Economy articles

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FG Unfolds Plans For $29.960bn Foreign Loan

FG Unfolds Plans For $29.960bn Foreign Loan

The Federal Government has given details of its plans to take a $29.960 billion foreign loans designed to address infrastructure deficit in the country. Festus Akanbi, Special Assistant on Media to the Minister of Finance, Kemi Adeosun, said in a statement issued in Abuja that the borrowing is a three-year-plan covering proposed projects for 2016 – 2018. As such, the borrowings will be phased over the three year-period. The Finance Ministry further explained that the

Private Sector Is Key to Poverty Eradication-Elumelu

By TELL Do you know why past governments did not succeed in efforts to eradicate poverty in Nigeria? There is a man who has an answer to that question. He is no other person than Tony Elumelu, chairman, Heirs Holdings and Tony Elumelu Foundation. He said the reason all the entrepreneurship schemes fell short of the designed objectives is that successive governments decided to exclude the private sector. Elumelu who spoke at the National Institute

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FG, ODUACCIMA Collaborate on Regional Trade Fair

Asiwaju Olaitan Alabi, the chairman 2014 Odua International Trade Fair Planning Committee, has revealed that the Federal Government would be collaborating with Odua Chamber of Commerce, Industries, Mines and Agriculture, ODUACCIMA, for a regional international trade fair, which is expected to attract over 5,000 exhibitors and participants. Alabi made this known at a press conference held at the MKO Trade Fair Complex, Abeokuta to discuss the trade fair which will take place from November 21 through 30, 2014. Also

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Scarcity of Aviation Fuel Halts Air Travels

Due to the shortage of aviation fuel that hit the country this week, local and international flight operators in the country are having a hard time meeting up with their schedules. Jet-A1, commonly known as aviation fuel, has been reportedly scarce in some cities since Monday with Abuja one of the cities seriously affected. The scarcity has forced some airline operators to delay, reschedule or cancel their flights while other operators have to fly first

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CBN Issues New Operational Guidelines for Banks

  As part of its efforts to sanitise the banking sector, the Central Bank of Nigeria, CBN, has issued a new set of corporate governance guidelines for every bank in the country. As contained in the new guideline, investors are now prohibited from owning more than five per cent stakes in any bank without prior approval of the Central Bank. Similarly, both federal and state governments are now restricted from holding more than 10 per

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Nigeria’s Economy Now the Largest in Africa

Nigeria is now Africa’s largest economy and 26th in the World with a total GPD of $510 billion.   To arrive at this position, the West African country frog leaped its South African Counterpart. The country which moved 10 points forward now ranks next to Argentina and just above Austria in the latest world Bank ranking.   Ngozi Okonjo-Iweala, Minister of Finance and coordinating minister for the economy who made the revelation today at an

Stock Floor

NSE Lists Vetiva 30 ETF

  The Nigerian Stock Exchange, NSE, has expanded its product offerings via the official listing of Vetiva Griffin 30 Exchange Traded Fund, ETF, on the floor of the exchange recently. Haruna Jalo-Waziri, executive director, business development at the exchange, explained that the new product is an open-ended fund that is designed to track the performance of the constituent companies of the NSE 30 Index and to replicate the price and yield performance of the Index.

Stock Floor

NSE Reduces Trade Alert Costs By Over N1 billion

  In a bid to attract more investors to the Nigerian capital market, the Nigerian Stock Exchange, NSE, has decided to scrap the 0.06 per cent charge on the Trade Alert service from March 2014. While the management of the exchange scraps the old alert system, it has introduced X-Alert, an enhanced notification system, which will be charged at a flat fee of N4 per transaction to replace the old notification system. Based on the

Emefiele

Federal Government Appoints Emefiele As CBN Governor

Godwin Emefiele, the  chief executive officer, Zenith Bank Plc, has been appointed as substantive Governor of the Central Bank of Nigeria, CBN. He replaces Sahusi Lamido Sanusi, who was suspended this morning by President Goodluck Jonathan. Bayo Adelabu, executive director, First Bank Plc has also been named deputy governor, replacing Tunde Lemo. The names of the new appointees have been sent to the senate for confirmation. Sanusi’s suspension was announced in a statement signed by the

Sanusi-Lamido-Sanusi-(CBN-Governor) - photo-by-Sunday-Adedeji

President Jonathan Suspends CBN Governor Sanusi

  In what appears to be a tale of the hunter being the hunted, Lamido Sanusi, governor, Central Bank of Nigeria, CBN, has been suspended by President Goodluck Jonathan. Sanusi who has been having a running battle with the petroleum ministry and the Nigerian National Petroleum Corporation, NNPC, over his allegations of $20 billion missing oil money, was suspended for allegedly engaging in financial recklessness and misconduct.   “Having taken special notice of reports of

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