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Monday, July 13, 2020

Buhari approves construction of two new seaport, Bonny, Lekki

President Muhammadu Buhari has approved a rail line from Kano to his hometown in Daura, and Jibia local government area of Katsina state. This was disclosed by Rotimi Ameachi, the minister of transportation, at The Osasu Show Symposium — which borders on the economy and...

Nigeria’s Merchandise Trade Grew In Q3 2019 With Higher Exports And Lower Imports

Total Trade Total trade grew by 6.8% in Q3,2019 compared to Q2,2019 and 1.33% relative to Q3, 2018. Imports The value of total imports decreased 2.70% in Q3 2019 compared to Q2,2019, and 7.47% relative to the corresponding quarter of 2018. In Q3, 2019, the value of...

Nigeria’ investor confidence spikes as Akwa Ibom Attracts N9.2bn inflow

By Goddy Egene Investor confidence in the Nigerian economy is rising as Jubilee Syringe Manufacturing Company Limited (JSM) is getting set for production in Onna Local Government Area of Akwa Ibom State. Foreign investors have staked an initial amount of about $30 million (about N9.2...

Nigeria’s banks seen gain more from mobile money than MTN

By David Whitehouse MTN Nigeria, which runs the country’s biggest mobile phone network, won a licence from the country’s central bank in July to provide financial services. But replicating the success of MTN’s mobile money offer in east Africa will be a big ask. The...

Nigeria okays another 60-day national action plan to boost economy

A meeting of the Presidential Enabling Business Environment Council (PEBEC) has approved a second 60-day National Action Plan (NAP 2.0) to drive reforms aimed at making Nigeria an easier place to do business. The meeting, presided over by Vice-President Yemi Osinbajo, at the Presidential Villa,...

GreenWish to invest $280m to build 200MW worth of solar PV plants in Nigeria

GreenWish Partners, a renewable energy developer dedicated to African renewables, will invest US$280 million to build 200MW worth of solar PV plants in Nigeria. The company expects rapid procurement and anticipates that the plants will start producing electricity in the first quarter of next year....

Reps ask FG to fund Lagos-Ibadan Express Road, Second Niger Bridge projects

The House of Representatives has called on the Federal Government to urgently decide on how to fund and execute the Lagos-Ibadan Road and the second Niger Bridge projects. The Lawmakers expressed concern on the confusion surrounding if the projects are to be fully funded by...

IFRS9: CBN relaxes implementation of rules for commercial bank’s bad loans

THE Central Bank of Nigeria (CBN) has relaxed the time limit for commercial banks to absorb impairments from implementation of IFRS9 rules on bad loans. The apex bank disclosed this in an emailed response to questions, according to Bloomberg. According to the responses, the...

China Gezhouba’s consortium wins bid for hydroelectric power project in Nigeria for $5.8 bln

China Gezhouba Group Co Ltd * Says its consortium wins bid for hydroelectric power project in Nigeria for $5.79 billion The government of Nigeria has announced the award of a $5.8 billion contract to build what will be the largest power plant in the country. The 3,050-megawatt...

Nigeria’s Unveils Ease of Doing Business reforms, targets 70% performance rate

In an expanded meeting of the Presidential Enabling Business Environment Council, a new National Action Plan intended to drive the ease of doing business reforms in the country have been approved. "We restate our commitment to ensuring that we deliver on the ease of doing...
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