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Erratic power supply not reason why economy isn’t growing – Fashola

Erratic power supply not reason why economy isn’t growing – Fashola

2018-02-02 10:13:17

The inadequate supply of electricity is not the reason why the country’s economy is not growing, the Minister of Power, Works and Housing, Babatunde Fashola, has said. According to Fashola, experts who attribute the slow growth of Nigeria’s economy to power supply challenges make such arguments without facts and are not correct.This is coming as he directed power distribution companies to find ways of collecting the outstanding debts owed them by public sector organisations from state governments, adding that the Federal Government had verified and given approval for the payment of its own portion of the claims. The minister stated… continue reading


Senate urges CBN, NDIC to educate Nigerians on bitcoin danger

Senate urges CBN, NDIC to educate Nigerians on bitcoin danger

2018-01-31 08:52:52

THE Senate on Tuesday, urged Central Bank of Nigeria (CBN) and other stakeholders to make a deliberate effort to educate the public on the dangers of Bitcoin as a store of value in Nigeria. It said that all news platforms and in various languages should be deployed in the dissemination. The upper chamber also called on National Orientation Agency (NOA) to spread the news against all forms of wonder banks and Ponzi schemes operating in Nigeria. It also asked members of its Committee on Banking and other Financial Institutions to investigate the viability of Bitcoin as a form of investment… continue reading


Nigeria’s external reserves hit 4-year high of $40.3bn

Nigeria’s external reserves hit 4-year high of $40.3bn

2018-01-29 12:06:21

NIGERIA’s external reserves rose to $40.33 billion last week, the highest in four years. Meanwhile investors have injected $5.23 billion through the Investors and Exporters (I&E) foreign exchange (forex) window in four weeks while the Central Bank of Nigeria, CBN, has intervened in the forex market with $986 million since the beginning of the year. Data from the CBN website showed that external reserves rose to $40.33 billion on Thursday, January 25, from $38.765 billion on December 29, 2017. Thus, the reserves have risen by $1.56 billion this year. The $40.33 billion reserves represent the highest since January 2014 when… continue reading


End fuel scarcity in seven days, Senate tells NNPC

End fuel scarcity in seven days, Senate tells NNPC

2018-01-26 10:24:42

The Senate has asked the Nigerian National Petroleum Corporation to end the lingering scarcity of Premium Motor Spirit (petrol) within seven days. This was part of the resolutions made by the upper chamber of the National Assembly at the plenary on Thursday. The resolution followed the adoption of a report by the Senate and House of Representatives’ Joint Committee on Petroleum Resources following a closed-door meeting between the committee and the NNPC leadership on Wednesday. The Chairman, Senate Committee on Petroleum Resources (Downstream), Senator Kabiru Marafa, who briefed senators on the outcome of the meeting, said, “We met them yesterday… continue reading


Oil rises towards $80 on US crude inventory drop, weaker dollar

Oil rises towards $80 on US crude inventory drop, weaker dollar

2018-01-25 12:32:40

Oil prices on Thursday hit their highest since December 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Oil prices rallied to a three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71 dollars per barrel, both crude benchmarks are up by almost 60 per cent since the middle of last year. U.S. West Texas Intermediate crude futures climbed to 66.22 dollars per barrel in early trading, also the highest level since early December 2014. Price support… continue reading


Nigeria woos foreign investors with infrastructure

Nigeria woos foreign investors with infrastructure

2018-01-24 11:07:54

Vice President Yemi Osinbajo in Davos, Switzerland, said Nigeria was ready to partner international investors and friendly nations to develop Nigeria’s manufacturing sector and promised to boost infrastructure to provide ambience for investment. Osinbajo said this in a statement by his Special Senior Assistant on Media, Laolu Akande, in Abuja. Osinbajo stated this while meeting with a delegation of the Japan External Trade Organization (JETRO), led by Mr Hiroyuki Ishige, the organisation’s Chairman and CEO on the sideline of the World Economic Forum (WEF). According to Osinbajo, the Buhari administration working with the Private Sector is determined to boost the… continue reading


Mambilla: FG, Chinese consortium sign $5.8bn power plant agreement

Mambilla: FG, Chinese consortium sign $5.8bn power plant agreement

2017-11-11 12:03:49

The Federal Government and a consortium of three Chinese firms yesterday signed an agreement for the construction of the 3,050 megawatts Mambilla Hydroelectric Power Plant worth $5.79bn. According to the government, the project which is being constructed in Taraba State is expected to be completed in six years. Funding for the power plant will come from China and the Federal Government, as China Exim Bank and other Chinese lenders are expected to provide 85 per cent of the contract sum amounting to $4.92bn, while Nigeria will put forward 15 per cent amounting to $868.87m. On the scope of work for… continue reading


Budget: N2tn debt service provision unsustainable, says LCCI

Budget: N2tn debt service provision unsustainable, says LCCI

2017-11-10 11:51:04

The Lagos Chamber of Commerce and Industry has described as unsustainable the debt service provision of N2.014tn in the 2018 budget proposal submitted by President Muhammadu Buhari to the National Assembly on Tuesday. The LCCI, however, commended the commitment of the government to the restoration of the January-December budget cycle, saying it would be good for planning purposes both in the public and private sectors of the economy. It, therefore, appealed to the National Assembly to ensure a speedy consideration of the appropriation bill in order to normalise the budgetary cycle. The Director-General, LCCI, Mr. Muda Yusuf, said this would… continue reading


Oil price rises to $62.53

Oil price rises to $62.53

2017-11-07 12:00:25

OIL price rose further, yesterday, with Brent climbing 46 cents to $62.53, while West Texas Intermediate, WTI rose 23 cents to $55.87 a barrel, the highest since July 2015 as Saudi Arabian King Salman’s anti-corruption drive shook the world’s biggest crude exporter. Oil Also, oil production reached levels last seen more than two years ago just weeks before major producers gather to discuss prolonging historic production caps. Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, said the federal government supports an extension of a deal between Organisation of Petroleum Exporting Countries, OPEC, Russia, and other non-members to cut oil… continue reading


Fresh push for crude oil exploratory work in Benue trough

Fresh push for crude oil exploratory work in Benue trough

2017-11-04 10:34:10

Following the flag-off of oil search on the Nasarawa State end of the Benue Trough last week, the Nigerian National Petroleum Corporation (NNPC) has commenced move to mobilize for oil exploration in the Benue State sector of the Benue Trough. The Group Managing Director of NNPC, Dr. Maikanti KacallaBaru, who led a high-powered delegation from the Corporation to the Governor of Benue State, Mr. Samuel Ortom, disclosed that all was set for seismic data acquisition work to commence in the state. Dr. Baru also disclosed that apart from oil exploratory work, NNPC was also ready to kick-off its biofuel project… continue reading


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