Last Friday’s resolution by the Organisation of Petroleum Exporting Countries (OPEC) to cut 800,000 barrels, or 2.5 per cent of members daily output, will see Nigeria’s daily oil production drop by a minimum of 43,775 barrels, effective January 2019. The drop is expected to remain in place for an initial six months period until June […]
By Foster Obi Africa’s leading digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh has disclosed that Nigeria is blessed with global salesmen and women in the public, private, political and religious spheres in a knowledge century where a typical salesman or woman is expected to have some critical qualities in them to achieve global […]
By Foster Obi Flour Mills of Nigeria (FMN) on Monday gave out 16 new trucks to its key but lucky distributors in its food segment in a strategic move to motivate and enable them grow their businesses by reaching out for wider market share. The gesture according to FMN is in tandem with its promise […]
The Nigerian National Petroleum Corporation (NNPC) on Sunday threatened to seek a legal interpretation on whether it has the right to withdraw funds from the Nigeria LNG Dividend Account without the approval of the National Assembly. The corporation issued the threat through its Chief Financial Officer (CFO), Isiaka Abdulrazaq, during an interactive session with journalists […]
The Central Bank of Nigeria (CBN) has condemned the non-accessibility of the N500 billion export stimulation fund set up basically for the promotion of non-oil exports in the country. As such, the CBN has set up a committee to look into the challenges confronting accessibility of the funds.The apex bank and Nigeria Export-Import Bank (NEXIM) […]
The Central Bank of Nigeria (CBN), at the weekend, said Nigeria’s external reserves have recovered significantly from $23 billion in October 2016 to over $43 billion as of December 3, 2018. Besides, the apex bank unveiled plans to float a national microfinance bank in January 2019, with a N5billion take off capital, as part of […]
Nigeria’s economy grew 1.81 percent in the third quarter of 2018 from a year earlier, pushed higher by the non-oil sector, the statistics office said on Monday. The figures are a slight improvement from the previous quarter, when a slowdown in growth sparked fears that Africa’s biggest oil producer might enter recession for the second […]
South African telecoms firm MTN Group was still in talks with Nigerian authorities over an $8.1 billion dispute and a $2 billion tax demand in a bid to reach an agreement, Africa’s biggest mobile operator said on Monday. The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the […]
Crude prices fell in US midmorning trading Monday as last week’s selloff in equity markets extended, stoking concerns that an economic slowdown could impact oil demand growth. ICE February Brent was down 86 cents at $60.81/b and NYMEX WTI was $1.11 lower at $51.50/b. Monday’s declines pushed crude prices to just above Thursday levels, roughly […]
The International Air Transport Association, IATA, has said Nigeria and other African countries are the most expensive places to do Aviation business in the world in spite of the fact that African aviation supports $55.8 billion of economic activity and 6.2 million jobs in the continent. Speaking at the 50th Annual General Assembly meeting of […]