World Bank, AfDB, inaugurate $550m solar off-grid power plants to serve 30,000 MSMEs, 300,000 households in Bayelsa
Ben Eguzozie
36 min
…targets universities, teaching hospitals in Nigeria Global money lender, the World Bank and African Development Bank (AfDB), in collaboration with the Rural Electrification Agency (REA) under the Nigeria Electrification Project (NEP), have commissioned multiple solar off-grid power plants, with a total capacity of 134.64 kilowatts (kW) in communities in Bayelsa State. The project, which comes […]
Presco, MTN, StanbicIBTC, 15 other coys aid N12bn gain in Nigeria stock market deals
Omobayo Azeez14 hrs
By Omobayo Azeez Presco Plc, MTN Nigeria, Stanbic IBTC and 15 other listed companies were major beneficiaries at the close of Wednesday’s trading session on the Nigerian Stock Exchange which recorded N12 billion in gains. The day’s outcome was a continuation of positive sentiment that has charaterised the market since the week opened on Monday […]
Senate summons finance minister over N1.8trn power intervention funds
Businessam Staff15 hrs
The senate committee on power, said on Thursday that it has perfected plans to begin a three-day investigative hearing with the purpose of ascertaining how the N1.8trn injected into the power privatisation exercise by the Federal Government between 2013 till date, was utilised. The privatisation exercise was consolidated on September 13, 2013, during the tenure […]
P&G advocates strengthening intra Africa trade at American Business Council’s AfCFTA webinar
Businessam Staff15 hrs
Proctor and Gamble, the American multinational consumer goods company with a strong presence in Nigeria, says it is a firm believer in strengthening intra Africa trade and that small and medium enterprises (SMEs), as the bedrock of any economy, it was imperative to enable interventions that support their competitiveness and strengthen industrialization in Nigeria and among […]
Senate queries CBN over $3.3bn unremitted foreign tax
Businessam Staff15 hrs
The senate has queried the Central Bank of Nigeria over alleged unremitted $3.3bn from the $21.3bn collected by the Federal Inland Revenue Service as foreign tax in 2015. The public accounts committee of the red chamber issued the query after its meeting on Wednesday. The senate panel said it acted on an audit query raised […]
COVID-19: NAICOM relaxes deadline for recapitalization of insurance companies
Omobayo Azeez15 hrs
By Omobayo Azeez The National Insurance Commission (NAICOM) has extended deadlines for recapitalization of insurance companies in Nigeria even as it segmented the process of meeting the target for them. In a circular referenced NAICoM/DPR/CIR/25-04/2020 and dated June 3, the commission described the latest development as part of its efforts to cushion effects of Coronavirus […]
Oil rebound eases concerns about devaluation of Nigeria’s naira
Businessam Staff23 hrs
The rebound in oil prices has given Nigeria’s naira a reprieve, easing investors’ concern that a steep devaluation may be unavoidable. Brent crude prices have doubled since hitting a two-decade low in April, and traded close to $40 a barrel on Wednesday. Since Nigeria relies on oil sales for 90% of export earnings, that’s helped […]
Brent oil rises to $40 amid hopes for recovery
Businessam Staff23 hrs
Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August rose 43 cents, or 1.1 per cent, at $40 a barrel, by 0252 GMT. The contract […]
N’Assembly raises 2020 budget oil price benchmark to $28
Businessam StaffJune 3, 2020
The National Assembly yesterday increased the oil price benchmark to $28 per barrel from the $25 proposed by the executive in the revised medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) forwarded to the lawmakers for approval. The two chambers also reduced from 1.9 million to 1.8 million barrel per day oil production […]
Foreign reserves gained $2.7bn in one month –CBN
Businessam StaffJune 3, 2020
The nation’s foreign reserves rose by $2.7bn in May after declining for several months, figures from the Central Bank of Nigeria showed on Tuesday. According to the CBN, the foreign reserves, which stood at $33.52bn as of April 30, 2020, rose to $36.59bn as of May 29, 2020. The reserves had plunged to a record […]