Not minding the obvious difficult business climate, Nigeria's trade partners are still interested in increasing their foothold in the country. Andy Davidson, deputy director, United Kingdom Trade and Investment department in Nigeria, said though the banking crisis has hampered the growth of businesses in the country, enormous opportunity still abound for other countries to tap into. He said his office…
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Nigerian crude oil exports are expected to increase sharply in April after several months of lower production due to maintenance at key oilfields, trade and industry sources said on Tuesday. Initial tanker schedules for 10 of the 17 crude oil production streams in Nigeria show 51.3 million barrels, or 1.71 million barrels per day (bpd), of crude are due to…
The Federal Government would no longer enter into any fresh concession agreements at the country’s airports. Henceforth, it would rather undertake a comprehensive review of the existing ones and plug the loopholes in revenue generation system in the aviation sector. The minister of aviation, Fidelia Njeze, told reporters in Abuja yesterday that all the existing concession agreements with the Federal…
The Central bank of Nigeria (CBN) has so far disbursed N198 billion out of the N200 billion power and aviation sectors intervention fund. Suleiman Barau, CBN Deputy Governor, Corporate Services who confirmed this said the amount has been released to the Bank of Industry for onward disbursement to participating companies. Mr Barau, who represented the CBN governor at the second…
Investors have been assured of the safety of their investments in Nigeria. Speaking at the Standard Bank West Africa Investors’ Conference in Lagos yesterday, Atedo Peterside, chairman, Stanbic IBTC Bank Plc, said the climate environment in the country is conducive. Speaking against the backdrop of events in North Africa, he said, “I do not hesitate to state that I do…
The wobbly trading performances witnessed at the Nigerian Stock Exchange (NSE) during the first two months of this quarter are expected to continue in March, some finance experts have said. The NSE, which recorded a total gain of 8.37 per cent or N662 billion on equities at the close of trading activities in January, lost 3.03 per cent or N260…
Investors are bracing for a big sell-off when Egypt’s stock exchange opens on Tuesday after a month-long shutdown caused by the mass uprising that toppled the country’s president. But the reopening could be cut short if share prices do plunge as this will trigger a trading suspension. “It could be the shortest session on record tomorrow,” said an analyst based…
The director-general, Kaduna Chamber of Commerce, Industry, Mines and Agriculture, Usman Saulawa, said exhibitors from 10 countries have arrived for the 32nd Kaduna International Trade Fair. Mr. Saulawa said manufacturers, exhibitors and business people from Egypt, Ghana, Mali, Indonesia, Turkey, Botswana, India, Senegal, Kenya and China had already arrived, adding that others including the United Arab Emirate were being expected.…
Nigeria sold N107.64 billion in 91-, 182- and 364-day treasury bills last Thursday as part of measures to control money supply in sub-Saharan Africa's second-biggest economy. The central bank said on Friday it sold N50 billion in the 364-day instruments at a 9.10 percent marginal rate, N40 billion in 182-day bills at 8.27 percent and N17.64 billion in 91-day bills…
Egypt's stock exchange, closed since January 27 because of the protests that ousted President Hosni Mubarak, has decided to reopen on Tuesday, the cabinet said in a statement. "The prime minister has presented proposed measures through the Egyptian Financial Supervisory Authority and the Egyptian Exchange in preparation for a resumption of bourse trading, and this is in light of the…
South African President Jacob Zuma on Saturday launched a state-owned mining company in a move to ensure greater state involvement in the economically vital sector. Mr. Zuma said the African Exploration Mining and Finance Corporation, currently a subsidiary of the Central Energy Fund, would serve as the state-run mining firm, under which all state interests in mining would be consolidated.…
Mozambique will solicit bids for oil and gas exploration from international firms within the next two years, a senior government official said at the weekend. "Once every two years, we float international tenders to invite foreign firms to come and search for hydrocarbons in Mozambique," Mario Marques, an adviser to the southern African nation's minister of mineral resources told Reuters.…