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Stanbic IBTC and NIRSAL partner on N50b Agric financing To further the efforts in place to boost agricultural productivity and modernization, the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has entered an agricultural financing partnership worth N50 billion with Stanbic IBTC bank. Stanbic IBTC has already committed N10...
Billionaire, Aliko Dangote has thrown his hat in the race to acquire a controlling stake in South Africa’s PPC Group Limited. Canada’s Fairfax holdings is a front-runner, with a proposal to merge PPC with Afrisam, its South African subsidiary. Cement giants Lafarge and Hiedelberg are also interested in taking...
Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, announced that three of the nation’s refineries will be shut down briefly for an overhaul for optimal performance. He said this yesterday at Abuja on the sidelines of the Inaugural Nigerian Pipeline Security Conference and Exhibition, organized by...
Power distribution operators (Discos) are of the opinion that government could be behind the troubles faced in the industry, which is resulting in poor power supply in the country. Captain Hosa Okunbo, one of the investors that acquired the Yola Distribution Company (DISCO) in an interview with Osasu Igbinedion...
In a bid to assist in tackling liquidity challenge in Nigeria’s power sector, Chibek Ltd wants higher power tariffs that are 'cost-reflective'. The company has been able to attain 70% completion of a lithium base integration plant despite the challenges the company has been faced with so far. In his words,...
A N20bn suit against FG and the Ethiopian Airlines was filed by the shareholders of Arik Air Limited over the takeover negotiations between them. Mr. Chris Ndulue, the Director of Arik Air, in a 20-paragraph affidavit asked the court to stop the first and second defendants from the negotiations...
Africa’s richest, Nigeria’s Aliko Dangote’s name has been making the rounds with the claims that he will be in the running for 2019 presidency. Think-tank program, created by former President Goodluck Jonathan, ‘supposedly’ contacted Dangote to be PDP’s presidential torch bearer come 2019. Without mincing words, Aliko Dangote made it...
The week drawing to an end has been an eventful one in the political and economic spheres with several talking points. In the middle of all these, it could be easy to miss out on some. Once again, Nairametrics brings you the top ten news items. Former VP and Minister...
The Central Bank of Nigeria (CBN), perhaps in response to recent fraudulent activities using mobile USSD banking platforms, has issued a draft policy revising the guidelines for their operation. This applies to commercial banks in the country. Here are key points from the draft policy Mobile money...
Operators in the Information and Communication Technology, may have cause to smile soon as the Federal Government may be considering a ban on items that can be produced locally in the country. Minister of Communications, Adebayo Shittu made the remarks at an Indo Nigeria ICT summit held yesterday in...
Amid hurrays of celebration over the exit of the country from the plunges of an economic recession, the Presidency is taking a more solemn outlook it labels as 'cautious optimism' on the matter. This much was gathered from a special press release from the Special Adviser to the President...
In an effort by the Buhari administration to bridge the gap between Micro, Small and Medium Enterprise (MSMEs) and relevant Federal Government regulatory agencies, like National Agency for Food and Drug Administration and Control (NAFDAC), Corporate Affairs Commission (CAC), Standards Organisation of Nigeria (SON), Federal Inland Revenue Service (FIRS),...
Ethiopian Air’s hopes of taking over Arik anytime soon, may have to wait soon. In a notice signed by its Head of Corporate Communications Jude Nwauzor,  the Asset Management Company of Nigeria (AMCON) denied any knowledge of Ethiopian Air’s proposal and maintained that it had run the airline creditably...
In what is the trending news in the Nigerian economic sphere, the National Bureau of Statistics released Q2 2017 figures, which indicated a 0.55% growth in the economy. This is the first growth the economy has recorded in 5 quarters. However, the exit from recession is confirmed not only...
The National Council on Privatization (NCP) has released a brief containing the key decisions approved by the body in its last meeting held between August 22 and 23, 2017. The decisions as listed on the official Twitter page of the Federal Government are as follows. Commencement...
Nigeria is out of recession!!! Official report of the Second quarter 2017 GDP from the National Bureau of Statistics (NBS) show the Nigerian economy grew by 0.55%. The real GDP growth of 0.55% in the second quarter of 2017 is the first in about 5 quarters confirming that Nigeria is...
The Nigerian National Petroleum Corporation (NNPC) has announced the results of a survey it recently carried out which showed a drop in petrol and cooking gas prices across the country. According to the survey, petrol prices have fallen from N145 to between N142-N143 per litre. Cooking gas prices have also...
International Airlines operating in Nigeria have increased their air fares following the instruction from IATA, the global body for airlines in the world. According to reports from the Aviation sector, airfares quoted in Naira will attract an increase of about 18% starting September 1 2017. Why the increase Airfares in Nigeria...
The month of August has come and gone and as expected the stock market ended the week on a negative note. For the first time since April, the All Share Index, closed on a negative note after stocks slipped by 0.98% month to date. In fact, apart from the...
Members of a think thank allegedly set up by the People’s Democratic Party (PDP) to woo Alhaji Aliko Dangote to contest the 2019 Presidential elections, may have to look for another candidate as he has denied any plans to run for office. Alhaji Dangote also said such rumours were meant...
Minister of State for Petroleum Resources Ibe Kachikwu has hinted a possible downward fall in petrol prices. He made mention of this in a podcast to highlight his achievements mid way through his tenure as petroleum minister. The government had last year increased pump petrol prices from N87 a...
Nigeria’s war on terrorism has gotten additional boost as the British Government has decided to grant Nigeria defence and humanitarian assistance  over the next 5  years. The package comes on the heels of a recent visit by Britain’s Foreign Secretary Boris Johnson to the North East. Here’s a summary of...
Rating agency Fitch in its just released ratings report has expressed worries about Nigeria’s economy. The agency rated the country Long Term Foreign Currency Issuer Default Rating B+ with a Negative Outlook. Reasons behind the rating While Fitch acknowledged the strengths of the Nigerian economy including its large and diversified economy and...
In yet another example of corruption in Nigeria’s oil industry, the United States Securities and Exchange Commission (US-SEC) is currently investigating Chinese state owned oil company, Sinopec over alleged bribe made by Addax Petroleum, a subsidiary of the company. Some of the funds were said to have passed through...
Chinese Civil Engineering Construction Company (CCECC) has been awarded awarded a $5.8 billion hydroelectric power plant. Minister of Power, Works and Housing Mr. Babatunde Fashola disclosed that the Chinese Export Import Bank will provide 85% of the funding,  and the Federal Government will contribute the rest. The project has an...
A Russian based stock exchange MTCEX is concluding plans for a platform to trade cryptocurrencies. Trading on the exchange will however be limited to qualified investors. Qualified investors are those with either personal assets of 6 million roubles (roughly $100,000) as an individual or 200 million roubles (roughly $3.4...
German insurance giant Allianz has acquired a 98% stake in Ensure insurance. Terms of the deal where however not disclosed. Two other firms Wapic Insurance Plc and Hollard of South Africa had recently indicated an interest to acquire the company. Why the move The Nigerian insurance industry has several small players...
Major petroleum marketers in the country are currently in a tight spot due to the Federal Government’s inability to pay them arrears of their subsidy claims amounting to over $2 billion. The sum includes the loans taken from banks to fund petroleum product importation, interest charges and a refund...
For all intent and purposes, it looked like the perfect scenario- a multi-billionaire native industrialist coming in to invest several millions of dollars in order to produce a commodity that the country was spending billions of Naira importing at a time when the forex crunch was at its hardest....
Vice President Yemi Osinbajo, SAN today visited Edo State to commission projects that will advance President Buhari's economic plan. WATCH: Prof. Yemi Osinbajo Commissions Projects in Edo State During his visit, the Vice President inspected and commissioned the ultra modern  3 Million ton capacity  BUA Cement Plant, located in Okpella, Benin City....