The Debt Management Office has said the Federal Government will auction N100bn worth of bonds by subscription on June 26. A circular by the DMO on Tuesday showed the breakdown of the figure to include a N30bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent; another N40bn…
In just three years after lifting its 40-year ban on crude oil exports, the United States has become one of the top 10 oil-exporting countries in the world, surpassing Nigeria, which was once the second-largest supplier of oil to the US. The US has significantly reduced imports of Nigerian crude oil in the past few…
The National Insurance Commission will soon introduce a revised insurance distribution channel, which will replace the State Insurance Policy that was cancelled. The new policy may involve the issuing of new distribution licences to non-insurance bodies, who would be able to sell insurance to every part of the country, according to information obtained from the…
The European Union and the ECOWAS Commission have developed standards for the certification of some major products to boost the level of international trade. The five priority products selected by the member states are water, cashew nuts, vegetable oil, cement and fish. The certification programme, funded by the EU, is being implemented by the United…
The Nigerian Export Promotion Council has unveiled its service charter that would raise the expectations and define the standard of service to be provided to customers and members of staff. The move is part of the strategies to stimulate improvements and reforms in the way businesses would be conducted in the export promotion agency The…
The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending has secured a total of N4.5bn from four Deposit Money Banks for the cultivation of maize and soybeans in three states. The banks are Stanbic IBTC with the sum of N2bn; Sterling Bank Plc, N1.5bn; and Union Bank Plc, N1bn. The funding is a fallout of…
The Bankers Committee of the Central Bank of Nigeria has said it is set to commence the disbursement of funds under the Creative Industry Financing Initiative. The decision to commence the disbursement of funds under the initiative was made at the end of the committee’s meeting held at the CBN headquarters in Abuja. Present at…
Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report. Reuters reported recently that investors were put off by a dispute between the government and South African telecom giant MTN over repatriated profits. Banks HSBC and UBS both closed representative offices there in…
Industrial zones in 10 states of the federation recorded impressive performance and showed strong growth potential in the first quarter of the year, according to data from the Manufacturers Association of Nigeria. The states were listed as Oyo, Ondo, Osun, Ekiti, Rivers, Kwara, Kogi, Lagos, Ogun and Kano. The zones that recorded above average performance…
By virtue of its human and natural resources endowment, Nigeria has the potential to become a major player in the global economy. However, this potential has remained relatively untapped over the years. After a shift from agriculture to crude oil and gas in the late 1960s, Nigeria’s growth had continued to be driven by consumption…