All posts by BusinessNews Staff

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  Dangote clarifies Forex allocation to refinery, fertilizer plant

  Africa’s richest man and President of Dangote Group, Aliko Dangote, has clarified that his refinery, petrochemical and fertilizer plant did not collect as much foreign exchange from the Central Bank of Nigeria (CBN) as some people have...

  • Posted June 28, 2016
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  CBN lists operational requirements as OTC FX Futures Market takes off

  As the over-the-counter (OTC) foreign exchange (FX) futures market under the new FX regime takes off today, the Central Bank of Nigeria (CBN) has stressed that along with the requisite certificate of capital importation (CCI), all participating...

  • Posted June 28, 2016
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  FG moves to decongest seaports, inaugurates ICD committee

  The Federal Government has inaugurated a technical committee for the establishment of the Kaduna dry port with a view to decongesting the country’s seaports. In March this year, the Federal Executive Council approved the establishment of inland...

  • Posted June 27, 2016
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  Forex: Marketers say petrol price will crash soon

  Nigerians will experience a further reduction in the pump price of Premium Motor Spirit, popularly known as petrol, in the coming weeks as a result of the recently introduced foreign exchange policy by the Central Bank of...

  • Posted June 27, 2016
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  Firms optimistic naira will gain strength before year end

  Nigerian business enterprises have expressed hope of a strong recovery for the Naira this year as they expect the national currency to gain strength in the next quarter, while cautioning that before the turnaround, it may further...

  • Posted June 27, 2016
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  We will complete 700MW hydropower plants soon – Fashola

  The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the Federal Government is increasingly looking to alternative sources such as coal, solar and biomass for power generation in a bid to achieve national...

  • Posted June 26, 2016
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  Kano Disco decries incessant poor electricity allocation

  Kano Electricity Distribution Plc (KEDCO) has expressed concern over continuous poor power allocation to its network from the National Control Center (NCC) Oshogbo. The company has alsocondemned the meagre load allocation for customers in its franchise area...

  • Posted June 25, 2016
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  NEXIM Bank urges exporters to access intervention funds

  Nigerian Export Import Bank (NEXIM Bank) has advised exporters to take advantage of the N500billion non-oil Export Stimulation Facility (ESF) as well as the expansion of the export credit Rediscounting and Refinancing Facilities (RRF) to boost their...

  • Posted June 25, 2016
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  Fitch lowers Nigeria’s ratings, says further contraction likely

  Fitch Ratings, a global credit rating agency, on Thursday downgraded Nigeria’s long-term foreign currency Issuer Default Rating to ‘B+’ from ‘BB-’ and long-term local currency IDR to ‘BB-’ from ‘BB’, describing the outlooks as stable. The IDRs...

  • Posted June 25, 2016
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  Fuel importation will end in 2019 – Kachikwu

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday said the country would end fuel importation by 2019. He said there was an ongoing investment drive towards meeting the infrastructure requirements for local refining...

  • Posted June 25, 2016
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