Nigeria Economy

Standards Organisation of Nigeria, SON

SON sets deadline for energy efficient cooling appliances

As Nigeria joins other nations in the use of energy efficient appliances, the Standards Organisation of Nigeria (SON), has given February 2018 as deadline for stopping importation of fridges and air conditioners, among others, that are not energy efficient. The organisation also fixed 2019 for locally manufactured ones to comply. This is to ensure that […]

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Nigeria emerges from recession as economy grows 0.6 pct in Q2

After suffering contraction for five consecutive quarters, the Nigerian economy is now officially on the rebound as the National Bureau of Statistics NBS in its second quarter Gross Domestic Product Q2 GDP report Tuesday announced Nigeria’s exit from recession. According to the report, the economy grew at 0.55 per cent (year-on-year) in real terms, in […]

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Finance office confirms release of ₦350 billion for capital projects

Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, on Monday confirmed the release of the sum of ₦350 billion to Ministries, Departments and Agencies of the Federal Government for the implementation of capital projects contained in the 2017 budget. Punchng exclusively confirmed this new development during a telephone interview with the minister. The 2017 Appropriation bill; […]

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Debt Management Office, DMO

Federal Govt get $22 billion borrowing limit; 5.89 pct of GDP

Federal Government can now borrow up to but not more than $22 billion in the 2017 fiscal year, the Debt Management Office has said. The DMO, in its ‘Determination of Borrowing Limit for 2017’ report, stated that the Federal Government could borrow up to 5.89 per cent of the country’s Gross Domestic Product estimated at […]

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NCDMB’s CEO target 100 pct local fabrication of modular refineries

The Executive Secretary/Chief Executive Officer of the Nigerian Content Development Monitoring Board (NCDMB), Simbi Kesiye Wabote is a man bubbling with ideas but challenged by paucity of funds, tough operating environment and other institutional factors that frustrate efficiency in the public sector. However, the oil and gas professional with over two decades of cognate experience […]

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CBN hq

Foreign reserves stands 30-month high at $31.59 billion

Nigeria’s foreign exchange reserves have stood at a 30-month high at $31.59 billion, as at August 18; the Central Bank of Nigeria data revealed. Nigeria’s dollar reserves have climbed back to a level they last reached in January 2015, shortly before the general elections. The bank, however, did not provide the reason for the increase. […]

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Expert says insurance sector can rake ₦1 trillion by 2020

Nigerian insurance sector is predicted to hit an income ₦1 trillion premium by 2020 if there is collaboration among operators in the industry, Managing Director/ Chief Executive Officer of Law Union & Rock Plc, Mr. Jide Orimolade, has said. Orimolade, who made the assertion at a media forum in Lagos, stated that operators should collaborate […]

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FG commences payment of civil servants’ ₦23bn salary

The Federal Government has commenced the payment of about ₦23bn promotion arrears and salary shortfall to civil servants. The development was confirmed by the Accountant General of the Federation, Alhaji Idris Ahmed, in Abuja on Wednesday, who said ₦13.2bn was for salary shortfall and ₦10bn for promotion arrears. The issue of promotion arrears has been […]

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LASG disburses ₦4.5bn to 5,527 SMEs in one year – Ambode

Governor Akinwunmi Ambode of Lagos State, yesterday, disclosed that through the State Employment Trust Fund, ETF, his administration had in the last one year approved, ₦4.5 billion for 5,527 Medium Small Manufacturing Enterprises, MSMEs. Ambode, through the Secretary to the State Government, SSG, Mr. Tunji Bello stated this at the opening ceremony of the 2nd […]

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Osinbajo launches Edo Fertilizer Plant, 60,000 MT capacity

Vice president, Prof. Yemi Osinbajo, has inaugurated the Edo Fertilizer Plant and Chemical Company Limited, a public, private venture which has the capacity to produce about 60,000 metric tonnes of fertilizer per annum. The Vice president who was accompanied by the ministers of Agriculture and Rural Development, Chief Audu Ogbeh; and Industry, Trade and Investment, […]

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Hameed Ali Nigeria Customs Service, NCS

Customs seizes fake drugs worth ₦12.1 million, arraigns 15 suspects

Not fewer than 15 suspects have been arrested by the Federal Operations Unit, FOU, Zone ‘ A’ of Nigeria Customs Service in connection with 1,104 cartons of fake pharmaceutical products, estimated at the Duty Paid Value, DPV, of over ₦12.1 million, smuggled into the country without appropriate documents and permits from government. Some of the […]

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Federal Government

“FG withdraws ₦359.39bn from ECA for fuel subsidy”

The Federal Government withdrew the sum of ₦359.39bn from the Excess Crude Account in 2015 to fund the payment of petroleum products subsidy in 2015, the Fiscal Responsibility Commission has said. The FRC said this in a report on the Excess Crude Account obtained by our correspondent in Abuja on Monday. According to the FRC, […]

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