All posts by BusinessNews Staff

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  FG moves to cut power utilisation by 85%

  The Minister of Science and Technology, Dr. Ogbonnaya Onu, on Friday said that the Federal Government had taken steps to reduce power consumption by households, businesses and government by 85 per cent. He told our correspondent, in...

  • Posted August 7, 2016
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  NSE market capitalisation loses N112bn

  The Nigerian equity market on Friday ended on a negative note with the market capitalisation dropping by N112 billion due to huge losses by some highly-capitalised stocks. The market capitalisation which opened at N9.531 trillion shed N112...

  • Posted August 7, 2016
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  Power generation steadies around 3,000MW

  The partial cessation in the disruption of oil and gas installations by vandals and the rise in water levels for hydroelectric plants have resulted in a steady increase in electricity generation in the last one month, according...

  • Posted August 7, 2016
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  Nigeria, others seek WTO, UNCTAD interventions on illegal shipping charges

  Following the flurry of illegal shipping charges in developed and developing nations, Nigeria has joined the Global Shippers’ Forum (GSF) to seek the intervention of the World Trade Organisation (WTO) and United Nations Conference on Trade and...

  • Posted August 6, 2016
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  Foreign airlines lost N6.4bn to naira devaluation

  The Country Manager of British Airways, Kola Olayinka has disclosed that foreign airlines operating in Nigeria lost N6.4billion in the N157.6 billion ($800) of their revenues trapped in the Central Bank of Nigeria (CBN) when the Naira...

  • Posted August 6, 2016
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  Spain buys €4.6bn oil, gas from Nigeria – Envoy

  The Spanish Ambassador to Nigeria, Mr. Alfonso Barnuevo, on Thursday said that his country was currently spending about €4.6bn (N1.6tn) on the purchase of Nigerian oil and gas. Barnuevo, who stated this when he paid a visit...

  • Posted August 6, 2016
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  Dangote Sugar Refinery posts N11.1bn Q2 profit

  Nigeria’s sugar producer, Dangote Sugar Refinery, has announced a profit before tax of N11.1bn for the six months ended  June 30, 2016. According to a statement from the firm, the unaudited results for the half year indicated...

  • Posted August 6, 2016
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  NEPC targets non-rejection of Nigeria’s exports

  The Nigerian Export Promotion Council is targeting ‘zero rejection’ of Nigeria’s exports in the international market and in line with this aim; it has been organising a series of capacity-building workshops for exporters to train them in...

  • Posted August 6, 2016
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  Expensive land scaring away industrialists from FCT – MAN

  The Manufacturers Association of Nigeria on Thursday lamented the high cost of acquiring land within the Federal Capital Territory, stating that the development was currently scaring away industrialists from Abuja. The Executive Secretary, MAN, Mr. Okpe Sunday,...

  • Posted August 6, 2016
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  Transcorp suspends plan to build $1bn power plant

  Transnational Corporation of Nigeria Plc has suspended plans to build one of the nation’s biggest power plants amid gas shortage and a downturn in the nation’s economy that is hindering efforts to raise funds for the project....

  • Posted August 6, 2016
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