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The Federal government of Nigeria yesterday, finally hands off the responsibility of fixing the price of fuel, especially PMS, otherwise called petrol, a step market watchers termed full deregulation of the downstream petroleum sector.The prices of the commodity will now be determined by the prevailing market forces, which will...
Speaking during a recent visit to the Governor of Borno State, the Group Managing Director, Nigerian Petroleum Corporation (NNPC), Mele Kyari has set four months for the completion of a gas-powered electricity facility in Borno to serve as an alternative to the incessant vandalism of on-grid facilities by insurgents. The...
The Central Bank of Nigeria (CBN) has resumed the provision of foreign exchange to banks to enable parents to pay for school fees and to allow Small and Medium Enterprises to make essential imports. This was announced in a statement by the CBN’s Director of Corporate Communications, Mr. Isaac Okorafor,...
Speaking at the weekly ministerial briefing at the Presidential Villa, Abuja on Thursday, the Group General Manager, Nigerian National Petroleum Corporation, Mele Kyari, said the Federal Government subsidises Premium Motor Spirit with about N120bn ($263.25m) monthly. Kyari said while the actual cost of importation and handling charges amounts to N234...
Did you apply for the Central Bank of Nigeria, CBN COVID-19 Targeted Credit Facility (TCF) Loan for households and SME's in 2020 and yet to receive your payment? The disbursing Bank, NIRSAL Microfinance Bank (NMFB) has created an online Targeted Credit Facility (TCF) COVID19 Beneficiary Information Management System(BIMS) portal where...
Application for the Small and Medium Enterprises Development Agency of Nigeria and the Bank of Agriculture (SMEDAN-BOA Matching Fund) Loan will begin on Tuesday 15 December 2020. In a press statement issued by the Corporate Affairs Unit of SMEDAN in Abuja, the loans would be funded from the SMEDAN-BOA Matching...
The Minister of State for Petroleum Resources, Timipre Sylva has stated that asking oil companies to relocate to the Niger Delta without addressing the security concerns will only escalate Nigeria’s cost of crude oil production. The Minister said this on Monday at a special town hall meeting organized by the...
Following the closure of the Benin-Nigeria border over the Coronavirus, COVID-19 pandemic, cross border trading amongst Africans in the West African sub-region is now experiencing a serious setback. Hundreds of passengers were stranded in Seme over the weekend as Benin Republic closed its departure and arrival gates as early as 6:00 am last Saturday. It...
The Central Bank of Nigeria disclosed in its third quarter economic report that Deposit Money Banks borrowed N1.7tn in three months. Part of the report read, “Deposit Money Banks and merchant banks continually accessed the standing facilities window to square up positions in 2020 Q3. “The trend at the CBN standing...
The Enugu state government has announced the opening of an online application portal for the recruitment of 500 Traffic Officers and 500 Forest Guards. The state Head of Service, Ken Chukwuegbo, has called on all interested candidates who meet the requisite requirements to submit their written applications to the Office...