The Central Bank of Nigeria (CBN) on Monday injected $142.5 million into the inter-bank foreign exchange, days after intervening in the retail segment of the market with $254.3 million. A breakdown of the Monday’s intervention indicates that the bank offered $100 million to dealers in the wholesale segment, while it allocated $23 million to the […]
Business
CBN developing home-grown solutions to tackle economic crisis
The Central Bank of Nigeria (CBN) said it has been developing home-grown policies to surmount challenges that confronted the economy in recent times. Governor of the apex bank, Godwin Emefiele,who made the statement Sunday said CBN would intensify its intervention in the foreign exchange (forex) market in order to ensure price stability. Speaking on a […]
Ministry targets US$27bn contribution to GDP by 2025
The Ministry of Mines and Steel Development says it will contribute US$27 billion (about (N9.7 trillion) to the Gross Domestic Product (GDP) by 2025. According to the Ministry’s Road Map revealed in Abuja on Sunday, the target would be achieved in three phases. It said that the Phase One was to stabilise the sector and […]
800 delegates for insurance confab
No fewer than 800 delegates will participate in the 2017 National Insurance Conference (NIC) which begins on Monday in Abuja. The Chairman, Planning Committee of the conference, Mr Shola Tinubu, made this known in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday. According to Tinubu, the conference with the theme: […]
Maritime workers spoil for war with government
Port workers are set to embark on nationwide protests on Tuesday over their disagreement with some sections of the Ports and Harbour Bill, which they observed could lead to massive job losses. A source close to the Maritime Workers Union of Nigeria (MWUN) told the News Agency of Nigeria on Sunday in Lagos that the […]
EKEDC attributes blackout to rain
The Eko Electricity Distribution Company(EKEDC), has apologized for the blackout being experienced in Lagos areas, such as Lekki, Ajah, Victoria Island and Ikoyi. EKEDC blamed the blackout on the rain, which has continued to batter the city of 30 million people, resulting into an unprecedented flood on the roads and homes. According to a short […]
Samsung soars despite scandals
Samsung Electronics announced Friday it is set to post a new record quarterly operating profit of 14 trillion won ($12.1 billion). The estimate is up more than 70 percent from last year’s second quarter even though the company has had major crises to overcome. Vice Chairman Lee Jae-yong has been behind bars since February as […]
FG urged to curtail excessive borrowing
The Federal government of Nigeria has been urged to curtail excessive burrowing. The Chairman, T&C group of the Manufacturers Association of Nigeria, MAN, Mr. Ikpong Umoh, who made the plea stressed that the country’s debt profile, estimated at over N17.3trillion, is worsening the economic recession. Ikpong Umoh, Umoh said that the huge debt is made […]
We’re not part of Etisalat’s new board, says NCC
The Nigerian Communications Commission (NCC) has said that it was not among the members of the new board of Etisalat Nigeria. In a statement in Lagos on Saturday, NCC’s Director of Public Affairs, Mr Tony Ojobo, said: “As the regulator of the telecommunications sector, there was a recommendation suggesting that NCC should be on the […]
‘Yam export won’t affect local consumption, price’
The Chairman, Technical Committee on Nigeria Yam Export Programme, Professor Simon Irtwange, says the exportation of yam will not affect local consumption of the produce and its price. Irtwange gave the assurance Friday in an interview with News Agency of Nigeria (NAN) in Lagos. He said that it was necessary to allay the fears of […]