Investments under threat in Nigeria’s Lagos highbrow Ikeja GRA

Infrastructural challenges, a major plague of the Nigerian economy, appear to have extended its frontiers to the highbrow Government Reserved Area (GRA) of Ikeja, threatening investments and revenue generating opportunities for private investors in the capital city of Lagos State, Nigeria’s commercial hub. Ikeja GRA, located in the seat of government of a state that […]

Nigeria loses over N5.7bn daily to Trans Forcados pipeline shutdown

Nigeria may be losing over N5.7 billion daily to Trans-Forcados pipeline, (TFP) which was recently shut down following May 7, 2018, suspected explosion on the facility. Specifically, the country is said to have lost about 250,000 barrels of crude oil production output for which at the oil price of $76 per barrel, the country would […]

Nigeria’s financing agency partners Smarter Grid Int. on renewable energy

The National Cooperative Financing Agency of Nigeria (CFAN) Sunday in Abuja entered into a partnership with Smarter Grid International to ensure inclusive growth and development of its members across the country. Emmanuel Atama, executive secretary of CFAN, said the partnership would help provide members with a steady power supply to do their businesses and also […]

Nigeria’s presidency confirms receipt of N9.12trn 2018 budget for approval

President Muhammadu Buhari (C) presenting copies of the 2017 budget documents to the National Assembly on Wednesday, December 14, 2016

Ita Enang, the senior special assistant to the Nigeria president on National Assembly Matters, Friday confirmed receipt of the 2018 Appropriation Bill passed by the National Assembly (NASS). NASS sent the 2018 budget proposal to President Muhammadu Buhari week after the lawmakers approved the country’s biggest yet spending plan of N9.1 trillion ($25 billion). Enang, […]

Oil prices slump as OPEC, Russia plan output boost

Oil prices fell more than $2 per barrel Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014. Brent crude futures fell $2.35, or 3 percent, to settle at $76.44 a barrel. The global benchmark lost about 2.7 percent this week, its largest weekly […]

Saudi Arabia, Russia consider easing crude oil supply curbs

Saudi Arabia and Russia are prepared to ease oil production cuts, which have pushed crude prices to their highest since 2014, to calm consumers’ worries that they get an adequate supply, the energy ministers for both countries said Friday. Alexander Novak, Russian energy minister, and Khalid al-Falih, Saudi counterpart met in St. Petersburg to review the […]

Nigeria’s manufacturing sector records fastest year growth in over 10 quarters

Ethiopian employees work in a shoe factory operated by Huajian Group, which manufactures footwear for the U.S. market, outside Addis Ababa, Ethiopia, on Saturday, June 21, 2014. The company in partnership with the China-Africa Development Fund, has committed to jointly invest $2 billion over a decade to build up the light manufacturing special economic zone. Photographer: Ilya Gridneff/Bloomberg

Nigeria’s manufacturing sector’s real GDP growth in the first quarter of 2018 came in at 3.4 percent, the country’s Bureau of Statistics, NBS, shows. The percentage growth, year-on-year, is higher compared to the same quarter of 2017 and the preceding quarter by 2.03 and 3.26 percent respectively. The growth is attributed to strengthening in sub-sectors, […]