Dangote Cement Plc has announced that it has shipped its first clinker cargo to Senegal from its new cement terminal in Apapa, Lagos, Nigeria. While disclosing this to news men in Lagos, the Group Managing Director, Mr Michel Puchercos, said that It has been a long journey for Nigeria, from being one of the largest …read more →
Economy
CBN Retains MPR at 12 Percent to Stabilise Economy
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained Monetary Policy Rate (MPR) at 12.5 percent and held all other policy parameters constant. The CBN Governor, Mr. Godwin Emefiele made the pronouncement while reading the communique after the MPC meeting in Abuja yesterday. Emefiele also said that the committee retained …read more →
Diaspora Contributions to Development Excites President Buhari
President Muhammadu Buhari has commended the contributions of Nigerians in Diaspora to the social-economic development of the country. Buhari said this at the maiden Virtual National Diaspora Day celebration held via Webinar with the theme for the event was “Leverage the Diaspora Resources for National Development.” He said that over the past three years, Nigerians …read more →
Rwanda Gets $97.67 Mn Loan from AfDB to Strengthen Budget 2020
The African Development Bank on Thursday approved a concessional loan of $97.675 million to Rwanda to strengthen its national budget as it works to mitigate impacts of the COVID-19 pandemic. The funding will take the form of an African Development Fund loan, which the Bank is providing under its COVID-19 Response Facility. Rwanda mounted a …read more →
Improved Gold Mining Operations to Generate 250,000 Jobs, $500m Annually In Royalties, Says Buhari
President Muhammadu Buhari has said that improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500m annually in royalties and taxes to the Federal Government. In a statement by the Special Adviser to the President on Media & Publicity, Femi Adesina, the president said the gold mining operations …read more →
World Bank Board to Meet on Nigeria’s $1.5 Billion Loan Request On August 6
The board of the World Bank is expected to meet on August 6, to decide on Nigeria’s request for $1.5 billion facilities to augment its revised 2020 budget amidst the impact of corona virus pandemic, sources at the international lender said. The lender decision which was initially set for late July, according to the sources …read more →
Moroccan Firm Seeks To Commission Fertiliser Plants in Nigeria, Ghana In 2024
Morocco’s OCP Group expects a fertiliser plant in Ghana and an ammonia plant in Nigeria to be operational by 2024, the company’s chief growth officer said, adding 2 million tonnes a year to its global output capacity. OCP, the world’s biggest phosphates exporter, will build the two plants, each with a capacity of 1 million …read more →
CBN Determined to Steer Economy Away From Recession
The Central Bank of Nigeria (CBN) has said that it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the global impact of the Coronavirus, COVID-19, pandemic. The Bank’s Director of Corporate, Isaac Okorafor, made the declaration in Abuja in a chat with newsmen, disclosing …read more →
The Oil & Gas Sector Could Already be in Terminal Decline
The fossil fuel industry has faced serious headwinds for several years, but the rise of renewables combined with the fall in consumption as a consequence of the global corona crisis is pushing it over the edge and into “terminal decline”. Although global coal consumption continues to grow slowly, its use has peaked in developed regions. According …read more →
Access Bank launches digital cash flow lending for SMEs
Access Bank Plc has unveiled a digital lending portal tagged ‘Cash flow Loans by Access’ to provide access to finance for Small and Medium Enterprises (SMEs) to grow and expand their businesses. Mr Victor Etuokwu, Access Bank Executive Director, Retail Banking, said that the digital lending portal is part of the bank’s effort to provide …read more →