Buhari to reserse abandon bad policies to boost domestic manufacturing

Buhari to reserse abandon bad policies to boost domestic manufacturing

President Muhammadu Buhari on Monday said he would gladly reverse or abandon some inherited economic policies if doing so would lead to the creation of more jobs for Nigerians. According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke at a meeting he had with executive members […]

Refineries to start making profit – NNPC

Refineries to start making profit – NNPC

The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that its ongoing restructuring was designed to reposition its operations and refineries to profit-making ventures. This was even as the NNPC denied claims that it was pursuing an ethnic agenda in the ongoing restructuring of the corporation. The NNPC, in a statement issued after an interactive session […]

Forex: We dont have power to ban imported goods – CBN

Forex: We dont have power to ban imported goods – CBN

The Central Bank of Nigeria (CBN) yesterday said, it does not have the power to ban any imported product but do not have sufficient foreign exchange to finance goods that can be produced locally. Disclosing this at the interactive forum on CBN Forex policy, organised by the Lagos Chamber of Commerce and Industry (LCCI), the […]

FG to shut down benin airport for runway repairs

The Federal Government yesterday said that it will shut down the Benin airport’s runway on Saturday, June 20 to Friday, July 10, 2015 the purpose of repair and maintenance. Disclosing this development to newsmen, Deputy General Manager, Corporate Affairs, Federal Airports Authority of Nigeria (FAAN), Mr. Onyekwere Nnaekpe pointed out that the temporary closure was […]

Foreign Reserves Drop To $29.004b

Foreign Reserves Drop To $29.004b

•Currency-In-Circulation Down 1.86% Few weeks after the inauguration of the Muhammadu Buhari’s administration, the nation’s foreign reserves went down by 2.73 percent. Latest data obtained from the website of the Central Bank of Nigeria (CBN) on Thursday, showed that as at Wednesday, June 17, 2015, the reserves level stood at $29.004 billion, representing a drop […]

Fresh crisis looms in oil industry, PENGASSAN warns

Fresh crisis looms in oil industry, PENGASSAN warns

The nation’s oil sector will be subjected to a higher level of instability owing to the continued delay in the passage of the Petroleum Industry Bill by the National Assembly, a new report has said. The report was developed by the Petroleum and Natural Gas Senior Staff Association of Nigeria on the state of the […]

Nigeria looks for buyers as China ignores crude

Nigeria looks for buyers as China ignores crude

…becomes biggest casualty of US shale oil production By Sebastine Obasi Nigeria has a lot to do to woo buyers following the decision of China to ignore crude from Nigeria. This is happening at a time when the country has become the biggest casualty of the rising United States shale oil production. China is the […]

Why Oil Marketers Want Payment Before May 29

It has emerged that the nationwide fuel shortage engineered by oil marketers was done to pressurise the outgoing administration led by President Goodluck Jonathan to pay them an additional N200 billion comprising outstanding claims and foreign exchange rate differential, even though the claims had not been verified and may have been spurious. Investigations by THISDAY […]

Oil marketers move to end fuel scarcity, strike

Oil marketers move to end fuel scarcity, strike

Oil marketers have restated their commitment to the quick resolution of the crises in the oil industry that has led to scarcity of petroleum products and untold hardship on Nigerians. In a statement by Executive Secratary, Major Oil Marketers Association, MOMAN, Thomas Olawore, said the association is leading efforts to engage all stakeholders to resolve the on-going […]

ECA: FG, states shared N6.2tn in four years, says Okonjo-Iweala

ECA: FG, states shared N6.2tn in four years, says Okonjo-Iweala

The Federal Government on Sunday night released details of how N6.21tn was shared from the Excess Crude Account by the federal and state governments between 2011 and 2014. The breakdown was released by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, through a statement by her Special Adviser on Communications, Mr. Paul Nwabuikwu. The minister had […]

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