The Chief Operating Officer, Oando Energy Resources, ALEX Irune, has said that the passage of the Petroleum Industry Bill (PIB) will unlock several partnership opportunities for indigenous oil and gas companies. Irune made the assertion during a panel session at the ongoing Nigeria Oil and Gas (NOG) conference and exhibition on Wednesday in Abuja. The …read more →
Economy
Russian Companies to Invest $500 Million Into Nigeria’s Manufacturing Sector
The Chairman, Nigerians in Diaspora Organisation (NIDO), Russia, Sampson Uwem-Edimo has said that nine Russian companies have indicated interest to invest over $500 million in Nigeria’s manufacturing sector. Uwem-Edimo made this known in a statement on Sunday in Lagos, ahead of the forthcoming Russia- Nigeria Business Conference. He said the planned investment was to deepen …read more →
Dangote Refinery Will Transform Downstream Sector, Provide Better Margin for Marketers – Oil Marketers
The Major Oil Marketers Association of Nigeria (MOMAN) has expressed optimism that when the 650,000 Dangote Refinery comes on stream, it will change the way business is carried out in the downstream petroleum sector and deliver much value for operators in the industry. Chairman MOMAN, Adetunji Oyebanji said the group hope that Dangote refinery would …read more →
NCC Rakes in N150 Billion from Spectrum License In 5 Months
The Nigerian Communications Commission (NCC) on Sunday said it more than tripled its projected revenue from spectrum license fees for 2021 in the first five months of the year, posting over N150 billion in income in the period. In a statement issued by its Director of Public Affairs, Ikechukwu Adinde, the commission had projected to …read more →
OECD Sees $150 Billion Growth in Global Tax Revenues from Tech Firms, Multinationals
Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed and a tax rate of at least 15 percent, they said on after two days of talks. The Paris-based Organisation for Economic Cooperation and Development (OECD), which hosted the talks, said …read more →
Nigeria Targets $2 Billion From Exports After Concession of Kano Free Trade Zone – BPE
Nigeria is expected to earn about $2 billion from exports value after the planned concession of the Kano Free Trade Zone (KFTZ) by 2027, according to the Director-General of the Bureau of Public Enterprises (BPE), Alex A. Okoh. Okoh, who spoke at during a visit to Kano State Governor, Abdullahi Ganduje said that the KFTZ would …read more →
UBA, DEG Sign $50m Term Loan to Support Small Businesses in Nigeria
The United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, the German Development Finance Institution, have entered into a partnership aimed at supporting small and medium scale businesses (SMEs) in Nigeria. To this end, both institutions have signed a USD 50m Term Facility Agreement. The facility with a tenor of six years is …read more →
Nigerian Banking Credit to Economy Rises 3.74% To N23.53 Trillion in April – CBN
Nigerian banks granted a total of N23.53 trillion credits to the economy as of the end of March 2021, compared with N22.68 trillion at the end of December 2020, the Central Bank of Nigeria (CBN) has said. The gross credit rose 3.74 percent quarter on quarter as the regulatory bank’s policy on loan-to-deposit-ratio continues to influence …read more →
Spending All Revenue on Infrastructure for The Next 100 years Is the Way Out – Agusto
The Federal Government would need to spend the entire 2021 budget of N13.58tn continuously over the next century on capital expenditure to meet the target. Agusto & Co., a rating agency and research firm, has said Nigeria has a huge infrastructural deficit and requires up to $3tn over the next 30 years to bridge this …read more →
Osinbajo Wades into Dispute Between CBN, Governors Over Budget Support Repayment
Vice-President Yemi Osinbajo has waded into the dispute between governors and the Central Bank of Nigeria (CBN) over repayment dates for the N614 billion budget support facility extended to 35 states. In 2017, the federal government had extended the conditional facility to states through the CBN to help cushion the impact of dwindling resources and …read more →