The Petroleum Technology Development Fund says it will support efforts to address some of the major challenges hindering the operations of Nigeria’s refineries. Dr Bello Gusau, the Executive Secretary of the fund, disclosed this at the 2017/2018 PTDF annual oil and gas research grant competition close-out seminar in Abuja. Gusau said that the fund was […] …
Business and economy
Turkey targets N360bn trade transactions with Nigeria
The Turkish Exporters Assembly on Wednesday expressed optimism that trade transactions between Turkey and Nigeria would reach about N360bn in the short-term by 2020. The Assembly’s International Trade Manager, Mr. Abdullah Keskin, told the News Agency of Nigeria in Lagos that Turkey would, within the period, increase her trade relations with Nigeria. Keskin, who led a Turkish Trade Delegation to Lagos, […] …
NNPC justifies N147bn June remittance to FACC
The Nigerian National Petroleum Corporation has justified its June remittance of N147bn to the Federation Accounts and Allocation Committee, the News Agency of Nigeria reports. The Group General Manager, Group Public Affairs of the NNPC, Mr. Ndu Ughamadu, said in a statement that the June remittance was in line with the terms of agreement it […] …
Naira weakens against dollar at parallel market
The Naira on Wednesday fell by one point, exchanging at N361.5 to the dollar at the parallel market in Lagos, the News Agency of Nigeria reports. The Nigerian currency had exchanged at N360.50 to the dollar on Tuesday. The Pound Sterling and the Euro closed at N484 and N420 respectively at the market. SEE ALSO: Sell cocaine […] …
Nigerians to pay more for alcohol, cigarette as from Monday
The new excise duty for alcoholic beverages and tobacco earlier approved by President Muhammadu Buhari will take effect from Monday, June 4, 2018, says the Federal Government. The News Agency of Nigeria recalls on Sunday that the Minister of Finance, Mrs. Kemi Adeosun, in March announced that the President had granted a grace period of 90 […] …
Barkindo decries under-investment in global oil industry
The global oil industry should ramp up investment to ensure it can cope with future consumption growth and avoid supply shortages, OPEC Secretary-General Mohammad Barkindo told a conference in Baku. The Organisation of the Petroleum Exporting Countries and other producers led by Russia last year began withholding 1.8 million barrels per day of supplies to […] …
41 items still banned under Nigeria-China currency swap deal, CBN warns
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 Communications, Mr. Isaac Okorafor, made this known in an interview with the News Agency of Nigeria on Sunday in […] …
Inflation dropped to 12.48% in April –NBS
Ifeanyi Onuba, Abuja The National Bureau of Statistics on Tuesday released the Consumer Price Index which measures inflation, with the index dropping from 13.34 per cent in March to 12.48 per cent in April. The bureau said this in the CPI report, made available to our correspondent in Abuja. The bureau, in the report, said […] …
NSE: Market indices rebound by 0.26% after four-day decline
After depreciating for four consecutive days, indicators of the performance of the Nigerian Stock Exchange rebounded by 0.26 per cent on Friday. The News Agency of Nigeria reports that the market capitalisation, which opened at N14.820trn rose by N39bn or 0.26 per cent to close at N14.859trn. Also, the All-Share Index appreciated by 107.37 points or […] …
Tax-compliant Nigerians hit 19 million, Osinbajo claims
Vice President Yemi Osinbajo on Wednesday revealed that the number of tax-compliant Nigerians increased from 14 million in May 2017 to 19 million this year. Osinbajo, who was the special guest of honour at the 2018 edition of the Chartered Institute of Taxation of Nigeria conference, said that as of December 2017, only 943 Nigerians […] …