Senate flays FG for spending N11tn on subsidy in six years
The Senate on Thursday flayed the payment of N11tn to oil marketers as subsidy in the last six years, stressing that the development, if not halted, could kill the nation’s economy. The upper chamber took the decision while considering the report of its Committee on the Downstream Petroleum Sector. Click here for more.
Nigeria-China $70b Trade Volume Gets Boost
Nigerian and China bilateral relations got a boost when more than 200 Chinese companies attended a three-day China Homelife Fair in Lagos. The Chinese firms were on a trade mission to expose themselves to the country’s manufacturing environment and strike deals with state governments and others who desire to go into joint ventures. Click here for more.
African Trade Pact Takes Off Without Nigeria
The African Continental Free Trade Area (AfCFTA) agreement came into effect yesterday, without Nigeria, Africa’s largest economy, following ratification of the deal by the required 22 countries a month ago. Click here for more.
FG Okays N22.6b Pension Balance For Nigeria Airways Ex-Workers
The Minister of Finance, Zainab Ahmed, recently secured the approval of President Muhammadu Buhari, to the release and subsequently pays the outstanding 50 per cent entitlements. Click here for more.
Investors Lose N23.26bn As Market Sentiment Closes Negative; NSEASI Dips By -0.17%
Equities market closed yesterday on a negative note, as NSEASI depreciated by 0.17% to close at 31,254.19 points as against 3.68% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.56%. Click here for more.
Infrastructure tops manufacturers’ wish list for Buhari
Manufacturers have listed their expectation from the new government and infrastructure occupies the top of the list. In separate interviews with our correspondent on Thursday, the manufacturers said major infrastructure like road, rail, and seaports would make the manufacturing sector function well and enable operators to create employment. Click here for more.
Experts identify factors preventing $50bn investment in agric sector
Experts in the agricultural sector have listed the numerous hindrances facing operators who attempt to access loans to expand their agricultural business. The experts spoke in Lagos recently during the United Kingdom-West Africa Agritech summit. Click here for more.
SIM Registration Fine: MTN to make final N55 billion payment today
The Federal Government is looking forward to receiving the sum of N55 billion from MTN Nigeria Plc today, being the final tranche of the SIM registration fine imposed on the telecom giant in October 2015. The Backstory: MTN Nigeria incurred the fine after it contravened the country’s SIM registration regulations. Initially set at N1.04 trillion, the fine was later reduced to N330 billion after successful negotiations. Click here for more.
BD Investigative Series: Undercover: Customs recreates Apapa misery at Ikorodu Lighter Terminal
The Nigeria Customs Service (NCS) has recreated the misery and frustration already established at Apapa, Nigeria’s busiest port, at the reopened Ikorodu Barged Lighter Container Terminal which ought to provide a viable alternative for the movement of cargoes, reduce container congestion and eliminate logjam within Apapa Port arena. Click here for more.
Nigerian farmers to get $1.9m to boost seeds production
A consortium of partners involve in the Inclusive Agricultural Transformation in Africa, has unveiled plans to invest about $1.9million to support seed companies in the production of quality early generation seeds in Nigeria. Click here for more.
Investors Comforted by Continuity in Key Ramaphosa Ministers
When it comes to the key jobs of managing finances and overseeing reform of the country’s bloated and faltering state-owned companies, it turns out that continuity is crucial in calming the markets. Click here for more.