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Browse Nigerian economy news, research and analysis from Local and international analysts. Follow Nigeria’s financial and monetary policies from Central Bank of Nigeria and other business And economic indicators

Nigeria’s Tier 1 banks assets hit N24.6trn

Nigeria’s Tier 1 banks – Zenith Bank, FBN Holdings, Access, UBA and Guaranty Trust Bank – now have N24.6 trillion in total assets, findings by New Telegraph show. According to Full Year 2018 results released by the big five lenders, their total balance sheet...

$175m foreign airlines ticket sales proceeds trapped in Nigeria

Foreign airlines have $175million ticket sales proceeds trapped in Nigeia, the International Air Transport Association (IATA) said yesterday. But the organisation applauded the Central Bank of Nigeria (CBN) for reducing the debt, which could not be paid due to the dearth of foreign...

Nigeria’s local car manufacturer Innoson Motors Sells 400 Vehicles To Mali

Innoson motors has metamorphosed into a continental business venture, with the Mayor of Bamako leading a delegation from Mali to the automobile manufacturing plant in Nnewi, Anambra State, to purchase about 400 vehicles. According to the information released by the company yesterday, the chairman of...

Lagos state generated 70% of Nigeria’s N5.2tr tax revenue

•Association queries increased borrowing amid revenue potential The Society of Women in Taxation (SWIT), yesterday, raised concern that 70 per cent of the N5.2 trillion taxes collected in 2018, came from Lagos State alone. The development, which shows a lopsided tax base, is also an indication...

Importation Of Iron Rods, Others costs Nigeria N600bn Annually

Failure to formulate a policy to encourage the growth of local steel industry to produce more materials needed in building and construction works, the nation will be losing as much as N600 billion yearly to the importation of such materials, particularly iron rods. The industry...

Nigeria to supply US. Walmart with 130,000 tns of cashew nuts worth $7 bln

The Minister of Agriculture and Rural Development, Audu Ogbeh has said Nigeria is set to supply 130,000 tonnes of roasted cashew nuts to the Walmart Super Market chain in the United States of America. He said the 130,000 cashew is valued at $7 billion. Chief...

Nigerian Oil Magnate acquires Eko Atlantic’s Afren Tower

Oil magnate moves his firm, Salvic Petroleum to seaside city • Ramps up Shoreline’s production to 60,000bpd By Alike Ejiofor The first building to be completed in Nigeria’s cutting-edge city of the future, Eko Atlantic, has been acquired by oil magnate and...

Nigeria’s Economy In Trouble as Niger Delta Avengers Vow To Resume Attacks If…

Call For Restructuring And Release Of Colleagues Home Headline Niger Delta Avengers Vow To Resume Hostilities, Call For Restructuring And Release Of Colleagues By David Oputah - January 17, 2018 shell_mtf_nigeria_banner_gif_1_728x90_v3 SAN FRANCISCO, January 17, (THEWILL) – Militant group Niger Delta Avengers...

Refinery: FG Will Source Forex from Dangote – CBN Gov

The Federal Government will soon start sourcing foreign exchange (forex) from Dangote Group, as soon as the latter's refinery, petrochemicals and fertilizer projects come on stream. This potential reversal of roles was disclosed by the Central Bank Governor, Mr. Godwin Emefiele, after he spent...

GE states condition for investing in Nigeria’s electricity distribution companies

The Management of General Electric (GE) has set a fresh condition for it to invest in the Electricity Distribution Companies (DisCos). The power giant is insisting on a sovereign guarantee from the Federal Governemnt. The request came at the meeting the GE officials had with the...
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