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Dayo Emmanuel (With Agency reports) For the first time in six years, Egypt’s foreign-exchange reserves have overtaken Nigeria’s, Bloomberg.com has reported. The North African country, which floated the pound and secured international monetary funding in November, has seen overseas holdings of local-currency bonds soar to $7.5 billion from just $100 million earlier. In Nigeria, where the apex bank, the Central …

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The nation’s total indebtedness to foreign and local creditors now stands at N19.16tn, the Debt Management Office has said. This is N1.8tn increase from the N17.36tn recorded at the end of December 2016. As of March 31, 2015, the country’s total debt stood at N12.06tn. This means the debt level increased by N7.1tn in two years. Segmenting the national debt, …

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TAYO OLANIPEKUN The need for government to improve its investment in the agricultural sector and make farm inputs more accessible to the smallholder farmers has been emphasized. The move is also seen as a way out of famine declared in some parts of the country and to stir the economy away from its present state. Findings by National Wire showed …

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PayU has rolled out strategies to intensify efforts to connect businesses to Nigeria’s online payment market. Annual online payments in Nigeria is estimated to surpass N200 billion this year from N167 billion in 2016. Country Manager of PayU Nigeria, Ms Juliet Nwanguma,  says, “In order to pursue PayU’s aggressive expansion in the online payment market in Nigeria, we have identified businesses …

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Dr Demola Sogunle, Chief Executive, Stanbic IBTC Bank Plc Stanbic IBTC Bank Plc has received approval from the FMDQ OTC Plc for the renewal of its shelf registration of N100 billion Multicurrency Commercial Paper (CP) Programme. The renewal of the Programme, initially established in 2012 in compliance with the Central Bank of Nigeria (CBN) guidelines for CP issuance, clearly demonstrates …

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Guaranty Trust Bank Plc has launched GTWorld, a mobile banking app designed to cater to all customers’ needs. The lender said the app was built on the back of its customer-focused digital strategy. According to a statement by the bank, GTWorld is available for download from the Google Playstore for Android phones and the Apple App Store for iPhone. It …

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To further consolidate its pan-African operations, Dangote Cement Plc has concluded plans to commence production at its $300 million cement grinding plant in Congo this month. At about 99 per cent completion rate, the company hopes to boost its production capacity by at least 1.5 million metric tonnes (MMT), to bring its total yearly manufacturing capacity to about 32 million …

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  The Manufacturing Purchasing Managers’ Index (PMI) stood at 52.5 index points in May 2017, indicating expansion in the manufacturing sector for the second consecutive month. According to the PMI report for May released by the Central Bank of Nigeria (CBN) Thursday, 10 of the 16 sub-sectors reported growth in the review month in the following order: primary metal; petroleum …

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Sterling Bank Plc, is supporting LEAP Africa to train more than 1,000 SME operators at the 12th yearly CEOs’ Forum holding in Lagos. The programme which has the theme: “Managing Growth for Profitability” is aimed at developing dynamic, innovative and African leaders. It is also intended for participants to gain key insights from leading industry professionals and entrepreneurs on effective …

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…Charges Foreign Investors to Tap into African Maritime Industry for Mutual Benefits The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that Africa is ready to engage on equal terms with the rest of the world in the area of maritime businesses. Dakuku who made this known at the Nor-Shipping 2017 event …

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