Business

The average monthly internally generated revenue (IGR) of Lagos state has risen to N34 billion from N22 billion recorded in 2015, the state government has said. Akinyemi Ashade, commissioner for finance, Lagos state made the…

      •External reserves record first decline of $72m•I&E weekly turnover drops 3months low•CBN intervene with $503m•Exchange rate fluctuatesFOLLOWING the upsurge in demand for dollars last week by foreign investors, Nigeria’s…

The Central Bank of Nigeria said that the Nigeria-China currency swap deal would not cover the importation of the 41 items banned in its 2015 circular on items not valid for foreign exchange. CBN’s acting Director, Corporate…

Ghana's total public debt has hit $145 billion in February from $143.9 in billion in January 2018, the Bank of Ghana has published.A summary of economic and fiscal data on the central bank's website noted that the new debt amounts to 60…

Experts have commended the decison to raise the oil benchmark from $45 to $51 per barrel for the 2018 budget passed on Wednesday by the National Assembly, more than six months after it was presented. The National Assembly passed the…

The National Bureau of Statistics (NBS) in its sectoral distribution of Value Added Tax (VAT) for the first quarter of 2018 has said that the manufacturing sector generated the highest amount of VAT with N30.14 billion. NBS disclosed…

Goood news: oil prices hit $80 a barrel on Thursday for the first time since November 2014. Bad news: Shell Petroleum Development Company (SPDC) on Thursday declared force majeure on the exports of Nigeria’s major crude oil, the…

The Managing Director, Bank of Industry, Olukayode Pitan, on Tuesday said that the lender had opened discussions with the Small and Medium Enterprise Development Agency of Nigeria and the Nigeria Export and Import Bank to de-risk its…

Nigerian National Petroleum Corporation NNPC has issued a 2-year crude export license to some local and foreign companies. According to Reuters, NNPC has awarded 50 companies with crude export contracts. Out of the total 32 were…

Nigeria’s mutual fund investors are becoming increasingly risk averse as they continue to embrace money market funds inspite of decreasing yield. The yield curve in Nigeria has been trending downwards since the beginning of the year…

The new Companies and Allied Matters Act (CAMA), which was passed into law by the Nigerian senate on Tuesday, will make it possible to register a company from anywhere in the world. Speaking of the passage of the bill, Senate…

Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year’s liberalisation of the currency for foreign investors and steps to tighten liquidity to attract offshore funds. Figures…

The World Bank Group is excited with the growth of Nigeria and expressed satisfaction with the performance of the economy. The commendation was contained in a statement by the bank on Monday, after the conclusion of a visit to…

Oil prices steadied below 3-1/2 year highs yesterday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production. Brent crude…

• NNPC: Repayment of $5.1bn cash call arrears progressing Norwegian oil firm, Statoil, has lost an arbitration dispute to the tune of $1.1 billion against its partners, including Chevron and Petrobras, over the redetermination of shares…

Four Southsouth states are the highest earners from the Federation Account, according to the breakdown of the monthly Federation Account Allocation Committee (FAAC) report for the first quarter of the year. About N593.1billion was…

The Federal Government will invest N72 billion on the 11 Electricity Distribution Companies (DISCOs), towards achieving an uninterrupted power supply in the country. The Minister of State II for Power, Works and Housing, Alhaji…

International credit rating agency, Moody's Investors Service, has explained that merging the naira's various rates anytime soon may weaken the currency and raise fuel prices, which will accelerate inflation. Nigeria's central bank…

Happenings around the world currently and those expected in the foreseeable future give an indication of a continuous rise in crude oil prices. Analysts from Bank of America Merrill Lynch project that the prices could hit $100 per barrel…

The Central Bank of Nigeria (CBN) on Wednesday announced the execution of a $2.5 billion bilateral currency swap agreement with the Peoples Bank of China (PBoC) to boost local currency liquidity in the economy. CBN governor, Godwin…

The National Bureau of Statistics, NBS, says Nigerian economy saw a continuous growth in total Capital Importation into Nigeria in the first quarter of 2018, the fourth consecutive quarterly increase since Q2 2017. It said the total…

Kola Ayeye, former executive chairman of the Asset Management Corporation of Nigeria (AMCON), says savers contribute N300 billion to the income of Nigerian banks annually. Speaking on Thursday at the opening of the Mainland office of…

President Buhari's first meeting with Chinese President Xi Jinping was on September 28, 2015, at the United Nations General Assembly (UNGA) Meeting in New York. Following this, the President participated in the Summit of the Forum on…

The Central Bank of Nigeria (CBN) says customers should demand new naira notes from their respective banks and reject dirty ones. Speaking in an interview with NAN in Lagos on Thursday, Isaac Okorafor, CBN spokesman, said commercial…