Economy
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Foreign investors eyeing National Theatre – Emefiele
Central Bank Governor, Godwin Emefiele said the National Arts Theatre, which is being redeveloped, has started attracting foreign investors’ interest, especially from the United States. Emefiele made this statement during an inspection of the project with members of the Bankers’ Committee. Emefiele was also joined in the inspection by the Lagos State Governor, Babajide Sanwo-Olu, Minister of Information and Culture,…
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Mexico suspends petrol subsidy around US border to prevent cross-border purchase
Mexico, which has been subsidizing petrol to soften price spikes, said on Saturday the policy would not apply in the U.S. border region this week, citing shortages as more Americans drive south to fill their tanks. The suspension of the subsidy from April 2-8 covers cities in the border states of Tamaulipas, Nuevo Leon, Coahuila, Chihuahua, Sonora and Baja California,…
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Foreign reserves loses $971m in Q1 amid 38% gain in global oil price
Nigeria’s foreign reserves dropped by $971.4million in first quarter (Q1) of 2022, according to figures obtained from the Central Bank of Nigeria official website. The CBN’s figures showed that the foreign exchange buffer, which commenced January 1, 2022, at $40.52billion, dropped to $39.55billion as of March 31, 2022. Following the invasion of Ukraine by Russian forces, crude oil prices have…
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Veritasi Homes & Properties registers N10bn CP programme on FMDQ Exchange
FMDQ Exchange, through its Board Listings and Markets Committee has approved the registration of the Veritasi Homes & Properties Limited’s N10 billion Commercial Paper (CP) Programme on its platform. Veritasi Homes & Properties Limited is a premium real estate company providing marketing, advisory and developmental services across the real estate value chain in Nigeria. The company’s vision is to be…
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We’ll make Nigeria innovative technology epicenter in Africa–Buhari
President Muhammadu Buhari says his administration is willing to partner with Microsoft to make Nigeria the epicenter for innovative emerging technology in Africa. He was speaking when he received President of Microsoft Corporation, Brad Smith, at the State House, Abuja on Friday. Smith was accompanied by Minister of Communication and Digital Economy, Isa Ali Pantami. President Buhari appreciated Microsoft for…
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Minister of Power urges Siemens to fast track equipment delivery on Presidential Power Initiative
Minister of Power, Abubakar Aliyu has called on Siemens Energy to fast track the delivery of the mobile substations and transformers which were ordered in December 2021. The minister said this when he met with President/CEO, Dr Christian Bruch at the Siemens Energy Headquarters in Berlin on Friday. The meeting was held on the sideline of the Berlin Energy Transition…
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Despite challenges, Wema Bank reports 108.7% increase in profit to N12.4bn
On the heels of domestic and foreign economy challenges, Wema Bank Plc on Thursday announced 108.7 per cent increase in profit before tax to N12.4billion in 2021 financial year ended December 31, 2021 from N5.9billion reported in 2020 financial year statements. The lender on the Nigerian Exchange Limited (NGX) grew profit for the year by 95 per cent to N8.9…
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Equities market gains N33bn to close March positive
The equities market of the Nigerian Exchange Limited (NGX) yesterday rounded up trading activities for the month of March in the green with N33billion gain, continuing the prior day’s positive trend. The All Share Index (ASI) rose by 61.00 points, representing an increase of 0.13 per cent to close at 46,965.48 points while the overall market capitalisation value gained N33…
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President Buhari lauds BOI for creating 9 million jobs
President Muhammadu Buhari Thursday in Abuja lauded the Bank of Industry (BOI) for creating over 9million jobs in the last seven years as well as disbursing over N1.24 trillion to 4.2 million beneficiaries in Micro, Small, Medium and Large enterprises. Speaking at the commissioning of the Second Tower of BOI building, President Buhari said that the Bank has continued to…
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