Economy
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RT 200 FX Programme attracts $60m, as 150 exporters benefit N3.5bn from non-oil export
The Bankers Committee of the Central Bank of Nigeria (CBN) on Thursday disclosed that $60million foreign exchange has been repatriated into the country through its RT 200 FX Programme, stressing that 150 exporters benefitted N3.5billion from its non-oil export initiative. The 361th committee meeting, held virtually featured the Director of Banking Supervision, CBN, Mr. Haruna Mustafa; C EO, Guaranty Trust…
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No airline can sell tickets in dollars – Travel agencies president
President of the National Association of Nigerian Travel Agencies (NANTA), Susan Akporiaye, says foreign airlines in the country cannot sell tickets in dollars. Akporiaye was responding to reports that airlines in the country would start taking payments for tickets as from April 19. She said though the airlines were experiencing issues repatriating their funds it’s was against the law to…
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Senate approves Buhari’s revised 2022 fiscal framework, increases oil benchmark to $73 from $62
The Senate, on Thursday, approved President Muhammadu Buhari’s request for adjustments to the 2022 fiscal framework. The approval followed the consideration of a report by the Senate Committee on Finance. The report was laid by the Chairman of the Committee, Senator Olamilekan Adeola. Buhari had requested the upper chamber to approve an increase in the oil benchmark by $11 per…
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Forex shortage: Foreign airlines to sell tickets in dollars from April 19
Some foreign airlines operating in Nigeria have announced they would start selling tickets to passengers in US dollars from April 19. This was announced in an advisory by APG – the world’s largest passenger and cargo general sales agent (GSA) and airline representation company – to its travel partners, titled: “APG IET: Restrictions of Sales in US dollars”. APG said…
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Russia-Ukraine war has damaged global economy – Okonjo-Iweala
Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala says the ongoing war between Russia and Ukraine has “damaged the global economy”. She spoke on Tuesday at a press briefing in Geneva at WTO headquarters to appraise the current state of global economy and the disruption the Russia-Ukraine war has caused. According to her, worst hit are low-income nations who…
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Equities market adds N182bn to maintain positive trend
Trading on the Nigerian equities market on Tuesday closed positive maintaining a three-day bullish trend as the market gained N182 billion. The All Share Index (ASI) rose by 337.08 points or 0.72 per cent to close at 47,205.03 points, while the overall market capitalisation value gained N182 billion to close at N25.449 trillion. Market sentiment, as measured by market breadth…
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Ogun agro cargo airport’s control tower, runway, terminal building, others taking shape, says project manager
By Kolawole Olayinka, Abeokuta The ongoing construction of the Gateway Agro Cargo Airport in Illisan-Remo area of Ogun State is beginning to take shape as the Prince Dapo Abiodun-led government intensifies effort to deliver the project in record time. Senior Project Manager, Mr. Nicholas Mfarrej who conducted the media team of the governor, led by the Commissioner for Information and…
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Russian invasion to shrink Ukraine economy by 45% in 2022, says World Bank
The war against Ukraine and sanctions on Russia are hitting economies around the globe, with emerging market and developing countries in the Europe and Central Asia region expected to bear the brunt, says the World Bank’s Economic Update for the region. According to the report, the region’s economy is now forecast to shrink by 4.1 per cent this year, compared…
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Aiteo owes Shell, 7 Nigerian banks $1.7bn
One of Nigeria’s largest oil producers owes $1.7 billion to Shell Plc and seven banks, which if unpaid, could do significant harm to the country’s financial system, say the lenders. Aiteo Eastern E&P Co. purchased a pipeline and an operating interest in one of the nation’s most prized onshore oil blocks seven years ago for $2.4 billion. Zenith Bank Plc,…
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Soaring food, fuel prices are tipping countries over the edge
When people took to the streets in Egypt in 2011, protesters chanted about freedom and social justice — but also bread. The cost of pantry staples had jumped because of the skyrocketing price of goods like wheat, stoking fury with President Hosni Mubarak. Now, more than a decade after the Arab Spring, global food prices are soaring again. They had…
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