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

Manufacturers Bring Vice President Osinbajo To Anambra

The Vice President would be in Anambra state on Thursday, to assess the challenges facing some companies. His visit is aimed at providing sustainable package for 300 firms.

Nigerian Railway System Is 90 Percent Efficient – NRC Chairman

Chairman of Nigeria Railway Corporation (NRC), Usman Abubakar, says the country’s railway system is back on track and now traverses about 3,000 kilometres across the country.

Naira Weakens As CBN Retains Benchmark Rate

The Naira on Tuesday weakened against the dollar shortly after the Central Bank of Nigeria retained its Monetary Policy Rate and endorsed the crackdown on parallel market traders by security operatives.

Economy: Naira Gains At Interbank Market

The Naira gained 50k to exchange at N305.00 to a dollar at the interbank market. In the parallel market, it closed at N465 to a dollar, while Pound and Euro exchanged at N565 and N490, respectively.

Create Single Digit Interest Rate, MAN Urges CBN

The Manufacturers Association of Nigeria, Ogun State chapter, has called on the Central Bank of Nigeria to create a window that would grant single digit interest rate to the real sector.

Nigeria’s GDP Drops By 2.24% In Third Quarter – Statistics Bureau

The country slid into recession for the first time in 25 years in the second quarter following an economic crisis triggered by a slump in crude prices. This has badly affected government finances.

FG Move To Clamp Down On Forex Hoarders

According to the amendment draft, anybody holding dollars in cash for more than 30 days risk a jail term for as long as two years or a fine of 20% of the amount.

Bank Of Agriculture To Raise Capital Base To N250bn

The Managing Director of Bank of Agriculture (BOA), Prof. Danbala Danju, says the bank plans to raise its capital base to N250bn.

Food Production: Nigeria Close To Self-Sufficiency – Emefiele

The CBN boss has expressed confidence that Nigeria will soon be self-sufficient in food production. He made this known at the launch of the 2016 wheat planting season in Sokoto State, north-west Nigeria.

MDAs Owe DISCOS N100bn As National Blackout Looms

Unless there is an urgent government intervention, Nigeria is about to witness a catastrophic national power blackout before the end of 2016, Concise News gathers.

CBN Agric Initiative Crashes Local Price

A significant drop has been recorded in the price of local rice, following the launch of Anchor Borrowers Programme. An official of the Central Bank of Nigeria (CBN) made this Known in Owerri on Saturday.

NEC Cancels Joint Cash Call With Oil Companies

Henceforth, there will not be joint cash call with oil companies operating in Nigeria, said the National Economic Council (NEC). The council says it aims to stop unapproved spending by agencies.

Photos: Innoson Motors Presents Made-in-Nigeria IVM G12 Series To Nigerian Army

Innoson motors has presented latest Made-in-Nigeria IVM G12 series for military operations to COAS to aid fight insurgency in North East.

Energy Transmission: TCN Can’t Meet Expectations – Owoeye

IBEDC Brand and Communication Manager has revealed that the Transmission Company of Nigeria (TCN) cannot meet the demand of the nation even if electricity generation doubles.

Energy Theft: DisCo Wants Mobile Courts To Try Offenders

The Branding and Communication Manager of Ibadan Electricity Distribution Company (IBEDC), Kikelomo Owoeye, has called on FG to establish mobile courts to try energy theft offenders.

SEC To Implement 10-Year Masterplan

SEC Director-General, Munir Gwarzo has assured investors that the commission has intensified efforts to increase its efficiency and deepen the market through several adjustment in its mandate.

Recession: Nigeria May Not Come Out In 2017 – MAN

President of Manufacturers Association of Nigeria (MAN) Frank Jacobs believes it would be difficult for the country to get out of recession in 2017.
Donald Trump

Nigeria Will Likely Get Less Grants, Aids From Trump Administration – MAN

President of Manufacturers Association of Nigeria has said that, considering the conservative orientation of the Republicans, Trump-led US may reduce support in terms of grants and aids to Nigeria.

Recession: Nigeria Seeks Reduced Dues To UN

In view of the economic recession in Nigeria, the country has asked the United Nations to review its assessed contributions to the organisation for 2016.

Whatsapp Video Call Launches; To Be Available On Android, iOS Next Few Days

Whatsapp parent company, Facebook, has announced the launch of the video calling features which will see it compete with skype and facetime.
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