Author: tolulope

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the Anchor Borrowers’ Programme of the bank shows the need for all stakeholders to sustain current efforts by the bank to galvanise agricultural production to meet the requirements of Nigeria’s growing population. He said this in Zauro, Kebbi State on Tuesday during the inauguration of the 2020 wet season harvest aggregation and 2020 dry season input distribution under the CBN-Rice Farmers’ Association of Nigeria Anchor Borrowers’ Programme, as part of the fifth anniversary of the ABP. He noted that 2.92 million farmers cultivating 3.64 million hectares across 21 commodities...

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FG approves Warri airport reopening for daylight operations

FG approves Warri airport reopening for daylight operations

The Federal Government on Monday approved the reopening of the Osubi Airport in Warri for daylight operations. Minister of Aviation, Hadi Sirika, who announced the reopening of the airport via Twitter, said the facility would only operate under the conditions of Visual Flight Rules. In February last year, the Warri airport was closed due to some controversial issues that involved aviation service providers and the airport’s management. The issues bordered on alleged debt and mismanagement of funds, a development which was not mentioned by Sirika in his tweet. There had been calls by public officials urging the Federal Government to reopen the facility considering...

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NSE market capitalisation appreciates by N27bn

The market capitalisation of the Nigerian Stock Exchange for the third consecutive day on Wednesday posted further growth increasing by N27bn. The News Agency of Nigeria reported that the market capitalisation rose by N27bn or 0.23 per cent to close at N11.55tn against N11.52tn on Tuesday. Similarly, the All-Share Index, which opened at 33,436.61, inched 78.32 points or 0.23 points to close at 33,514.93 due to price growth by some highly capitalised equities. Seplat led the gainers’ table during the day, appreciating by N9.98 to close at N485 per share. Guinness followed with a gain of N3.10 to close at N66.10 and Okomuoil Palm...

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Standard Chartered introduces COVID-19 support for entrepreneurs

Standard Chartered introduces COVID-19 support for entrepreneurs

Standard Chartered Bank has said it has launched new programme with Youth Business International, to support young entrepreneurs hit by the economic impact of COVID-19. In a statement on Tuesday, it said the project was part of ‘Futuremakers’ by Standard Chartered, a global initiative to tackle inequality. It stated, “YBI and Standard Chartered Foundation are working together to provide crucial support to over 33,000 underserved young entrepreneurs in six countries across Africa, Asia and Europe. “In Nigeria, the project will be implemented by FATE Foundation.” Speaking on the project, the Head of Corporate Affairs, Brand and Marketing, Standard Chartered Bank Nigeria, Dayo Aderugbo, said,...

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Gas supply increase raised power generation by 3,358MW – NNPC

Gas supply increase raised power generation by 3,358MW – NNPC

The Nigerian National Petroleum Corporation in its latest monthly operations report said the increase in gas supply to 789 million standard cubic feet, which was delivered to gas-fired power plants, led to the generation of 3,358 megawatts of electricity. Also, power sector performance updates seen at the Federal Ministry of Power in Abuja on Monday showed that the industry lost N11.4bn between February 1 and 13, 2021. In its latest monthly report, the national oil firm stated that it supplied 640mmscfd of gas to gas-fired power plants in January last year to generate 2,683MW, but increased the supply of gas in November...

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How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

The Lagos Chamber of Commerce and Industry has highlighted steps Nigeria needs to take in order to fully take advantage of the opportunities offered by the World Trade Organisation under the leadership of Dr Ngozi Okonjo-Iweala. The LCCI, in a statement on Monday, felicitated with Nigeria on the appointment of Okonjo-Iweala as the Director-General of WTO. The Director-General, LCCI, Dr Muda Yusuf, said, “While the emergence of Dr Okonjo-Iweala as the new WTO Director-General is very gratifying and calls for celebration, there is a need to manage expectations around the outcomes for the Nigerian economy, given the numerous productivity and competitiveness issues...

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Nigeria, others record poor exports in 2020 – Report

Nigeria, others record poor exports in 2020 – Report

Nigeria has been listed as one of the countries that performed terribly in terms of exports in 2020. The report released on Wednesday by the United Nations Conference on Trade and Development UNCTAD listed Colombia, Saudi Arabia and Venezuela as other countries with poor exports in the same period. The report titled, ‘East Asian economies drive global trade recovery’ said countries such as China, Switzerland, Taiwan, Turkey, Uganda and Vietnam experienced relatively better export performance in 2020. The UNCTAD report said global trade recovered in the last quarter of 2020, reducing its overall decline for the year to about nine per cent, according...

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Foreign exchange inflow drops to $5.7bn in one month

Nigeria recorded $5.7bn foreign exchange inflow into the country in November 2020. This was a drop from $6.47bn and $7.34bn recorded in October and September respectively. The Central Bank of Nigeria disclosed this on Wednesday. It stated that slow global economic recovery and uncertainty in the crude oil market, resulted in lower foreign exchange inflow into the economy. “Consequently, aggregate foreign exchange inflow into the economy was $5.7bn, a decrease of 13.3 per cent and 62.0 per cent, below the respective levels in the preceding month and the corresponding month of 2019,” it stated. Also, foreign exchange outflow through the economy fell by 24.6 per...

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Total pension assets rose to N12.3tn in 2020 – PenCom

Total pension assets rose to N12.3tn in 2020 – PenCom

Total pension assets under the Contributory Pension Scheme rose by N2.1tn to N12.3tn as of the of the 2020 from N10.2tn as of the end 2019, latest statistics from the National Pension Commission showed on Thursday. PenCom stated that N8.13tn of the funds was invested in Federal Government of Nigeria Bonds. According to the figures, N858.46bn and N92.91bn were invested in domestic and foreign ordinary shares respectively. It added that N1.68tn and N161.39bn were also invested in local money market securities and mutual funds respectively. As part of efforts to boost services in the industry, PenCom opened the transfer window to enable workers in...

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NLNG generates $108bn, delivers 5,000 cargoes in 21 years

NLNG generates $108bn, delivers 5,000 cargoes in 21 years

The Nigeria Liquefied Natural Gas Company Limited has said its fixed assets are now worth $11bn while it has 23 ships that have delivered about 5000 LNG cargoes to destinations around the worth since its establishment 21 years ago. The company also said it has generated revenue amounting to $108bn, out of which dividend worth $35bn have been shared within the period under review. These were made known by the management of the NLNG which appeared before the House Committee on Petroleum (Gas Resources) in Abuja on Thursday. The General Manager, External Relations and Sustainable Development, Mrs Eyono Fatayi-Williams, while speaking to documents...

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