Nigeria Generates over $180bn from Deepwater Operations – NNPC

Nigeria’s deepwater operations have generated over $180 billion following a capital investment of more than $65billion made by the players in the oil and gas industry, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said. Click here for more.

Nigeria Approves Two GMO Cotton Varieties to Increase Output

Nigeria approved two genetically modified varieties of cotton for use by the nation’s farmers to help boost supply to its textile industry and cut lint imports of as much as 115 billion naira ($319 million) a year, officials said. Click here for more.

House sits on N873.5bn Lagos 2019 budget one week after passage

More than one week after the Lagos State House of Assembly (LAHA) passed the state’s 2019 budget of N873.532 billion on April 29, the lawmakers have yet to transmit the appropriation bill back to the executive arm of government for the governor’s assent. Click here for more.

FG Makes N10.97bn In Mining Fees, Royalties

Even though the Federal Government had anchored a significant part of its diversification programme on the mining sector, it made only N10.97bn from fees and royalties paid by mining operators in four years, an investigation has shown. Click here for more.

Sell Pressure Persists As NSEASI Dips By -0.45%; Closes Below 29,000bpts

Equities market closed yesterday on a negative note, as NSEASI depreciated by 0.45% to close at 28,966.41 points as against 0.34% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.84%. Click here for more.

MTN Nigeria Considers Lagos Share Listing Next Week

MTN Group Ltd.’s Nigerian unit may list shares in Lagos next week, according to two people familiar with the matter, almost three years after agreeing to the move as part of a deal with local regulators. Africa’s biggest mobile-phone company could go ahead with the placing on May 16, said the people, who asked not to be named as the matter is private. Click here for more.

Chinese Banks Commit $1.902bn To Nigerian Port, Railway Projects

The Commercial Consul, Consulate General of the People’s Republic of China in Lagos, Mr Liu Junsheng, made this disclosure on Tuesday, during a press briefing on China’s second Belt and Road Forum for International Cooperation, held in Beijing between April 25 and 27. Click here for more.

We’ll sanction FIRS officials guilty of DTA scam – Fowler

The Executive Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, on Wednesday, vowed that any of its officials found culpable in the Duty Tour Allowance scam rocking the agency would be sanctioned. Click here for more.

34% drop in global price threatens cashew exports

The 2018 crash of commodity prices in the global market has had a huge impact on the Nigerian cashew sector. It has forced many exporters to hold excess stocks of raw cashew nuts bought at a time when prices were more favourable, our correspondent gathered. Click here for more.

Kenya Plans $210 Million Rail Upgrade as SGR Phases Delayed

Kenya will spend $210 million on linking and upgrading older tracks with its new standard-gauge railway as it abandons a plan to extend the Chinese-funded project to Uganda’s border that would have created a faster export route to the Indian Ocean for landlocked neighbors. Click here for more.

Trump Says Beijing ‘Broke’ Trade Talk Deals, Pledges To Keep Tariffs On Chinese Goods

U.S. President Donald Trump said on Wednesday that China “broke the deal” it had reached in trade talks with the United States, and vowed not to back down on imposing new tariffs on Chinese imports unless Beijing “stops cheating our workers.” Click here for more.