Business

The World Bank has predicted that the Nigerian economy would rebound from recession and grow by one per cent in 2017 The multilateral institution stated this in its January 2017 Global Economic Prospects report. Nigeria’s third quarter 2016 real gross domestic product (GDP) had contracted by 2.26 per cent from -2.06 per cent in the second quarter of this year, …

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The Debt Management Office says it will raise N130billion worth of bonds in three categories on Jan. 18. The DMO said this in its January “Bond Circular” posted on its website on Tuesday. The issuance will be the first in 2017. According to the DMO, the three categories of bonds include a 20-year bond, a 10-year bond and a five-year …

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Senate President Bukola Saraki says the privatisation of the power sector has failed. Saraki said this on Tuesday in his message at the opening session of the Senate, while also decrying the policy inconsistencies that have continued to challenge the business environment. He said, “Before we left for the break, myself, a select few of us and stakeholders in the …

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The African Development Bank (AFDB) will partner with the Sokoto State Government in its plans to establish an agro-industrial park for the North West geo-political zone, its President, Dr. Akinwumi Adeshina, has said. As a starting point to the realization of the overall objective of the project, cotton production would be given priority attention in order to resuscitate the ailing …

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    Nigeria’s former president Goodluck Jonathan and his oil minister, Diezani Alison-Madueke received kickbacks as part of a $1.3 billion deal involving oil giants ENI and Shell, Italian prosecutors have said. According to a  report by the AFP, Court documents filed late last month in the city of Milan  outline a case against 11 people, including senior executives from …

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LCCI urges FG to stimulate investment The Lagos Chamber of Commerce and Industry (LCCI) on Thursday advised the Federal Government to stimulate investment in order to overcome the country’s current economic challenges. The LCCI Director-General, Mr Muda Yusuf, gave the advice in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun. According to Yusuf, stimulating investment will …

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    CBN Targets More Commodities For Anchor Borrowers Programme  In line with its inclusive drive to grow the economy, the Central Bank of Nigeria (CBN) Anchor Borrowers Programmes (ABP) has targeted more agricultural commodities. This was contained in a new guideline for the programme reeled on Wednesday.  The targeted commodities of comparative advantage include but not limited to: Cereals …

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NSE Reviews Composition of Market Indices The Nigerian Stock Exchange (NSE) has announced the review of the NSE-30, and the seven sectoral indices of the Exchange. These Indices are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices. These indices are normally reviewed bi-annually (June and December) except …

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The Acting Managing Director, Bank of Industry (BoI), Waheed Olagunju has said the bank is committed to its five-year plan of growing the small and medium-scale enterprises (SMEs) by pumping N310 billion into the sector. Olagunju who spoke with reporters at the weekend in Offa, Offa Local Government Area of Kwara State, added that the bank will continue to support …

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The Nigerian currency, the Naira is set to witness further decline against the US Dollar due to scarcity of the Dollar. Against expectation, population of Nigerians traveling home for the holidays fell short resulting to shortage of Dollars returning home with them. The Naira closed at 490 to the Dollar on Friday, from 495 against the dollar last Friday at …

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