IMF Raises Nigeria’s Growth Forecast to 2.3%

The International Monetary Fund on Tuesday raised the growth forecast of Nigeria’s economy for the 2019 financial year by 0.3 per cent to 2.3 per cent. It disclosed this in its July update on the World Economic Outlook with the theme, ‘Sluggish global growth call for supportive policies’. Click here for more.

Gas Flare Out Programme To Revive Oil Industry Fortunes – FG

The Federal Government has assured that the Nigerian Gas Flare Commercialisation Programme, NGFCP, would reverse the current lull in the Nigerian petroleum industry and attract investment valued at about $3.5 billion to the industry. Click here for more.

NNPC Targets $10.2b Earnings From Financing Deal For OML 13

Nigerian National Petroleum Corporation (NNPC’s) resolve to increase the nation’s crude oil reserves and daily oil production to three million barrels per day (mbpd), may have received a boost with the signing of a $3.15billion Financing and Technical Services Agreement (FTSA). 

NSEASI Inches Up By 1.21%; Closes Above 28,000bpts

Equities market closed yesterday on a positive note, as NSEASI appreciated by 1.21% to close at 28,144.87 points as against 0.40% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.45%. Click here for more.

CBN Communiqué No. 125 of the MPC Meeting – July 22-23, 2019

The Monetary Policy Committee (MPC) met on the 22nd and 23rd of July, 2019, in an environment of subdued global growth and fragile domestic economic recovery. The Committee reviewed developments in the global and domestic macro-economy. Click here for more.

Three operators pass CBN’s screening, get new bank licences

The Central Bank of Nigeria has added three new banks to the list of Deposit Money Banks and financial holding companies operating in Nigeria. This raised the number of lending institutions from 21 to 23 on its DMB’s list. Click here for more.

Investors Want VAT Exemption in Stock Market Extended

Some investors in the Nigerian capital market have called on the federal government to extend the exemption of Value Added Tax (VAT) charges on transactions on the Nigerian Stock Exchange (NSE) so as to attract more patronage to the market. Click here for more.

CBN to impose forex restriction on milk import

We can no longer continue to spend close to $1.2 billion to $1.5 billion, importing milk into the country, a product we can produce. To some extent, they (milk importers) should help us also to reduce the rate of herders, farmers conflict,” he said. Click here for more.

Flour Mills of Nigeria increases dividend payout by 20%

The board of directors of Flour Mills of Nigeria Plc has recommended 20 per cent increase in dividend payout for the 2019 business year as the integrated food and agro-allied group started to reap the benefits of its balance sheet restructuring. Click here for more.

Fuel subsidy: Senate summons NNPC over 43 modular refineries

The Senate on Tuesday lamented the multi-billion dollar being paid by the Federal Government to subsidise refined petroleum products for Nigerians. The upper chamber has, therefore, mandated its petroleum committee to invite the Ministry of Petroleum and the Nigerian National Petroleum Corporation to brief it on the status of existing refineries in the country. Click here for more.

How to tackle challenges of local sugar production

The Group Executive Director, BUA Group, Kabiru Rabiu, has given insights on how to tackle the challenges mitigating against the growth of the Sugar industry in Nigeria. Speaking on the “Challenges of Emerging Sugar Companies in Meeting the Sugar Demand of Nigeria”, at the maiden conference of the Sugarcane Technologies Society of Nigeria (STSN). Click here for more.