All posts by BusinessNews Staff

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  Nigeria, others to attract $73.5bn foreign investments in 2015

  Following plans by United States retail giant, Walmart to enter Nigeria’s retail market, increasing greenfield investment from China, India and South Africa, foreign investments in Nigeria and other African countries are expected to reach $73.5 billion by...

  • Posted August 13, 2015
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  Reps summon CBN Governor over dollar deposits

  The House of Representatives on Tuesday summoned the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, over the apex bank’s decision to bar deposit banks from accepting cash dollar deposits. The House resolution simply directed...

  • Posted August 13, 2015
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  Naira falls on parallel market as dollar demand rises

  The naira eased against the dollar on the parallel market on Tuesday driven by demand mainly from individuals travelling abroad for summer holidays and importers, traders said. The local currency was quoted at N224 to the greenback...

  • Posted August 13, 2015
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  MAN expresses worry over Nigeria’s low external reserves

  The Manufacturers Association of Nigeria (MAN) yesterday decried the low level of the nation’s external reserves. Nigeria’s external reserves were at $31.537 billion as at last Friday. The president, MAN, Dr. Frank Udemba, said external reserves stood...

  • Posted August 13, 2015
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  UBA restates commitment to agric lending

  United Bank for Africa Plc says it is committed to increasing its lending to the agricultural sector. The lender stated this on Saturday when it was named Nigeria’s Biggest Lender To Agriculture by the Lagos Chamber of...

  • Posted August 13, 2015
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  NRC installs new system to track train movement

  Nigeria can now monitor and control train operation from its Lagos head office, having just installed a modern signal system for this purpose. The Nigerian Railway Corporation said the installation of the new control system would enhance...

  • Posted August 13, 2015
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  Ford begins vehicle assembling in Nigeria this year

  One year after hinting about setting up an automobile assembly plant in Nigeria, Ford Motor Company on Tuesday confirmed its intention to start with the coupling of its best-selling Ford Ranger pickup truck in the fourth quarter....

  • Posted August 13, 2015
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  Senate seeks abolition of fixed electricity charges

  The Senate on Tuesday directed the National Electricity Regulatory Commission to abolish the monthly fixed charges being collected from electricity consumers by the distribution companies. The resolution followed a motion titled, “Unfair trade practices of electricity distribution...

  • Posted August 13, 2015
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  SON, stakeholders partner on lead reduction in paints

  Concerned on the harmful effect of lead in paints, the Standards Organisation of Nigeria (SON) in collaboration with stakeholders in the paint industry said it has planned effective measures to check the ugly trend. Lead in paints,...

  • Posted August 13, 2015
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  DPR begins implementation of gas transportation code

  The Department of Petroleum Resources (DPR) has stated that it had commenced the implementation of Nigeria Gas Transportation Network Code (NGTNC). This is coming as the Nigeria Gas Company (NGC) has hinted that gas supply to power...

  • Posted August 12, 2015
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