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Lagos, South Africa and New York
Tuesday, June 2, 2020

Your investment in Nigeria is safe, Emiefele assures foreign investors

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has assured foreign investors in the country of the safety of their funds despite the scarcity of foreign exchange in the country due to the significant fall in the price of crude oil as...

CBN releases criterial to health care investors to access N100 bn loan

To access the N100bn loans provided by the Central Bank of Nigeria for firms in the healthcare sector, a corporate entity must submit its application to a participating financial institution which could be either a Deposit Money Bank or a Development Finance Institution of...

FG targets N103bn from gas flaring penalty

The Federal Government has said gas flare penalty payment by oil and gas companies in the country will increase to N103.51bn this year. The Director General, Budget Office of the Federation, Ben Akabueze, disclosed this in a presentation where he highlighted the revenue measures taken...

Nigeria day Non-oil goods account for nations 22% exports, says NPA

Nigerian ports handled 191 million metric tonnes of export cargo in 2019. Out of these, crude oil accounted for 78 per cent while non-oil cargo accounted for only 22 per cent. The he Managing Director, Nigerian Ports Authority, Miss Hadiza Bala-Usman, disclosed these at a recent...

UPDATED: IMF Approves $3.4bn For Nigeria

The IMF approved US$3.4 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices. The COVID-19 outbreak has magnified existing vulnerabilities, leading to...

Senate approves Buhari’s N850 billion loan request

The Senate has given a speedy approval for President Muhammadu Buhari to borrow N850 billion for the government. Mr Buhari’s letter seeking the loan was read Tuesday at a Senate plenary. The lawmakers met physically at the National Assembly despite the coronavirus lockdown in Abuja. The...

Nigeria bids to overturn $9.6 bn P&ID court case

Nigeria is seeking documents from 10 banks, including Citigroup Inc. and JPMorgan Chase & Co, in a bid to overturn a $9.6 billion arbitration award related to a business deal shrouded in allegations of corruption. Nigeria asked a federal court in New York for permission...

Nigeria will get $3.4 bln coronavirus aid by April end, World bank chief says

WASHINGTON, April 27 - International Monetary Fund Managing Director Kristalina Georgieva said on Monday that she expected the Fund to have provided Nigeria with significant emergency financing by the end of April, signaling likely IMF board approval for the oil exporter’s $3.4 billion request. The...

Lagos govt picks 10 firms for fourth mainland bridge construction

The Lagos State Government has shortlisted 10 firms that applied for the construction of the Fourth Mainland Bridge. The announcement was made in a statement by the Ministry of Works and Infrastructure. The firms include CCECC Nigeria Limited; CGGC-CGC Joint Venture; China Harbour Engineering Company Limited;...

IMF to Recommend $3.4 Billion Emergency Funding for Nigeria

IMF executive board meets on Tuesday to review request If approved, the loan would be the largest yet The staff of the International Monetary Fund will recommend the approval of $3.4 billion in emergency funding to Nigeria when the lender’s executive board meets next week, according...