Dr Joseph Nnanna, a former Deputy Governor (Economic Policies) at Central Bank of Nigeria (CBN) has been named as the Chairman of Board of Nigeria Export Import Bank (NEXIM) by the Federal Government. This is contained in a statement signed by Tayo Omidiji, NEXIM Bank Head of Strategy and Communications on Friday in Abuja. Other […]
African leaders agreed on Wednesday to form a $3 trillion continental free-trade zone encompassing 1.2 billion people, but its two biggest economies, Nigeria and South Africa, did not sign up, diminishing its impact. The African Union started talks in 2015 to establish a 55-nation bloc that would be the biggest in the world by member […]
Nigerian energy conglomerate Sahara Group Ltd. said it revised plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day, Bloomberg reports. Lagos-based Sahara mulled an initial public offering in the Nigerian commercial capital and London in 2015, before falling crude prices forced it to backtrack. “The IPO is […]
Executives from the world’s largest trading houses and mining companies are discussing market trends at the FT Commodities Global Summit in Lausanne, Switzerland, this week. The following are Wednesday’s highlights: SEBASTIAN BARRACK, COMMODITIES HEAD, CITADEL “In terms of point forecasting – we don’t just pick one price outline… We are trading fundamentally, looking at shale […]
The Speaker of the Nigerian House of Representatives, Yakubu Dogara said the parliament plans to pass the country’s 2018 budget on April 24 following several months of delay. President Muhammadu Buhari presented a 2018 budget of 8.612 trillion naira, the country’s biggest ever, to lawmakers in November and was targeting Jan. 1, 2018 for its […]
– Angola’s state oil company offered a number of May-loading cargoes on Tuesday while Nigerian differentials remained under pressure from ample supply. ANGOLA * State oil company Songanol offered at least five cargoes on Tuesday, including Dalia at dated Brent minus 75 cents, Hungo at dated minus 40 cents, Saturno at dated minus 65 cents, […]
Facebook shares plunged Monday as the social media giant faced an onslaught of criticism at home and abroad over revelations that a firm working for Donald Trump’s presidential campaign harvested and misused data on 50 million members. On Wall Street, Facebook shares skidded 6.8 percent amid concerns about pressure for new regulations that could hurt […]
The Nigerian Stock Exchange (NSE) opened for the week on Monday on a downward trend with investors’ net worth dropping by 0.21 per cent due to unstable economic environment. The News Agency of Nigeria (NAN) reports that the All-Share Index lost 90 points or 0.21 per cent to close at 41,845.90 compared with 41,935.90 achieved […]
Nigeria has pulled out of signing a continental trade deal just days before it is due to be launched in the Rwandan capital, Kigali. The African Continental Free Trade Area Treaty would remove trade barriers and eventually allow free movement, creating a common market across the continent – much like the European Union. But Nigerian […]
The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Saturday assured Nigerians that the era of fuel scarcity is gone for good. Receiving the Man of the Year Award from Nigeria NewsDirect newspaper, the NNPC GMD said that the corporation had learnt a great lesson during the recent fuel scarcity […]