Nigeria needs 1.52mbd capacity to meet petrol demand by 2025

With increased global competition in the crude oil production space, and the need to find a solution to the rising subsidy payments, the Nigerian National Petroleum Corporation (NNPC), has said the country needs a refining capacity of about 1.52 million barrels per stream day (MBPSD), to meet its premium motor spirit (PMS) requirement by 2025. Click here for more.

Air Passenger Traffic Rises as Economy Recovers

This signified significant growth rate for Nigeria that came out of an economic recession that climaxed in 2016. Data from Financial Derivatives Company (FDC) which showed this, revealed that the aviation sector recorded double- digit growth in 2018 as passenger traffic rose to 20.7 per cent, increasing 18.87 per cent above its 2017 growth rate. Click here for more.

Reps Probe CBN, Others Over Stamp Duties Non-Remittance

The House of Representatives is to constitute an ad hoc investigative panel over to probe the non-remittance of stamp duty  by the Central Bank of Nigeria (CBN), money deposit banks and other collection agents. Click here for more.

Nigeria Revives Plan to Double Oil Output, Triple Refining

Nigeria plans to almost double oil production and triple its refining capacity within six years, reviving previous pledges that turned out to be too ambitious. The OPEC member is looking to pump 4 million barrels a day by 2025 and increase refining capacity to 1.5 million barrels daily, Maikanti Baru, managing director of state-owned Nigerian National Petroleum Corp. Click here for more.

Market Sentiment Turns Positive As NSEASI Inches Up By 0.07%

Equities market closed yesterday on a positive note, as NSEASI appreciated by +0.07% to close at 29,919.44 points as against 0.59% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.81%. Click here for more.

Average Nigerian Business Pays 48 Taxes – Elumelu

The Chairman and founder of Heirs Holdings, Tony Elumelu, has said that an average business concern in Nigeria pays 48 taxes.He noted that with this trend Nigeria would be unable to keep its investors and entrepreneurs if the issue of multiple taxation was not abolished. Click here for more.

Sluggish recovery revealed by banks’ shrinking loan books

Nigerian banks largely did not grow their loan books in the past year, a signal that the macroeconomic environment remains weak and non-supportive for growth. The 12 largest lenders quoted on the floor of the Nigerian Stock Exchange (NSE) saw combined loans and advances dip by 6.37 percent to N13.18 trillion in December 2018. Click here for more.

AfDB’s commitments in Nigeria now $4.5bn

At the end of March 2019, the African Development Bank’s active portfolio in Nigeria rose to 60 operations with total commitments of $4.5bn. The bank said these comprised 28 public sector operations with total commitments of $1.7bn (21 national and seven regional); 34 non-sovereign operations with total commitments of $2.8bn. Click here for more.

FG to inject N10 bn to revive ailing Bank of Agriculture

The Federal Government has concluded arrangements to inject N10 billion as part of measures to revive ailing Bank of Agriculture (BOA). The bank will also under go several restructuring to meet up with modern technological advancement in banking sector. Click here for more.

Nigerian Cinemas expecting big business from Avengers: Endgame

Cinemas across Nigeria are bracing for a likely record-breaking weekend, as blockbuster movie “Avengers: Endgame” hits theaters on Friday, April 26th. The movie has a same-day release in North America where it is projected to have the biggest opening weekend in Hollywood history. Click here for more.

Ways to teach kids about money

If you don’t teach your kids how to manage money, somebody else will. And that’s not a risk you want to take! We’ll show you how to give your kids the head-start you wish you had and set them up to win with money at any age, according to www.daveramsey.com. Click here for more.