Business news
The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate dropping from 15.9 per cent in November to 15.37 per cent in December 2017. The drop of 0.53 percentage points recorded in December made it the eleventh consecutive slowdown in the inflation rate. The NBS stated, “The […]
The UN Under-Secretary-General for Peacekeeping Operations, Jean-Pierre Lacroix, has appointed a retired Nigerian lieutenant general, Chikadibia Obiakor, to lead a special investigation into the killing of some Burundian refugees in the Democratic Republic of the Congo (DRC). Stephane Dujarric, spokesman for the UN Secretary-General in New York, announced this in a statement issued in New […]
The Federal Government on Tuesday said it had disbursed a total of N10.99bn to beneficiaries of the Youth Enterprise with Innovation in Nigeria programme from 2015 till date. The YouWiN programme is an innovative business plan competition aimed at job creation by encouraging and supporting aspiring entrepreneurial youths in the country to develop and execute […]
The Minister of Transportation, Mr. Rotimi Amaechi, has expressed worry about a number of unforeseen challenges affecting the construction of a standard gauge railway line between Lagos and Ibadan. The $1.5bn project, whose groundbreaking ceremony was performed last year by the Vice-President Yemi Osinbajo, then as acting president, is meant to be fully completed in […]
Happenings in the Nigerian political space and possible foreign exchange fluctuations are expected to impact the stance of the country’s capital market in 2018, albeit for a short period, the Chief Executive Officer, Nigerian Stock Exchange, Mr. Oscar Onyema, has said. Onyema, however, described the overall outlook of the market for the year as “encouraging”. […]
The Lagos State Government on Saturday announced a total ban on the operations of cart pushers and wheel barrow operators in the State, saying that their activities were inimical to the environmental cleanliness in the State. In a statement signed by the Secretary to the State Government (SSG), Mr. Tunji Bello, the State Government said […]
The naira weakened to 364 per United States dollar at the parallel market on Monday, despite the injection of $210m into the interbank foreign exchange market by the Central Bank of Nigeria. This latest injection came barely two trading days after the CBN injected $262.5m into the inter-bank foreign exchange market. The CBN had […]
The National Insurance Commission has reduced the minimum capital base for microinsurance companies from N150m to N40m. This was contained in the new microinsurance guideline that was released by the commission and obtained by our correspondent on Monday. “As part of the commission’s determination to improve financial inclusion in Nigeria, particularly to the underserved and […]
Insufficient supply of electricity is the major constraint to business activities across the country, the Central Bank of Nigeria has said. According to the CBN, the latest survey conducted by it on businesses in the fourth quarter of 2017 showed that 62.6 per cent of the surveyed firms identified inadequate supply of electricity as a […]
The Nigerian National Petroleum Corporation has commenced the direct supply of Premium Motor Spirit, popularly known as petrol, to independent oil marketers in order to effectively clear the fuel queues still prevalent in some parts of the country. It was gathered on Monday that members of the Independent Petroleum Marketers Association of Nigeria had started […]