President Muhammadu Buhari on Monday opened a 32-metric tonne per hour Lagos Rice Mill in Imota, Ikorodu, a Lagos suburb, to boost Nigeria’s rice revolution. The Lagos Rice Mill, Imota is a two x 16 metric tonnes per hour mill on an 8.5-hectare piece of land. The project requires around 240,000 metric tonnes of paddy Read More…
To assist alleviate port congestion and position Nigeria as a transhipment hub for Africa, the country unveiled a Chinese-built deep seaport in Lagos on Monday. The project cost $1 billion. President Muhammadu Buhari has made infrastructure development a cornerstone of his administration’s economic policy in the hopes that it will assist the governing party gain Read More…
Wednesday’s exchange rate for the naira against the dollar in the Investors and Exporters window was 461.25 naira per dollar. When compared to the value of 461.50 that it was traded for on Tuesday, this figure reflected an increase of 0.05 per cent in value. On Wednesday, the open indicative rate finished at a value Read More…
Godwin Emefiele, the Governor of the Central Bank, has urged commercial banks to go to apex bank locations all around the nation to obtain the new naira notes. Emefiele conveyed the decision on Wednesday in Lagos when the apex bank visited Computer Village, Ikeja, as part of its awareness-raising tour about the acceptance of the Read More…
The path that Nigeria’s debt is headed down is manageable. The country’s Minister of Finance, Zainab Ahmed, said on Wednesday that the government had no plans to borrow money from foreign capital markets and that it planned to make major changes to its large debt service-to-revenue ratio throughout the year. The government of Nigeria spent Read More…
The Central Bank of Nigeria says that its most recent project, redesigning the naira, will help the country’s many security problems, which range from terrorism to kidnapping, get better. Shamsudeen Imam, Senior Manager, Currency Operations Department, CBN, stated at a programme on Tuesday at the Gombe International Market that circumstances where criminals demanded ransom would Read More…
Tuesday’s Investors’ and Exporters’ window naira-dollar rate was 461.50. The value rose 0.04 per cent from Monday’s 461.67. Tuesday’s open indicative rate was N460.25/$. Before settling at N461.50, the day’s highest exchange rate was N462. During the day’s trade, the naira fell to 440 per dollar. Tuesday’s Investors’ and Exporters’ window trades totalled N117.63 million.
The performance indexes fell by 0.48 per cent on Tuesday as the equity market reversed the previous day’s upward trend. From N28.155 trillion traded the day before to N28.021 trillion at closure, the market capitalization decreased by N134 billion, or 0.48 per cent. The All-Share Index (ASI) also decreased by 246.48 points, or 0.48 per Read More…
The Chief Executive of Nigeria’s petroleum regulator, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), announced in a statement that 139 companies have been shortlisted for the next phase of the nation’s commercialisation programme for gas flaring as part of efforts to minimise carbon emissions. The commercialisation of gas burned from Nigeria’s oil fields is planned, Read More…
Following concerns from some legislators, the Nigerian Senate on Wednesday increased the country’s 2023 budget by 6.4% to ₦21.83 trillion ($49 billion) and postponed a decision on the president’s request to convert central bank overdrafts to long-term bonds. President Muhammadu Buhari had previously requested permission from the legislature in a letter dated December 20 to Read More…
