Nigeria’s central bank said on Thursday it has signed a $2.5 billion currency swap agreement with the People’s Bank of China to facilitate trade between the two countries and enhance foreign reserve management. Nigeria suffered a chronic dollar shortage after oil prices plunged mid-2014, which tipped its economy into a recession and hammered its currency […]
Faced with a population boom that has sent carbon emissions soaring and stretched power supplies to breaking point, oil-rich Nigeria is turning to renewable energy in a big way. Africa’s most populous country needs more than 10 times its current electricity output to guarantee supply for its 198 million people – nearly half of whom […]
South African telecoms firm MTN Group reported on Thursday a 9.1 percent rise in its revenue for the quarter to the end of March, sending its shares five percent higher. Revenue at Africa’s biggest telecoms firm increased due to growth in Nigeria and Ghana, where voice revenue expanded, the company said in a statement. MTN […]
Trading was muted on Wednesday as market participants in Asia and parts of Europe returned after holidays this week. Roughly a third of Angola’s June programme had yet to trade, while some Nigerian barrels could be reoffered, traders said. * While most traders said Asian buying would pick up following holidays in the region, no […]
Nigerian energy firm Forte Oil plans to sell its upstream services and power businesses in Nigeria and divest from Ghana to focus on its core fuel distribution operation at home, the company said on Wednesday. Forte Oil, majority owned by billionaire Femi Otedola, did not give a reason for the change in direction but said […]
A 27-year-old man, Uber driver, James Ejemba, was on Wednesday brought before an Ikeja Magistrates’ Court for allegedly running away with his employer’s Toyota Corolla car valued at N2 million. Ejemba, whose address was not provided, is facing a two-count charge of conspiracy and stealing. The Police Prosecutor, Insp. Benson Emuerhi, told the court that […]
The number of Nigerian doctors working in the UK has been sharply increasing, according to research by fact-checking organisation Africa Check. Last year, the number of Nigerian doctors registered with the UK General Medical Council nearly doubled, an increase of 89%. “In 2016, a total of 245 doctors registered in the UK. The number sharply […]
Nigeria’s Fidelity Bank is considering issuing a commercial paper to boost lending depending on the yield and pricing it can fetch, a senior executive said on Wednesday. Analysts expect the central bank this year to adopt a more dovish stance on interest rates as inflation falls, and see a cut in the coming months. Also, […]
Nigeria has joined the World Minifootball Federation (WMF), responsible for organising six-aside football. The News Agency of Nigeria (NAN), reports that the WMF has no link with the Federation of International Football Association (FIFA), which organises football, including five-aside. Andy Elerewe, President, Minifootball Association of Nigeria (MAN), announced the membership on Tuesday in Abuja. He […]
Nigeria’s central bank plans to introduce regulations that will enable it to remove bank executives if they fail to publish audited annual accounts during the following 12 months, it said. Commercial bank is meant to publish accounts within four months of the end of their financial year. The regulator said in a report that banks […]