The Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has said that Nigeria’s oil and gas sector attracted over $60 billion Foreign Direct Investment (FDI) in the past 12 years, following the enactment and implementation of the Local Content Act. Wabote, who gave this figure in an interview […]
The Association of Small Business Owners of Nigeria (ASBON) has reiterated the need for its participation and representation at all levels of Federal Government’s decision and policy making processes as they relate to the nation’s real sector. The National President of the association, Dr. Femi Egbesola, made this demand on Tuesday during the launch of […]
The Naira depreciated further early Tuesday morning at the parallel market, exchanging at N722/$1, representing a depreciation of 1.26% from N713/$1 it traded on Monday. Information obtained from black market traders on the trading trend by our correspondent, indicated that the Nigerian currency, however, recorded an appreciation of 0.84% at the cryptocurrency peer-to-peer (P2P) FX […]
The Central Bank of Nigeria’s (CBN’s) Monetary Policy Committee members on Tuesday unanimously voted to increase the benchmark interest rate (Monetary Policy Rate) by 150 basis points from 14% to 15.5%. The 15.5% benchmark rate set by the committee, which ostensibly was informed by the apex bank’s sustained measures to tackle the rising inflation in […]
The Bureau of Public Enterprises (BPE), late Sunday restated its earlier position that the Federal Government had no plans to sell the Transmission Company of Nigeria (TCN). The privatization agency made this clarification in a statement which came some few weeks after it hinted of plans to revive ailing government owned enterprises. Reacting to news […]
The Federal Inland Revenue Service (FIRS), the agency responsible for federally collectible revenue administration, has said that when governments deploy tax revenues for the common good of the citizens, there is a concomitant increase in tax compliance by citizens who see the direct benefit of the taxes they pay. The Executive Chairman of the Service, […]
Investment analysts at Bancorp Securities Limited, one of Nigeria’s investment research and consulting firms, have predicted that investors would sustain cautious disposition in their investment moves this week at the equities market as the monetary authorities meet to decide on key lending rates. The experts projected: “We envisage an extension of cautious trading this week […]
Electricity distribution companies (DisCos) on Monday alerted electricity consumers in the country of power blackout in their franchise areas following the collapse of the national grid. The latest national grid collapse is about the eighth time the incident had been recorded in the country in the past few months. According to the notices by the […]
The Naira sustained its sluggish trend against the US dollar in the parallel market in the early hours of Monday and traded at N713/$, a 0.14% depreciation from N712/$1 recorded on Friday, last week. Information obtained from the parallel market operators by our correspondent in the early trading hours of yesterday showed that the Naira […]
The Securities and Exchange Commission (SEC) Nigeria at the weekend expressed optimism that the passage of the proposed Investments and Securities Bill (ISB) will check the surging incidents of Ponzi/Pyramid and other illegal investment schemes in the country. The Director-General of the commission, Mr. Lamido Yuguda, was quoted in a statement that the passage of […]