Intra-African trade fair records $32.6bn in concluded deals

Ben Eguzozie< 1 min

Deals valued at $32.6 billion were recorded at the inaugural Intra-African trade fair (IATF) which ended in Cairo Monday evening, according to preliminary figures released by the African Export-Import Bank (Afreximbank), organisers of the fair. Afreximbank organised the trade fair, in collaboration with the African Union, and hosted by the government of Egypt. The pan-African […]

State-owned enterprises fail to remit N2.74trn operating surpluses as Nigeria moves to avert revenue crisis

Nse Anthony-Uko19 hrs

Government-owned enterprises (GOEs) have failed to remit no less than N2.74 trillion operating surpluses to government coffers as the federal government moves curb revenue diversion by key government agencies. The government on Tuesday announced very strict measures to significantly improved remittances by revenue-generating and collecting agencies in order to strengthen the Federal Government’s finances and […]

Growth fears grip world markets ahead of possible rate hike in US

23 hrs

World stock markets, the U.S. dollar and oil prices tumbled Tuesday as fears of slowing global economy gripped investors, just as the U.S. Federal Reserve is set this week to deliver its fourth interest rate hike of the year, reports Reuters. Investor confidence has deteriorated further with more fund managers expecting global growth to weaken […]

Oil Slips Below $50 as Expanding U.S. Stockpiles Fuel Glut Fears

December 17, 2018

Oil dipped below the $50-a-barrel mark in New York for the first time in almost three weeks as a report of expanding U.S. stockpiles stoked anxiety in a crude market nervous about a potential glut. West Texas Intermediate fell as much as 2.6 percent after Genscape Inc. was said to report a jump in inventories […]

Diamond Bank confirms merger with Access Bank

December 17, 2018

. shareholders to get N3.13 per Diamond share The Board of Diamond Bank Plc on Monday finally announced its merger with Access Bank Plc. The merger is expected to be completed in the first half of 2019. The News Agency of Nigeria reports that both banks recently denied media reports of any merger. The bank’s […]

Danger ahead! Nigeria may face recession again in 2019

Adesola AfolabiDecember 17, 2018

Unable to borrow to fund projects   Some economic analysts appear to be seeing danger ahead for Nigeria in the coming year. It is a double whammy for a country marching towards a general election the back on which concerns are already forcing many domestic and foreign investors to pull funds out and taking them […]

Nigeria’s 36 sub-national states to access $750m World Bank loan, grant facility, says finance minister

December 15, 2018

The federal government says the 36 states and the Federal Capital Territory (FCT) will soon access a $750 million World Bank loan and grant facility.     Ahmed said this while addressing the 7th Community of Practice (CoP), made up of state commissioners of planning and budgeting, with the theme, “Achieving Realism in State and Federal Budgets for Effective Service Delivery.”   Ahmed, who […]