Government receives N11tr from SPDC JVs in four years

The Federal Government has so far received about $29 billion (N11.7 trillion) from the Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture between 2012 and 2016, the oil company claimed.

REVEALED: Combined wealth of Dangote, Adenuga, Otedola, Alakija, Danjuma can end extreme poverty in Nigeria

The combined wealth of Nigeria’s five richest persons, estimated to be about $29.9 billion, can end extreme poverty in the country, a report by Oxfam International has stated.

The Oxfam report was titled ‘Inequality in Nigeria, Exploring the Drivers.’

Ogbeh: Nigeria’s Rice Policy Hurting Thai Production

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh has said that the federal government’s ban on the importation of rice into the country was having severe effects on rice production in Thailand.

High food prices contradict latest declining inflation rate

While latest indicators have shown that the nation’s inflation rate is easing, there are divided sentiments on the reality of the claims as food and other household items remain steadily high, despite various interventions by the government.

FG Brainstorms on Modalities for Funding 2017 Budget

Five days after the National Assembly passed the 2017 budget, the Economic Management Team (EMT) chaired by acting President Yemi Osinbajo met in the Presidential Villa, Abuja, on Monday to discuss the modalities for funding the budget.

Naira stable at N385/$1

The Central Bank of Nigeria (CBN) yesterday injected $457.3 million into various segments of the foreign exchange market, even as the naira remained stable at N385 per dollar in the parallel market.

FG To Revive, Sustain Economy Through Reforms

The Federal Government on Tuesday, promised to implement daring reforms that would revive and sustain economic growth and development in the country.

The Minister of Finance, Mrs Kemi Adeosun, made the promise in Abuja at the launch of the International Monetary Fund’s Regional Economic Outlook report on Sub-Saharan Africa.

CBN offers $81.2m, as parallel market remains N391

The Central Bank of Nigeria (CBN) yesterday, intervened in the foreign exchange market with $81.2 million, covering invisibles and Small and Medium Enterprises (SMEs) segments.

Osinbajo to sign 2017 budget into law — Presidency

Though report of the three-man Presidential Committee that investigated the Secretary to the Government of the Federation, SGF, Babachir Lawal, and the Director-General, Nigerian Intelligence Agency, NIA, Ayo Oke, is yet to be made public, both men stand suspended, a Presidency source has said.

Ajaokuta Steel Company To Create Employment- Federal Govt.

The Federal Government says the first phase of Ajaokuta Steel Company will provide 500,000 upstream and downstream employment when it becomes operational.

Mr Isah Onobere, the Sole Administrator of the company made this known during a media tour to the company on Friday.

Adeosun: FG Will Spend on Infrastructure to Exit Recession

 

The Minister of Finance, Mrs. Kemi Adeosun has said the federal government plans to boost agricultural production and spend billions of dollars upgrading dilapidated infrastructure that will help drag Africa’s top oil producer out of recession this year.

Shell to Invest $25bn in Nigeria, Others

Royal Dutch Shell has announced it will invest an estimated $25 billion this year in all its oil and gas operation across the world, including Nigeria.

Buhari Meets Emefiele, Pleased With Stability in Forex Market

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, thursday revealed that President Muhammadu Buhari is satisfied with the stability in the foreign exchange (FX) market, following the sustained intervention by the central bank.

Dangote Group Partners GAC Motor, Buys Company’s Vehicles for Its Operations

With an eye on its expansion drive in the Nigerian economy, GAC Motor, one of the brands under the Choice International Group (CIG) in Nigeria, recently marked a milestone when it signed a new business partnership deal with the largest conglomerate not only in Nigeria but in Africa, the Dangote Group, to supply vehicles to the Nigerian conglomerate.

CBN Sanctions 14 Banks for Crowding out SMEs in FX Market

Following persistent complaints that some Deposit Money Banks (DMBs) have deliberately frustrated efforts by many Small and Medium Enterprises (SMEs) to access FX from the window created for small businesses in the country, the Central Bank of Nigeria (CBN) has barred all but eight banks from participating in the weekly SME wholesale spot and forwards interventions effective Tuesday.

Naira Strengthens as CBN Offers $100m in Wholesale Forwards

The naira sustained its gains on the parallel market thursday, where it closed at N380 to the dollar, stronger than the N383 to the dollar the previous day.

Despite CBN Market Forays, External Reserves Stand at $30.6bn

Despite all the dollars pumped into the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) since February 20 when it announced its new FX policy measures, the country’s external reserves have remained relatively robust.

CBN extends BVN to microfiance banks

The Central Bank of Nigerian has extended the Bank Verification Number (BVN) exercise to microfinance banks.

This was disclosed in a circular dated April 21 with reference number OFI/DIR/CIR/GEN/17/139 and signed by the CBN Director in charge of Other Financial Institutions Supervision Department, Mrs Tokunbo Martins.

IMF: What Nigeria must do to revive economy

The International Monetary Fund (IMF) has stated that what Nigeria requires to address tremendous shocks holding its economy back is a broad set of policies and reforms.

CBN Suspends Nationwide Cashless Policy, Creates FX Window for Investors, Exporters

The Central Bank of Nigeria (CBN) has once again suspended the nation-wide implementation of the cashless policy which commenced this month.