Business

The latest business news in Nigeria, Africa and the world.

CBN Reveals Why Nigeria Needs Stable Exchange Rate

The Central Bank of Nigeria (CBN) has said the country needs a stable exchange rate to halt depreciation of the Naira instead of building foreign reserve buffers.

Nigeria’s Crude Oil Production Jumps To 2.16mbpd

Nigeria crude oil production has climbed to 2.16 million barrels per day in September, the highest for the year 2018. 

Nigeria May Experience Q3 Growth – Research Analyst

A research analyst at FXTM, a firm which specialises in forex trading, Lukman Otunuga, says Nigeria may experience growth in the third quarter of the year, despite “gloomy predictions” made by the International Monetary Fund (IMF).

Finance Ministry Seeks IMF’s Help To Go After Oil Companies For Tax

Nigeria's minister of finance Zainab Ahmed, says that the federal government has asked the International Monetary Fund for help in getting taxes from large oil companies.

Naira Maintains N360 To Dollar At Parallel Market

Nigeria's currency, the naira, remained stable against the dollar at the parallel market in Lagos on Friday, exchanging at N360 to the dollar.

Oil Price Rise Beyond Producers’ Control, Opec Says

The Organization of Petroleum Exporting Countries (Opec) has said oil producers cannot control oil prices in the global market. 
Cabotage regime

Nimasa Stops Oil Firms From Cabotage Waivers

Oil companies would no longer get waivers under the Cabotage regime, the Nigerian Maritime Administration and Safety Agency (NIMASA) has said. 
AU Gives $36m To Curb Drought, Improve Livestock Development

AU Gives $36m To Curb Drought, Trigger Livestock Development

The African Risk Capacity (ARC) which was established by the African Union has revealed that it gave out $36 to member-nations to curb drought. 
Presidency Decries Continued Closure Of Nigerian Shops In Ghana

Presidency Decries Continued Closure Of Nigerian Shops In Ghana

The Senior Special Assistant to the President on Foreign Affairs and Diaspora Abike Dabiri-Erewa has lamented the closure of some Nigerian shops in Ghana. 
Africa Finance Corporation Gets $300m Facility From China Exim Bank

Africa Finance Corporation Gets $300m Facility From China Exim Bank

Africa Finance Corporation (AFC) has gotten a loan facility worth $300m from the Export-Import Bank of China (CEXIM).

Forbes Rates Nigeria’s Economy Best Performing In Africa

Renowned research outlet Forbes has named Nigeria's economy as the most performing one in the African continent, projecting a better outing in 2019.

We Want Payment Of Oil Subsidy, Oil Marketers Demand

The Major Oil Marketers Association of Nigeria and the Depot and Petroleum Products Marketers Association have urged the federal government to pay them their outstanding debts.
Nigeria Indian Chamber of Commerce

India, Nigeria To Deepen Bilateral Trade Ties

Nigeria and India are putting modalities in place for the deepening of bilateral trade ties between them, the Nigeria Indian Chamber of Commerce and Industry has said. 
Lagos Chamber Of Commerce Laments High Port Charges

Lagos Chamber Of Commerce Laments High Port Charges

The Lagos Chamber of Commerce and Industry (LCCI) has identified poor infrastructure as responsible for the high cost of doing business at Nigeria's ports.
Electricity Generation Nigeria

FG Reveals What Nigeria Needs To Fix Energy Sector

Vice President Yemi Osinbajo has said the country would need a $1tn investment to revamp its energy infrastructure in 29 years.
World Bank

World Bank Apologises To Nigeria For Wrong Economic Counsel

The World Bank has taken "responsibility’’ for advising Nigeria and other African nations to invest in infrastructure, energy, rails, and roads. 

Nigeria’s Human Capital Index Ranked Among Worst Seven Globally

The World Bank has ranked Nigeria among the worst seven countries in its recently released Human Capital Index. 

Senate Receives $2.8b Foreign Loan Request From Buhari

President Muhammadu Buhari has sent a letter to the Senate to approve a $2.8 billion foreign loan request to fund the 2018 budget.
Buhari Govt. Approves N460m For Capital Projects

Buhari Govt. Approves N460m For Capital Projects

About N460 million has been approved by the federal government for the execution of capital projects, Budget and National Planning Minister Udo Udoma has said.
Afrexim Bank Says It Has $3bn Exposure In Nigeria

Afrexim Bank Says It Has $3bn Exposure In Nigeria

The African Import-Export Bank (Afrexim) has revealed that it has a business exposure of about $3.2 billion in Nigeria. 
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