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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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  • Stakeholders defer NSE’s demutualisation

    Stakeholders in the stock market comprising the Nigerian Stock Exchange National Council and members have deferred the demutualisation programme of the Exchange pending an Extra-Ordinary Meeting on the subject. This resolution was made at the Exchange’s 55th...

    • Posted June 25, 2016
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  • Naira devaluation, oil sector crisis threaten banks

    The capital adequacy ratios of a number of Nigerian banks will come under increasing pressure should the weakness in the naira and crisis in the nation’s oil sector persist, Fitch Ratings has said. CAR, which is a...

    • Posted June 25, 2016
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  • Nigerian firm cuts gas supply to Ghana

    The West African Gas Pipeline Company said on Tuesday it had suspended the flow of gas from Nigeria to Ghana over unpaid bills by the Ghanaian government. Ghana’s state power producer, Volta River Authority, owes Nigeria’s N-Gas...

    • Posted June 23, 2016
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  • NRC increases Lagos goods trains, eyes fuel haulage

    The Nigerian Railway Corporation says it has increased its capacity for goods haulage, especially dry products, in the Lagos district with the intention to capture more freight business this year. It also said the corporation planned to...

    • Posted June 23, 2016
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  • Poor metering: NERC to sanction Discos from October

    Power distribution companies that fail to provide meters for all maximum demand customers on their networks not later than the last quarter of this year will be sanctioned, the Nigerian Electricity Regulatory Commission has said. According to...

    • Posted June 23, 2016
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  • CIS endorses CBN’s floating exchange rate policy

    The Chartered Institute of Stockbrokers (CIS) has applauded the Central Bank of Nigeria (CBN) for the re-introduction and re-modelling of the floating single foreign exchange policy. The CIS in a statement, described the move as a bold...

    • Posted June 23, 2016
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