Oil exports lead, as Nigeria’s foreign trade rises to N9.03trn in Q3
Nse Anthony-UkoDecember 11, 2018
Crude oil exports dominated Nigeria’s total foreign trade in the third quarter of 2018 which grew by 48.8 per cent year on year to N9.03 trillion compared to N4.78 trillion recorded in the third quarter of 2017, data from the National Bureau of Statistics (NBS) has indicated. According to the foreign trade in goods statistics […]
Nigeria’s infrastructure deficit to hit $878b by 2040-SEC DG
Adesola AfolabiDecember 10, 2018
Mounting concerns over Nigeria’s infrastructure deficit re-echoed over the weekend as Mary Uduak, acting director general of the securities and Exchange Commission (SEC), disclosed that the country’s infrastructure deficit would hit hit $878 billion by 2040. and the future holds opportunities for renewable energy, energy efficiency, infrastructure, food, agriculture and the task ahead is to […]
CBN, bankers’ committee plan national MFB to boost access to credit, deploy fallow funds
Adesola AfolabiDecember 10, 2018
In a bid to efficiently deploy funds created by the banking sector to boost activities of critical sectors of the economy, the Central Bank of Nigeria (CBN) weekend announced a proposition to create a National Micro Finance Bank (MFB) that will further enhance access to credit. The uniqueness of the proposed national micro finance bank […]
Nigeria’s economy grew 1.8% n Q3’18, six-month growth streak continues
Adesola AfolabiDecember 10, 2018
Nigeria’s economy recorded a modest growth growth of 1.81 percent in the third quarter of 2018, expanding for the sixth consecutive quarter on the back drop of improved productive activities in the services, agriculture and industrial sector according to the National Bureau of Statistics (NBS). The 1.81 percent year-on-year growth is higher than the 1.50 […]
Banks spend N555bn in nine months to keep customers happy
Moses ObajemuDecember 10, 2018
As interest expense rises 19% y-o-y The quest to amass a sizeable portion of consumer funds in a highly competitive financial environment is becoming expensive for Nigerian banking institutions, as a total of 11 banks spent N555 billion in servicing customers’ accounts in a nine-month period ended September 30, 2018, findings by business a.m […]
Pencom enforces use of national identity number compulsory for RSA Holders
Nse Anthony-UkoDecember 7, 2018
The National Pension Commission (PenCom) has directed all Retirement Savings Account (RSA) holders to provide their National Identity Number (NIN) to their fund managers. In a new circular to pension fund administrators, PenCom said the new development involved both active and retired RSA holders. The directive conforms to the policy of the federal government of […]
AMCON says asset management partners to help recover N740bn
Nse Anthony-UkoDecember 6, 2018
Ahmed Lawan Kuru, managing director/chief executive of Asset Management Corporation of Nigeria (AMCON), has again pledged the full support of AMCON to its asset management partners (AMPs) in the pursuit to recover the 20 per cent or N740 billion of the total Eligible Bank Assets (EBAs) of AMCON portfolio of N3.7 trillion that are out […]
Airtel Nigeria plans payment service bank to boost financial inclusion
Nse Anthony-UkoDecember 6, 2018
Leading telecoms operator, Airtel Nigeria, has announced plans to set up a payment service bank (PSB) in Nigeria, following the Central Bank of Nigeria (CBN) issuance of guidelines for licensing PSB in the country. The telco also commended the CBN for issuing guidelines for licensing of Payment Service Banks (PSBs) in Nigeria, saying the move […]
Nigeria woos investors to unlock 10bn barrels deep-water resources
Nse Anthony-UkoDecember 6, 2018
Ongoing drive by the Nigerian National Petroleum Corporation (NNPC) to increase Nigeria’s crude oil reserves was taken a notch higher with the unveiling of multi-billion dollar investment opportunities in the nation’s deep-offshore frontiers at the 10th World Energy Capital Assembly in London, United Kingdom. Maikanti Baru, the NNPC group managing director while delivering an address […]
Nigeria to cut crude oil production marginally
Businessam StaffDecember 6, 2018
Nigeria has agreed in principle to a small cut in oil production as the Organisation of Oil Exporting Countries (OPEC) converge on Vienna, Austria, to take crucial decisions on the global ol industry. This is in tandem with OPEC’s agreement to cut less than a million of barrels a day. Nigeria’s minister of state, petroleum, […]