Business and Economy

Shell launches a major public service campaign in Nigeria on Tuesday, 31st May 2016, as part of a global effort to encourage debate on how a rapidly expanding world population can meet its energy needs. Using traditional and social media advertising and other targeted activities, the 2016 campaign, christened #makethefuture, …

Forty customers of United Bank of Africa (UBA) have been rewarded by the bank as part of efforts to leverage its market share and customer base in the highly competitive banking sector. This is contained in a statement issued by Mr Charles Aigbe, the bank’s Divisional Head, Corporate Communication in …

The Director-General Debt Management Office (DMO), Dr. Abraham Nwankwo has said the Naira and Nigeria’s foreign exchange reserves will recover in the coming years as the impact of government’s plan to diversify the economy begins to crystalise. Speaking on Friday at a breakfast meeting with Finance Correspondents Association of Nigeria …

Computer Engineering student of Lagos State Polytechnic, Abdulrazak Ayinde, has emerged winner of new Hyundai i10 in the ‘Smart Savers Promo,’ an initiative of Access Bank powered by Airtel Nigeria to enable Nigerians open bank accounts directly from their mobile phones. Draws and prize presentation in the Smart Savers promo …

·States have agreed to reform the finances of State and Local Governments under a Fiscal Sustainability Programme to ensure their long term viability. According to a statement by the Ministry of Finance, the 22-point fiscal reform action plan to be implemented by States under the Programme mirrors the ongoing public …

High-quality vanilla from the foot of Kilimanjaro or cassava starch and garri from South West Cameroon? With the opening of the World Humanitarian Summit in Istanbul, Turkey, Nestlé has announced the finalists for the Creating Shared Value (CSV) Prize 2016: Natural Extracts Industries [NEI] from Tanzania and Agro-Hub from Cameroun. …

The Minister of State, Aviation, Senator Hadi Sirika has called on the private sector to key into the attractive high rate of Return On Investment which is in excess of 30% in the aviation sector. In a keynote address at The International Air Transport Association (IATA) roundtable in Abuja, Senator …

Kia Motors Nigeria has once again teamed up with the innovative technology platform Uber to provide a free ride to all Kia customers. Kia and Uber are both committed to raising the bar in customer service and this informed their move to provide an amazing value added service to all …

Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that power firms and other stakeholders in the electricity industry have received 57 per cent of the N213bn Nigerian Electricity Market Stabilisation Facility. He specifically said the central bank had so far disbursed N120.2bn to players in the power …

The Federal University of Petroleum Resources, (FUPRE) Effurun, Delta State is the proud host of the latest Professorial Chair that has been established by The Shell Petroleum Development Company of Nigeria (SPDC) operated Joint Venture in support of learning and research in Nigerian universities. The Shell Professorial Chair at FUPRE …

The Debt Management Office (DMO) has stated that the much-anticipated timeline for the issuance of sovereign sukuk would be made public by the third quarter of this year. Sukuk is an Islamic financial certificate, similar to a bond in Western finance that complies with Sharia, the Islamic religious law. Director-General …

Rivers State Governor, Nyesom Ezenwo Wike, has called for sustained efforts to diversify the country’s economy following dwindling earnings from oil. Speaking at the Government House, Port Harcourt on Thursday during a visit by Olusegun Awolowo, Executive Director of the Nigerian Export Promotion Council (NEPC), the governor said that the …

Nigerian Governors under the aegis of the Nigerian Governors’ Forum (NGF) have expressed support for the increase in fuel price by the Federal Government, maintaining that the policy is in the interest of the masses. This is also the state chief executives disclosed that they are making efforts to access …

CHINEDU WOSU YENAGOA Bayelsa State Governor, Henry Seriake Dickson on Tuesday said that the resurgence of violence in the Niger Delta region by youth groups would destroy national assets and compound the developmental and environmental challenges facing the region. Dickson therefore, cautioned youth groups in the region not against violence …

The House of Representatives’ Committee on Aids, Loans and Debt Management has advocated more powers for the Debt Management Office (DMO), Nigeria. The House Committee said that the mandate of the DMO should be strengthened to include monitoring the implementation of all projects of government that is financed with borrowed …

Senator Hadi Sirika, Minister of State, Aviation has unfolded the road map for the sector at the Aviation Stakeholders Forum in Abuja. The event was well attended and the stakeholders left convinced that the Minister is committed to moving the sector forward. Below are some pictures from the event.

The Nigerian economy has borne the huge burden of subsidy payments on petroleum products. Massive importation of light petroleum products (petrol, diesel, and kerosene) continues unabated because the national refineries are working sub-optimally and new ones are yet to be constructed. Recently, government announced its plan to privatize the old …

ForexRally Nigeria Limited, in keeping with its promise, on the 10th of May, redeemed its pledge when the highest point gainer in the just concluded Forexrally forex trading competition, Mr. Harry Williams, grabbed the coveted price, a Toyota Hilux truck, valued at about N8million. ForexRally Nigeria Limited lived up to …

Fidelity Bank Plc, has announced the resumption of office of Mr. Nnamdi Okonkwo as Managing Director of the bank, just as Alhaji Mohammed Balarabe, who acted as Managing Director in the absence of Okonkwo, has been appointed the deputy managing director of the bank subject to regulatory approval. The bank …

The Debt Management Office (DMO) Nigeria, has given indication of living up to public expectations in mobilizing capital projects development funds through the debt instrument market. “The DMO is committed to making sure that we raise money to fund the 2016 budget deficit from appropriate sources and through appropriate mix …

Barely a week ago, at an event in Lagos which was a public lecture, the Minister of Power, Works and Housing, Babatunde Fashola, SAN gave an account of his stewardship in the last five months. In a paper titled “Nigeria’s Electricity Challenge: A Roadmap for Change”, Fashola acknowledged the shortfalls …

The Federal Government Thursday indicated its resolve to ensure the nation’s tax system reflects the commercial activity levels in Nigeria. In order to achieve this, the Federal Government is committed to the process of mobilising revenue from the non-oil sector. In a keynote address at the opening ceremony of the …

By SENATOR UDOMA UDO UDOMA, Honourable Minister of Budget and National Planning 12TH MAY 2016 PROTOCOLS 1. It is my pleasure to welcome you all to this presentation on the 2016 Federal Government Budget the first full year Budget of this administration which was recently signed into law by the …

The Debt Management Office (DMO) has expressed worry over the declining tax revenue contribution to the Gross Domestic Product (GDP) recorded in the country; this is also as the agency called for the expansion of the tax net and concomitant administrative compliance to boost the economy. According to the DMO, …