint when he inaugurated a steering committee to oversee the process yesterday. Unveiling members of th... Read more

Business
FIRS targets N10tr revenue in 2022
August 19, 2021 1346 867

The Federal Inland Revenue Service (FIRS) is targeting N10.1 trillion revenue in the 2022 financial year. From the sum, the Federal Government is expected to get N2.053 trillion, while the balance will go to states and local councils. According ... Read more

Business
Afreximbank restates commitment to AfCFTA implementation
August 18, 2021 2444 1714

The Regional Chief Operating Officer of the African Export-Import Bank (Afreximbank), Eric Monchu Intong, has reiterated the bank’s commitment to the full implementation of the African Continental Free Trade Area [AfCFTA] as it remains the g... Read more

Business
Recovered N2.28tr loot: States ask Fed Govt to give account
August 18, 2021 1979 1270

Governors under the aegis of the Nigeria Governors’ Forum (NGF) have instituted a suit against the Federal Government at the Supreme Court over the recovered loot.             ... Read more

Business
Despite PIA, FG to retain subsidy, sell petrol at N162 PIA
August 18, 2021 1806 1130

Contrary to expectations that the signing of the Petroleum Industry Act (PIA) would automatically commence the deregulation of the downstream sector, especially the removal of subsidy, the Federal Government, yesterday, said the retail price of Pr... Read more

Business
FG opens bid for airports concession, pegs worth of bidders at N30bn
August 17, 2021 2679 1713

The Federal Government, yesterday, opened bids for the concession of four international airport terminals in Lagos, Abuja, Port Harcourt and Kano.   The request for qualification (RFQ), as part of efforts to run the facilities efficiently a... Read more

Business
We will hand over FX fraudsters to law enforcers, bankers warn
August 13, 2021 5462 3879

The Bankers’ Committee, yesterday, warned against abuse of the new foreign exchange (FX) sale, saying individuals who circumvent the process would be handed over to the law enforcement agents. Briefing the media on the outcome of its meetin... Read more

Business
NGX sustains bullish profile as index inches further by 0.7 per cent
August 12, 2021 5236 3656

The Nigerian Exchange Limited (NGX) sustained rising profile, as more blue-chip stocks appreciated at price, resulting to a further increase in the All-share index by 0.7 per cent.   At the close of transactions yesterday, the ASI rose by 2... Read more

Business
‘Full trade recovery at risk without equitable vaccine roll-out’
August 11, 2021 5305 3717

Notwithstanding the need to ensure that markets remain open and predictable, the World Trade Organisation (WTO) has warned that failure to ensure wider access to COVID-19 vaccines could undermine the global economic and trade recovery.   Th... Read more

Business
Osinbajo assures of increased support for MSMEs
August 10, 2021 5493 3871

Vice President Yemi Osinbajo, has restated commitment of the Buhari administration in providing support to Micro, Small & Medium Enterprises (MSMEs) in order to raise hope, create jobs and opportunities that will produce growth and development... Read more

Business
NNPC spends N492.05 billion on subsidy, salaries, other expenses in one month
August 10, 2021 4908 3389

Nigeria’s subsidy regime, salary and other operating revenue cost the Nigerian National Petroleum Corporation (NNPC) N492.05 billion in the month of April this year. Recall that the Group Managing Director of the Corporation, Mele Kyari had... Read more

Business
Investors stake N8.2 billion on equities in five trading days
August 9, 2021 5130 3445

At the end of last week’s transactions, a turnover of 989.6 million shares worth N8.2 billion was recorded in 9,617 deals by investors on the floor of the exchange last week.   The volume of shares traded was however lower than a tota... Read more

Business
For Lagos agribusiness, better days are here
August 8, 2021 5319 3654

Lagos State is adjudged the smallest state in the country by landmass, lacking the large tracts of land available to other states for cultivation of crops and agriculture.  And though it accounts for 20 per cent of food productio... Read more

Business
NGX halts rally as profit-taking drags index by 0.3 per cent
August 6, 2021 6100 4158

The Nigerian Exchange Limited (NGX) halted four consecutive trading sessions of an uptrend, as profit-taking by investors on the Nigerian Exchange Limited (NGX) dragged the All-Share Index (ASI) by 0.3 per cent.   Specifically, the ASI dipp... Read more

Business
Nigeria loses N530bn yearly to motor insurance evasion
August 5, 2021 6044 4110

Although Nigeria has about 11.8 million registered vehicles plying the roads, only about 1.2 million of such vehicles have valid insurance. The implications are that the nation’s insurance industry may be losing about N530 billion due to th... Read more

Business
No plan to convert dollar account holdings to naira, says CBN
August 3, 2021 6884 4469

The Central Bank of Nigeria (CBN) has assured the public that it will monitor the deposit money banks (DMBs) to ensure they comply with set rules and meet the legitimate foreign exchange needs of Nigerians. This came as the apex bank dismissed rep... Read more

Business
Stop borrowing, experts beg FG as debt servicing hits N28tr
August 2, 2021 6643 4465

Worried about the rise in Federal Government’s votes for debt servicing and their negative impact on development projects, leaders and economic experts have urged the current administration to do away with deficit-induced borrowings. Betwee... Read more

Business
NASS committees, stakeholders rally new strategies for aviation devt
July 30, 2021 8701 5750

Aviation committees in the lower and upper chambers of the National Assembly, and other stakeholders, have said that new strategies should not be an afterthought if the sector will wriggle out of current difficulties. They said besides the new vi... Read more

Business
Airlines fault revalidation of operating certificates every two years
July 30, 2021 7346 4837

Airline operators have faulted the two-year validity period on the Air Operating Certificate (AOC) currently issued to operating carriers, describing it as detrimental to sectoral growth. The operators said the routine requirement of going the wh... Read more

Business
Unease in forex market as dollar heads towards N550/$
July 29, 2021 7711 4935

Twenty four hours after the Central Bank of Nigeria (CBN) came down hard on Bureau De Change (BDC) operators for allegedly facilitating money laundering and other forex infractions, the naira fell significantly against the U.S. dollar at the paral... Read more

Business
In rare courage, CBN weakens BDC operations, stops FX funding
July 28, 2021 7597 4944

The Central Bank of Nigeria (CBN), in a rare courage, yesterday, ended foreign exchange (FX) supply to bureau de change (BDC) operators and registration of new players with immediate effect. Governor of the CBN, Godwin Emefiele, in a media briefi... Read more

Business
E-Naira will make transactions cheaper, says CBN
July 28, 2021 6487 3904

The Central Bank of Nigeria (CBN) has said that transactions will be cheaper to conduct with Nigeria’s digital currency, e-naira. The Governor, Godwin Emefiele, spoke in Abuja at the end of the bi-monthly Monetary Policy Committee (MPC) mee... Read more

Business
Nigerian banks resilient, safe, sound, CBN insists
July 26, 2021 7288 4516

Ahead of its Monetary Policy Committee (MPC) meeting holding today and tomorrow in Abuja, the Central Bank of Nigeria (CBN) has reiterated the resilience, safety and soundness of the nation’s deposit money banks (DMBs) and other financial in... Read more

Business
Widening electricity gap, loopholes in PIB worry experts
July 25, 2021 7607 4610

Energy experts yesterday in Abuja raised fresh concerns over the growing gap in access to electricity and other energy sources as over 940 million people, especially in Africa and about 3 billion world population continues to lack access... Read more

Business
Nigeria’s auto industry loses $10bn yearly to petrochemical, steel deficits
July 23, 2021 8313 4929

Government’s failure to revive steel companies and equally develop indigenous petrochemical plants have stalled the local automotive development agenda, leading to loss of $10 billion yearly to large scale importation of fully-built motor ve... Read more

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