Oil industry gears up for robotics adoption to drive productivity, efficiency
Samson Echenim
June 19, 2019
By Samson Echenim The oil and gas industry is gearing up to deploy robotics across a wide range of applications in the upstream, midstream and downstream segments, primarily to drive productivity and efficiency amid volatility in crude prices, according to GlobalData, a leading data and analytics company. The company’s latest thematic report: ‘Robotics in Oil […]
Nigeria’s BoI disburses $82m for cabotage vessels procurements
Samson EchenimJune 19, 2019
By Samson Echenim The Bank of Industry, BOI, says it has disbursed $82 million to some indigenous investors in the country for the purchase of ships and support of companies involved in ship repairs and allied investments from a $200 million fund under Nigeria Content Intervention Fund. Kayode Pitan, the bank’s managing director, said this in Lagos at the […]
Shippers Council, Nigeria’s port regulator, seeks investments in dry ports, truck transit parks
Samson EchenimJune 18, 2019
By Samson Echenim Port economic regulator, the Nigeria Shippers’ Council has called on Nigerian businessmen and investors to take advantage of its initiated container inland ports and truck transit parks as viable investment options. A top official of the council from the regulatory services department, J. E Sarumi told a forum of marine stakeholders and […]
Nigeria, others to be responsible for more than half of world population growth by 2050 – UN
Businessam StaffJune 18, 2019
More than half of the world’s population growth will be concentrated in nine countries including Nigeria, United States, Pakistan and DR Congo by 2050, the United Nations said on Monday. Three other African countries – Ethiopia, Egypt and Tanzania – as well as Indonesia and India, are also included on the list. World’s most-populous country […]
Oil prices slip for second day on global growth fears
Businessam StaffJune 18, 2019
Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the U.S.-China trade war, though losses were capped by Middle East tensions after last week’s tanker attacks. Brent crude futures were trading 18 cents down at $60.76 a barrel by 1203 GMT. U.S. West Texas Intermediate […]
CBN releases N607bn agriculture credit for 587 projects
Businessam StaffJune 18, 2019
The Central Bank of Nigeria has released a total of N607.87bn credit to selected deposit money banks to disburse for 587 agricultural projects, latest figures from the CBN have shown. In its most recent economic report, the apex bank stated that the money was under its Commercial Agriculture Credit Scheme, adding that a total of […]
FC, AMC to sell 14.1 per cent stake in Ecobank Transnational
Chris IkosaJune 18, 2019
The International Finance Corporation (IFC) and its Asset Management Company have reached advanced discussions to sell equity holding in Ecobank Transnational Incorporated (ETI). The company said IFC and the Asset Management Company (AMC) had entered into a share purchase agreement with Dutch investment firm, Arise BV for the sale of their circa 14.1 per cent […]
CBN says FDI into Nigeria has not dropped
Businessam StaffJune 18, 2019
The Central Bank of Nigeria said the available records show there was an increase in Foreign Direct Investment in Nigeria during the 2018 financial period. It stated this while reacting to a report on Reuters, quoting World Investment Report, 2019, recently released by UNCTAD on Foreign Direct Investment to African countries. The bank noted that […]
Nigeria plans to Invest $500m to boost palm oil production
Businessam StaffJune 17, 2019
Nigeria plans to increase its palm oil production 700% over the next eight years to help improve its foreign-exchange earnings that are largely dependent on crude oil exports. The new policy will boost local production to about five million tons from 600,000 tons a year by investing as much as 180 billion naira ($500 million) […]
Airtel Africa to list simultaneously on NSE, LSE
Businessam StaffJune 17, 2019
Airtel Africa Ltd, a unit of India’s Bharti Airtel Ltd, has said that it intends to list its shares on the Nigerian Stock Exchange (NSE) at the same time as the London Stock Exchange (LSE). The company said on Monday that although the listing on the NSE was on, it had set a price range […]