Business

The Naira decline after it recorded another big fall in the official market on Tuesday losing 0.9 per cent to the dollar. According to report, the Nigerian Currency which opened at N422.71 on Tuesday closed at N430.00 to a dollar at the end of the trading window for the day, representing a N4.25 or 0.99 per cent devaluation from N425.75 recorded in the previous market day.

The Federal government has announced the restructuring of five Electricity Distribution Companies, also known as DISCOs, in the Country. This was contained in a statement jointly signed by the Executive Chairman of the Nigerian Electricity Regulatory Commission, Sanusi Garba, and Director-General of the Bureau of Public Enterprises, Alex Okoh. According to them, the affected Companies are Kano Electricity Distribution Company, Ibadan Electricity Distribution Company, Benin Electricity Distribution Company, Kaduna Electric, […]

Infrastructure Concession Regulatory Commission, ICRC, has planned to gazette 53 eligible and bankable Public-Private Partnership Projects valued at $22billion in 2022. This was disclosed by the Acting Director-General of ICRC, Micheal Ohiani, during the Africa Public Private Partnership Network Investment Summit 2022 held in Abuja. According to Ohiani, ICRC had issued 128 outline business case compliance certificates, noting that these were certified bankable projects and the certificates would enable them […]

Federal Government has issued an insurance guideline to drive the retention of oil sector financial spending in Nigeria and help reverse capital flight. This was disclosed by the Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote, to newsmen in Abuja. Wabote noted that the guideline was in accordance with the law.

The Agricultural Credit Guarantee Scheme Fund, managed by the Central Bank of Nigeria, has guaranteed 1.232 million loans given to farmers across the country. According to the Chairman, of the Fund Stephen Okon, a total of 1,232,326 loans valued N130.903b were guaranteed from inception to May 2022. The monetary value of the loans was estimated at N130.903 billion.

The Federal Government has approved reforms to boost Nigeria’s non-oil revenue to N3.8 trillion and oil revenue to N160 billion annually. This was disclosed by Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, after the FEC meeting at the Presidential Villa, Abuja.

The Nigeria Exchange Limited closed on a flat note amidst sell-offs and buy-interest. The All Share Index closed at 51,802.48 points to reflect a decline of 0.003% from the previous trading day and a Year-to-Date return of 21.27%. Meanwhile, the market capitalization declined by N811 million.

Nigerian National Petroleum Company, NNPC, has said that there is no single refinery working in the country at the moment. This was disclosed by the Managing-Director of NNPC, Mele Kyari in Abuja. According to Kyari, NNPC is doing everything possible to bring them back to life.

The Minister for State of Petroleum Resources, Timipre Sylva, has charged the 57 marginal field investors to quickly develop their assets to increase crude oil production. Sylva gave the charge in Abuja at the formal presentation of Petroleum Prospecting Licences to the operators by the Nigerian Upstream Petroleum Regulatory Commission. The Minister noted that $2.7 billion was generated from the bid rounds conducted in 2020.