FG decries drop in applications for mining licenses

The Federal Government has expressed worries over the recent drop witnessed in the number of applications for mining licences in the country on Thursday. Minister, Mines and Steel Development, Olamilekan Adegbite, disclosed during a working visit to the Nigerian Mining Cadastre Office. Click here for more.

FG says $25 billion FDI helped boost nation’s economy after recession

The Federal Government has disclosed that the $25 billion Foreign Direct Investment (FDI) injected by Nigerians in diaspora after the nation exited recession in 2018 helped revived Nigeria’s economy. Click here for more.

FG, China sign $3.9bn Abuja-Itakpe-Warri rail contract

The Federal Government has signed a $3.9bn contract with the China Railway Construction Corporation Limited for the construction of a new Abuja-Itakpe-Lokoja rail line. The rail line will pass through Baro and have a branch line to Lokoja, the Kogi State capital. Click here for more.

Nigeria Demands $62 Billion From Oil Majors for Past Profits

Nigeria is seeking to recover as much as $62 billion from international oil companies, using a 2018 Supreme Court ruling the state says enables it to increase its share of income from production-sharing contracts. The proposal comes as President Muhammadu Buhari tries to bolster revenue after a drop in the output and price of oil, Nigeria’s main export. Click here for more.

Investors Lose N7.39bn As NSEASI Dips Marginally By -0.06%

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.06% to close at 26,598.94 points as against -0.79% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.42%. Click here for more.

Banks’ loans to Oil and Gas, Power, other sectors drop by N411.8 billion 

The total credit from Nigerian banks to the private sector recorded a decline of N411.8 billion in the second quarter of 2019. This is contained in the banking sector report recently released by the National Bureau of Statistics. Click here for more.

24 firms suffer free float deficiencies

Union Bank Plc, Lafarge Africa Plc and 22 other companies listed on the Nigerian Stock Exchange suffer free float deficiencies. Free float represents the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in stock held by promoters, company officers, controlling-interest investors, or governments. Click here for more.

An infant industry and life support mechanism

Last month was disastrous for the air travel business in Europe. Without an air mishap, the storm consumed four airlines in quick succession. Two of these airlines were over 50 years old, demonstrating that countries like Nigeria – with airlines not lasting five to 10 years – are not alone. Click here for more.

Nigeria records 61.6% Internet penetration in 19 years as Africa’s growth slows

Although improving at 39.6 per cent, Africa’s Internet penetration is still low when compared to the rest of the world, which has 62.7 per cent growth. Statistics obtained from Internet World Stats showed that between 2000 and 2019, Internet penetration grew to 61.6 per cent in Nigeria, a country estimated to house about 200 million people. Click here for more.

Cashing in on the cashew nuts boom

Cashew nuts are some of the crops fueling growth in the agricultural sector. Experts say almost three million tonnes are harvested worldwide yearly. According to Mordor Intelligence, an international market intelligence and advisory firm, the cashew market was valued at $9.9 million last year, and is projected to reach $12.7 million  by 2024. Click here for more.

Trump Says Day One of U.S.-China Trade Talks Went Very Well

President Donald Trump said the first day of high-level trade negotiations between the U.S. and China on Thursday went “very well” and that he plans to meet with the top Chinese negotiator Friday. Click here for more.