All posts by BusinessNews Staff

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  Online businesses, services account for 51% of GDP

  The services sector, including online businesses, accounted for more than 51 per cent of Nigeria’s Gross Domestic Product by the end of December 2014, according to findings from a study published by The Africa Report. The report...

  • Posted January 3, 2015
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  NNPC, DPR promise adequate fuel supply in the New Year

  The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians of adequate supply of petroleum products during the New Year celebrations and beyond. The Group General Manager, Group Public Affairs Department, NNPC, Mr. Ohi Alegbe, stated this in...

  • Posted January 2, 2015
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  Equities Market sheds N1.748tn to close 2014 at N11.478tn

  As has been indicated, the Nigerian equities market closed 2014 on a negative note after recording growths in 2012 and 2013. At the close of trading for the 2014 year on Wednesday, the benchmark index, the Nigerian...

  • Posted January 2, 2015
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  Naira closes 2014 at 193 to dollar

  The naira closed the year 2014 on Wednesday at 181.50 to the United States dollar at the interbank market and between 191 and 193 on the streets, against the 160.60 recorded on December 31, 2013. The local...

  • Posted January 2, 2015
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  CBN revokes licences of 21 primary mortgage banks

  The Central Bank of Nigeria (CBN) has revoked the operating licences of 21 Primary Mortgage Banks (PMBS) as well as one microfinance bank and directed the Nigeria Deposit Insurance Corporation (NDIC) to commence the process of orderly...

  • Posted January 2, 2015
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  BPP saves N8.9bn on contracts in three months

  The Bureau of Public Procurement has saved about N8.9 billion for the federal government between April and June 2014 through cost reduction of contracts. This is contained in the bureau’s 2014 Second Quarter Report made available to...

  • Posted January 2, 2015
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  First Bank, Etisalat boost mobile money initiative

  First Bank of Nigeria and Etisalat have collaborated to boost the mobile money payment channel in the country. A statement by the lender said the development would boost financial inclusion and impact significantly on the uptake of...

  • Posted January 2, 2015
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  FG shifts Tokunbo car tariff increase to April

  The Federal Government may have bowed to pressure on the implementation of the 70 per cent tariff on imported used vehicles by postponing its enforcement to April 30, 2015. This is the third time in six months...

  • Posted January 2, 2015
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  FG spent N500bn on power sector liabilities

  The Federal Government spent about N500bn to settle the liabilities and debts that threatened to truncate the power sector reform, the Supervising Minister of Information, Dr. Nuruddeen Mohammed, has said. Mohammed, who said this at a press...

  • Posted January 2, 2015
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  FG may reopen MMIA cargo terminal next week

  Indications have emerged that the Federal Government may reopen the cargo terminal of the Murtala Muhammed International Airport in Lagos next week. This is because the congestion, which led to the closure of the terminal two weeks...

  • Posted January 2, 2015
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