Business & Finance

Nigeria earns N305 billion from non-oil exports in first quarter of 2013 – NBS

Jul 26, 2013

Nigeria earned about N305.1billion within the first three months of 2013, figures obtained from the National Bureau of Statistics indicate. A breakdown of the figures highlighted under “2013 Export First Quarter” in the NBS’ report on ‘Merchandise Trade’, showed that export from natural rubber was N158.38 billion; raw cocoa beans attracted N62.198 billion; Sesame seeds,…

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Brent holds above $107 on weak dollar, supply cuts

Jul 26, 2013

Brent crude held steady above $107 a barrel on Friday as a weak dollar and supply disruptions at some Middle Eastern and African oil producers offset worries about China’s economic slowdown and decades-high oil output in the United States. The dollar hovered near a more than one-month low against a basket of major currencies, encouraging…

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Nigeria’s global GDP ranking now 36th – Jonathan

Jul 26, 2013

The Federal Government on Thursday said the nation had witnessed improvement in the global Gross Domestic Product ranking from number 44th in 2010 to 36th in 2012 and had recorded significant improvements in economic fundamentals as a result of the reform embarked upon by it. While calling on Nigerians in the Diaspora to bring their…

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CBN may devalue Naira over dwindling foreign reserves, oil decline

Jul 25, 2013

The Central Bank of Nigeria will probably lower its targeted trading range for the naira as dwindling foreign exchange reserves and falling oil prices undermine its ability to halt the currency’s slide, according to the FBN Capital Limited. Policy makers may adjust the exchange rate to within a three percentage-point band of 160 per dollar…

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17 PHCN successor companies to list on the Nigerian Stock Exchange – BPE

Jul 25, 2013

The Bureau of Public Enterprises (BPE),  said it would  ensure  that  the 17 Power Holding Companies of Nigeria (PHCN) successor companies and a good number of other companies are  brought  to the floor of the Nigerian Stock Exchange (NSE) for listing . Speaking on the floor of NSE, the director- general of BPE, Mr. Benjamin…

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More investors begin to show interest in Nigerian power sector

Jul 24, 2013

The road shows designed to showcase investment opportunities in the Nigeria’s power sector held in Lagos, London, New York, Johannesburg and Hong Kong, appear to be yielding desired results as investors from various parts of the globe have besieged the country’s electricity industry with investment proposals. Some analysts say the overwhelming response may not be…

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Nigerian oil and gas companies estimated to spend N361.6bn on offshore drilling projects by 2016

Jul 24, 2013

Nigeria is expected to spend $2.26 billion (N361.6 billion) on offshore drilling activities by 2016, according to a recent report by GBI Research.  Also, the Organisation of Petroleum Exporting Countries (OPEC) has identified fossil fuels as dominant in meeting global energy demand for the foreseeable future. The GBI report released at the weekend, put yearly…

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FG earned N522 billion from petroleum tax, royalties in May – CBN

Jul 23, 2013

The Federal Government earned about N522.1billion from Petroleum Profit Tax, PPT, royalties and domestic crude oil and gas sales in May 2013, according to data released by the Central Bank of Nigeria, CBN. The amount represents 4.6 per cent of the N11.34 trillion gross federally-collectible revenue projected by the Federal Government in the 2013 Budget.…

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Sambo expresses dismay over electricity tariff funds; summons finance minister, others

Jul 23, 2013

Vice President Namadi Sambo has expressed dismay over what he called the inadequate funds coming from the Multi-Year-Tariff-Order, MYTO, and the inability to pay for gas. Speaking at the State House in Abuja during the 29th meeting of the Board of the Niger Delta Power Holding Company of Nigeria, NDPHC, Sambo summoned Finance Minister Ngozi…

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FAAC distributes N718.1bn to FG, states, LGs

Jul 16, 2013

The Federation Accounts Allocation Committee on Monday distributed the sum of N718.10bn among the three tiers of government. The allocation, which is for the month of June, represents an increase of N27.60bn over the N620.56bn shared in the month of May. The Minister of State for Finance, Dr. Yerima Ngama, who briefed journalists at the…

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