CFAO NIPEN raises shareholders’ funds to N2.27bn:
The Nigerian Ball-Point Pen Industries’ arm of the CFAO Group says it has increased its revenue from N4.453bn to N5.075bn and grown the shareholders’ funds from N1.714bn to N2.277bn within one year.
May & Baker records 10% growth:
Indigenous pharma-ceutical company, May & Baker Nigeria Plc, said it recorded 10 per cent growth in 2015 despite the economic crisis at the time.
NSE market capitalisation rises by N114bn:
The market capitalisation of the Nigerian Stock Exchange rose by N114bn after the close of trading on the floor of the exchange on Thursday.
Manufacturing index slides to 45.4%, says report:
Economic activities from manufacturing to non-manufacturing sustained a negative record in February, with productivity, raw material inventory, new orders and employment declining at “faster rate.”
Expert warns against Naira’s devaluation:
A former newspaper editor and retired bank executive, Phil Aragbada has described the call for the Naira’s devaluation by some people as a tenuous proposition and was doomed to fail the acid test of economic logic.
Nigeria Loses $7bn Annually to Poor Relations with Israel, Says Expert:
Former Director General of the Nigerian Institute for International Affairs (NIIA), Prof. Bola Akinterinwa, on Thursday said Nigeria loses approximately $7 billion annually as a result of poor bilateral relations with the Israeli government.
Miners Back Buhari’s Pledge to Develop Mining, Other Sectors with N5,000 Stipend:
An indigenous mining company, NASAMAN Mining Company Limited, on Thiursday endorsed President Muhammadu Buhari’s recent pledge to revamp the mining sector, as well as commit the N5,000 social security in the country into developing infrastructure, schools, agriculture and mining sectors in the country.
Report: 53% of Nigerians in Banking System:
A new report by Ericsson has revealed that 53 per cent of Nigeria’s population is in the banking system.
Transport minister gives freight forwarders 2 weeks ultimatum to register with CRFFN :
Minister of Transport, Mr. Rotimi Amaechi last week in Lagos read the riot Act to the various freight forwarding associations to meet with the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) and resolve the differences that they have with the regulatory agency.
Nigeria may reduce $38/barrel budget oil benchmark if prices fall further: minister:
ABUJA (Reuters) – Nigeria may reduce the oil benchmark of $38 per barrel outlined in its 2016 budget if global crude prices continue to fall, the budget and planning minister said on Thursday.