The Federal Government has hinted of its plans to unbundle the Transmission Company of Nigeria (TCN) as part of its sustained reform efforts in the power sector to boost electricity supply nationwide. The disclosure, which was made a day after the collapse of the power grid for the second time this year, indicated that the […]
The Nigeria Sovereign Investment Authority (NSIA) has announced the formal handover of the Second Niger Bridge to the Federal Government following its completion. The Second Niger Bridge, linking South-Eastern Nigeria to other regions, was implemented through the Presidential Infrastructure Development Fund (PIDF), with NSIA acting as both Fund and Project Manager. The scope of the […]
A draft of a potential climate deal at the COP28 Summit on Monday suggested a range of measures countries could take to slash greenhouse gas emissions, but omitted the “phase out” of fossil fuels many nations have demanded – drawing criticism from the U.S., EU and climate-vulnerable countries. Reuters reports that the draft has set the […]
The Centre for the Promotion of Private Enterprise (CPPE), one of Nigeria’s private sector advocacy groups, has described the recent decision by the Central Bank of Nigeria (CBN) to increase the Customs Exchange rate from N783 to N952/$1 as undesirable for the economy, warning that it will worsen the already prohibitive production and operating costs […]
The Central Bank of Nigeria (CBN) has extended the timeline for the issuance of Letters of Credit from 24 hours to five working days as foreign exchange (FX) scarcity continues to constrain business activities nationwide Also, the apex bank extended the timeline for the registration of Form M and NXP from 24 hours to two […]
The Federal Government has, through the Central Bank of Nigeria, reviewed upward the official exchange rate of the Naira for cargo clearance from N783/$ to N952/$. The latest policy came barely three weeks after the rate was adjusted from N757/$1 to N783/$1, representing a 3.4 per cent increase. Our correspondent noted that on Thursday, the […]
The Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello- Koko, has refuted the rumour about $1.8 billion allegedly missing from the Authority, describing it as ill-founded and false. According to him, the inability of the NPA to remit substantial part of the amount which is considered irrecoverable is due to faulty concession. Bello- […]
President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has disclosed that Africa accounts for just three percent of the total $25.3 trillion global trade with most of the economies highly vulnerable to commodity price volatility. Adesina, who made remark while speaking on sustainable trade and energy mix at the Sustainable Trade Africa Conference […]
Swiss Re, one of the world’s largest reinsurers, in its latest research analysis has projected that natural catastrophes would surpass recent years’ losses, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsurance industry losses above the $100 billion mark for the fourth consecutive year. A news report on Thursday from […]
The Director-General of the Securities and Exchange Commission (SEC) Nigeria, Mr. Lamido Yuguda, has listed some of the gains recorded since Nigeria committed to collaborating with the Islamic Financial Services Board (IFSB) as including improved funding of the nation’s infrastructure through Sukuk funds. Yuguda, in his keynote address at the First Annual SEC Nigeria-IFSB International […]