Nigeria’s Senate approves Buhari’s $5.5bn foreign loan request
Businessam Staff
November 14, 2017
The Nigeria’s Senate Tuesday approved a $5.5 billion external loan request by President Muhammadu Buhari. The president had in a letter on October 10, requested the upper chamber to approve $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the international market. Buhari explained that the bonds would be channelled towards funding […]
FG canvasses investors’ support for truck parks, inland dry ports
Businessam StaffNovember 9, 2017
The federal government has urged investors to key into the immense opportunities inherent in the Inland Dry Ports (IDP) and the proposed Truck Transit Parks (TTP) initiated by the Nigerian Shippers’ Council (NSC). The truck parks and inland dry ports are the brain child of the NSC designed to be built and managed by private […]
Nigeria’s external reserves to hit of $35bn, highest in last 3years
Businessam StaffNovember 6, 2017
Increase in global oil has spurred Nigeria’s external reserves to $35 billion marks, the highest in the last three years. According to data from the website of the Central Bank of Nigeria (CBN), external reserves of the country rose by $1.37 billion in October 2017. An improvement which is 100 percent of what was achieved […]
2017 international trade fair to enhance economic growth, Ambode says as it begins in Lagos
Businessam StaffNovember 3, 2017
Akinwunmi Ambode, Governor of Lagos State said the 2017 Lagos International Trade Fair (LITF) will be an avenue for collaboration toward enhancing economic growth. According to NAN’s report, the governor, represented by his deputy, Idiat Adebule made the remark Friday, at the opening of the fair with the themed “Promoting Industrialisation for Economic Recovery and […]
How to sustain Nigeria’s economic recovery – Udoma
Foster ObiNovember 1, 2017
Udoma Udo Udoma, Nigeria’s minister of budget and national planning, has said that although the country is recording positive changes in its economic recovery plans, more work still needs to be done to sustain the positive momentum and that this will require using the best talents and tapping into the entrepreneurial spirit of Nigerians. The […]
Nigeria launches first Islamic insurance scheme to boost economy
Businessam StaffOctober 31, 2017
Malam Muhammad Sanusi 11, the Emir of Kano Monday launched the first Islamic insurance in Nigeria, tagged ‘Jaiz Takaful Insurance’. The Emir said at the event that the introduction of the system in Nigeria was a welcome development, especially as it would contribute towards boosting the country’s economy. According to him, the policy, which will […]
Automotive policy biting harder on Nigeria’s economy, says LCCI
Businessam StaffOctober 30, 2017
The Lagos Chamber of Commerce and Industry (LCCI) said Monday in Lagos that the automotive policy is biting harder on the Nigerian economy and must be urgently reviewed. Muda Yusuf, the Director-General of LCCI, who made the observation in an interview with the News Agency of Nigeria (NAN), said the review was necessary for facilitated […]
Nigeria’s inflation rate is expected to hit single digits in mid-2018, apex bank governor says
Businessam StaffOctober 27, 2017
Godwin Emefiele, Nigeria’s central bank governor said Friday he expected the inflation rate to fall at a faster pace and hit high single-digit rates mid-next year. “We are very optimistic that food prices will come down and as they come down, it will help to complement the reduction in core inflation,” Emefiele told journalists on the […]
Nigeria still grapples with the consequences of 1998 Malabu scandal, says vice president
Businessam StaffOctober 23, 2017
Yemi Osinbajo, Nigeria’s Vice-President said the country still suffers the consequences of the lack of transparency involved in the award of OPL 245 to Malabu Oil and Gas Ltd in 1998. Speaking in Jakarta, Indonesia, Monday at a conference on beneficial ownership organised by the Extractive Industries Transparency Initiative (EITI), Osinbajo also said hidden corporate ownership […]
Ondo state keys into Nigeria’s diversification programme, set to revive OK LNG coy
Businessam StaffOctober 23, 2017
Gov. Rotimi Akeredolu of Ondo said he will push the diversification programme of the state further by reviving moribund OK LNG, a state government-owned firm, to boost the state’s economy. This was the high point of the discussion of top Ondo officials and oil majors in a crucial meeting held in the office of the […]