Naira appreciates to 360. 52/$ in NAFEX

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By Adaeze Okechukwu The naira, yesterday, appreciated to N360.52 per dollar in the Investors and Exporters (I&E) Foreign Exchange, forex, Window. Data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to […]

Backward integration policy saves Nigeria N240bn yearly —Lafarge

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The backward integration policy of the Federal Government in the cement industry saves Nigeria N240 billion yearly, Lafarge Africa Plc has disclosed. Procurement Director, Lafarge Africa, Mr. Lolu Alade-Akinyemi, made the disclosure, in Abuja, during the 23rd Nigeria Economic Summit themed ‘Opportunities, Productivity and Employment’. He explained that since the […]

Solar power is the fastest growing source of global energy

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Solar power was the fastest-growing source of global energy last year, overtaking growth from all other forms, according to the International Energy Agency (IEA). The spurt is largely attributed to lower prices and changing government policies encouraging a shift away from traditional power sources, such as coal. China, for example, has played […]

FG to raise N330bn bonds in Q4 2017 — DMO

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The Debt Management Office (DMO), yesterday, said the Federal Government plans to raise between 270 billion and 330 billion naira-denominated bonds in the fourth quarter of the year. The DMO, in its latest issuance calendar, said it would auction between N135 and N165 billion worth of bonds maturing in 2021 […]

Electricity: Nigeria’s economy losses N534bn to inefficiency in 2016

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Ediri EJOH THE nation’s poor economic situation may worsen as it losses over N534 billion yearly to inefficiency of the power sector, Managing Director, Seplat Petroleum Development Company, Dr. Austin Avuru, has said. This was even as he identified a huge deficit of about N356bn incurred from debts owed banks […]

‘Lagos controls over 90% of Nigeria’s forex inflows’ – Lagos State Commissioner for Finance

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Stanley Opara The Lagos State Government has said it controls over 90 per cent of foreign exchange inflows into the country. The Commissioner for Finance, Mr. Akinyemi Ashade, said this in a presentation made to capital market stakeholders in Lagos titled: ‘Funding Lagos State Government’s Economic Agenda through Debt Capital […]

US buys $2.7bn Nigerian crude in six months

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’Femi Asu The import of Nigeria’s crude oil by the United States increased by 32.1 per cent to 52.36 million barrels in the first half of this year, compared to the same period in 2016. The US Energy Information Administration, the statistical arm of the Energy Department, revealed in its […]