Nigeria’s Naira hit a record low of 321 to the dollar on the parallel market on Thursday, traders said, as importers desperate to meet their obligations scrambled for dollars. The central bank left its official rate unchanged at 197 naira to the dollar on its official interbank window. Tumbling global oil prices have battered Africa’s […]
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ACCORDING to sources, Finance Minister, Mrs. Kemi Adeosun, will travel to China next week to negotiate the loan to help fund the record budget spending, financial and government sources were yesterday quoted by News Agency Reuters. Sources said Nigeria has shelved plans to meet investors about returning to commercial borrowing on the Eurobond market. One Nigerian government […]
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U.S President Barack Obama is proposing about $200 million in new military spending to confront Islamist militants in north and west Africa, U.S. defense officials said ahead of Tuesday’s budget rollouts for the next fiscal year, according to Reuters. U.S. officials declined to specify to which nations the funding would be directed. The disclosure comes […]
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THE Nigerian National Petroleum Corporation (NNPC) has said that the country imported 6.2bn litres of premium motor spirit (PMS) popularly known as petrol, last year to remain one of Africa’s highest petrol importers. The imports were made through the Offshore Processing Arrangements (OPA), a system whereby NNPC allocates more than 200,000 barrels of crude oil […]
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Governor Akinwunmi Ambode of Lagos State, has expressed the desire of his administration to partner with the Federal Republic of Germany in the areas of power, transport, technology and development finance to bring about a quantum leap in establishment and sustenance of businesses in the State. Governor Ambode, who spoke on Monday, at Lagos House […]
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PRESIDENT Muhammadu Buhari, has been said to be undermining the progress of fighting Boko Haram and tackling corruption by endorsing exchange rate policies that are doomed to fail, an influential former central bank governor has said. Nigeria’s Central Bank Governor from 2009 to 2014, Lamido Sanusi, disclosed this to the Financial Times, saying he was […]
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The Lassa hemorrhagic fever outbreak in the country has killed 101 people, as West Africa battles to contain a flare-up of the virus, according to data from the nation’s health authorities yesterday. Nigeria Centre for Disease Control (NCDC) statistics showed that reported cases of the hemorrhagic disease — confirmed and suspected — stood at 175 with […]
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The People’s Republic of China has said it will invest $60bn in Nigeria. Chargé d’Affaires of the Chinese Embassy in Nigeria, Mr. Qin Jian, who said this in a statement commemorating the 45th anniversary of its diplomatic activities in Nigeria, described economic cooperation between both countries as fruitful. Qin said China was willing to integrate […]
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The United States of America’s Secretary of Commerce, Penny Pritzker, has revealed that in 2014, eleven of more than seventy large American companies operating in Nigeria paid in a total of $5.1 billion in taxes to the nation’s coffer. She also disclosed that a total of 24, 104 Nigerians were employed by the firms, while […]
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AS President Muhammadu Buhari prepare to visit the United Kingdom on Thursday, the Amnesty International has urged British Prime Minister, Mr. David Cameron, to prevail on him to stop side-stepping justice and commence independent investigations into war crimes and possible crimes against humanity by the Nigerian military. President Buhari will be visiting the UK, to […]
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Christine Lagarde is having some trouble sleeping at night. The head of the International Monetary Fund said “quite a few countries” are keeping her awake lately, but at the top of the list are low-income nations that rely heavily on exporting oil. “I think of a country like Nigeria, for instance, where 90% of its […]
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NIGERIAN Maritime Administration and Safety Agency (NIMASA), says it has remitted over N42 billion into the Federation Account and Federal Government special projects. Briefing the Senate Committee on MarineTransport in Lagos yesterday, its Acting Director-General, Pastor Haruna Baba Jauro, said the money was remitted by the agency between 2011 and 2015. In the breakdown of […]
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