Electricity generation plunges below 2,500MW amid low load demand
Businessam Staff
August 5, 2019
Electricity generation in the country fell below 2,500 megawatts on Saturday amid low load demand by the distribution companies. Total output from the nation’s 27 power plants dropped from 3,364MW as of 6am on Thursday to 2,649.1MW on Friday. It fell further to 2,492MW on Saturday, according to the Nigeria Electricity System Operator. Latest data […]
Analysts canvass 4 steps to eliminate N1.7trn fuel subsidy
Phillip IsakpaAugust 5, 2019
Nigeria to gain N2trn credit to budget in radical proposal A group made up of experts, academics, operators, policy analysts and enthusiasts under the aegis of Oil, Gas and Power Forum, has proposed a four step approach towards eliminating an opaque fuel subsidy regime, considered in some quarters to be one of the […]
FG working on modalities to exempt investors from paying VAT–Osinbajo
Adesola AfolabiAugust 4, 2019
The Federal Government (FG) has stated that it is already tackling the issues regarding the extension of the Value Added Taxation (VAT) exemption on capital market transactions. This was stated by vice president Yemi Osinbajo at the awards night of the Association of Issuing Houses of Nigeria, AIHN, held in Lagos weekend. VAT charges on […]
NSE indicators down by 0.43%, investors lose N13.4bn
Businessam StaffAugust 2, 2019
The crucial market indices of the Nigerian Stock Exchange (NSE) on Friday returned back to negative territory after a day growth, dropping by 0.43 per cent. The All-Share Index dipped 118 points or 0.43 per cent to close at 27,630.46 against 27,748.46 achieved on Thursday. Similarly, the market capitalisation which opened at N13.522 trillion shed […]
Partial closure of Lagos-Ibadan expressway postponed by one month
Businessam StaffAugust 2, 2019
The Federal Government has moved the partial closure of portions of the Lagos-Ibadan expressway to September 2, 2019. The partial closure was initially expected to commence on Saturday, August 3 to enable the construction company, Julius Berger, to work on a stretch of 1.4km between Berger and Kara Market. Adedamola Kuti, the federal controller of […]
Buhari to inaugurate ministers after August 16, plans retreat for them
Businessam StaffAugust 2, 2019
The Nigerian government has said it will organise a retreat for the newly appointed ministers before their inauguration. The retreat is scheduled to hold in Abuja on August 15 and 16. A statement from the office of the Secretary to the Government of the Federation, Boss Mustapha, said the retreat is to guide the ministers […]
Weak agricultural export threatens Nigeria AfCFTA share
Businessam StaffAugust 2, 2019
Stakeholders in Nigeria’s agricultural industry have said the country may face a bleak future and lack of competitive edge in the African free trade market unless something is done to reduce the reported annual losses in commodity exports. Nigeria recently signed the African Continental Free Trade Agreement and there have been talks that the country […]
NNPC looks to extend trade relations with Turkey beyond crude oil
Businessam StaffAugust 2, 2019
Nigeria’s national oil company has expressed its desire to extend trade relations with Turkey beyond crude oil. Mele Kyari, the NNPC’s group managing director, disclosed this during a courtesy visit by the ambassador of the Republic of Turkey to Nigeria, Melih Uluren, at the NNPC Towers on Thursday. He promised to build on the existing […]
Nigeria’s multi-billion naira data destruction industry attracts corporate investors
Samson EchenimAugust 1, 2019
By Samson Echenim Nigeria’s data destruction and electronic recycling industry has begun to attract corporate investors many years after being amateurishly operated by the informal sector. business a.m can confirm that several new Nigerian firms are now taking position in the country’s emerging data destruction and digital waste recycling business formerly left to scavengers. business […]
Equities market in weak rally, gains 0.11%
Businessam StaffAugust 1, 2019
The Nigerian equities market recorded gains during Thursday’s trading, rising 0.11% to 27,748.46 points, following a late rally in MTNN. Total volume of trades decreased by 61.35% to 97.36 million units, valued at NGN1.77billion, and exchanged in 2,936 deals. ZENITHBANK was the most traded stock by volume at 11.59 million units, while DANGCEM was the […]