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All posts by BusinessNews Staff

  • N50bn debt owed by Discos cripples power sector

    The over N50bn debt owed the owners of the National Integrated Power Project plants by 11 electricity distribution companies has become a heavy burden threatening the power supply industry in the country, investigation has shown. Our correspondent...

    • Posted March 12, 2015
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  • Why we discourage states from borrowing – FG

    The Federal Government on Tuesday explained that it was discouraging state governments from borrowing because most of them were experiencing difficulties in servicing their existing debts. The Federal Government had last year directed that Deposit Money Banks...

    • Posted March 12, 2015
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  • Currency fall puts $11bn Eurobonds at risk

    The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, says the continued currency depreciation in Nigeria and sub-Saharan African countries is putting $11bn foreign loan in the region at risk of repayment. He said the...

    • Posted March 12, 2015
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  • NSE index rises by 0.51%

    The equities segment of the Nigerian Stock Exchange witnessed a strong bargain on Tuesday, closing on a positive note for the second day this week. The NSE All-Share Index rose by 159.35 basis points or 0.51 per...

    • Posted March 12, 2015
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  • FX crisis takes toll on food prices

    Despite the marginal recovery in the crude oil price from its January lows, Nigeria has continued to feel the downside impact of a weaker oil-price environment as prices of staples increased significantly in February. Specifically, the price...

    • Posted March 12, 2015
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  • Analysts remain bullish as Market extends gains

    Financial analysts at Afrinvest (West Africa) Limited on Tuesday expressed confidence that the positive sentiments the stock market has witnessed in  recent weeks would be sustained in the days ahead. The stock market appreciated by 0.47 per...

    • Posted March 11, 2015
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  • Devaluation of naira further increases landing cost of petrol

    The recent relief enjoyed in subsidy payment by the federal government as a result of the drop in the international price of crude oil has further been eroded as the recent devaluation of the naira by the...

    • Posted March 11, 2015
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  • External reserves fall by $3bn in four weeks

    The external reserves have started dropping at a faster pace due to low demand for the nation’s crude oil and its falling prices globally. Nigeria derives 70 per cent of its revenue and 90 per cent of...

    • Posted March 11, 2015
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  • Nigeria, Angola, Ghana to account for 87% of subsea market

    Despite the slump in crude oil prices, projects in West Africa will largely continue to fuel Africa’s subsea demand, with Nigeria, Angola and Ghana projected to account for 87 per cent of West Africa’s capital expenditure (capex)...

    • Posted March 11, 2015
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  • Obiano to inaugurate $100m Ekcel Farm Project

    As part of activities commemorating his one year in office, Governor Willie Obiano of Anambra State will Wednesday inaugurate a monumental site for the formal take off of the $100 million Ekcel Farm project in the state....

    • Posted March 11, 2015
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