Economy
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Dangote engages Engineers India for $16bn Kenya refinery project
Africa’s richest man, Aliko Dangote, has engaged Engineers India Ltd. to oversee the construction of a major refinery and petrochemical complex planned for Kenya. Engineers India, which is majority-owned by the Indian government, disclosed in a filing with the Mumbai Stock Exchange that it had secured a $450 million contract from Dangote for engineering and construction management services on the…
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BREAKING: CBN reduces interest rate to 23%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at its 307th Policy Meeting in Abuja on Tuesday voted to lower the Monetary Policy Rate (MPR) or interest rate by 350basis points to 23.00 per cent from previously 26.50 per cent. The committee adjusted the asymmetric corridor around the MPR to +50bps/-300bps (Prev.: +50bps/-450bps), hold the CRR…
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NGX crosses 250,000 points as equities hit fresh all-time high
Nigeria’s equities market reached a fresh all-time high on Monday as Nigerian Exchange (NGX) All-Share Index crossed the 250,000-point mark for the first time, extending a rally that has delivered more than 60 percent in returns to investors this year. The benchmark index advanced 0.14 percent to close at 250,156.80 points, compared with 249,804.56 points in the previous session, taking…
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Lagos, California sign pact to strengthen economic, cultural ties
Lagos State and California in the United States have signed a sister-state agreement aimed at strengthening collaboration in technology, transportation, entertainment, trade and innovation. The agreement was signed last Thursday in Sacramento by Lagos State Governor Babajide Sanwo-Olu and California Assemblyman Matt Haney at a ceremony attended by lawmakers, government officials, business leaders and members of the Nigerian community. Members…
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NDIC reiterates commitment to strong deposit insurance funding amid driving stability
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to continuously strengthening its Deposit Insurance Funds (DIFs) as part of efforts to promote the stability and resilience of the nation’s financial system. The Managing Director/Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation,…
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Aiyedatiwa promises Dangote shares for 500 Ondo youths
By Boye Oyeyemi Ondo State Governor, Lucky Aiyedatiwa, has promised to purchase shares in the Dangote Group of Companies for 500 young entrepreneurs in the state as part of efforts to expose them to investment opportunities and promote wealth creation. Aiyedatiwa said the initiative would enable young entrepreneurs to build wealth beyond their immediate businesses by providing them with access…
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FG, CBN sign pact to strengthen economic policy coordination
The federal government and the Central Bank of Nigeria have signed a Memorandum of Understanding to institutionalise coordination between fiscal and monetary authorities in the management of the Nigerian economy. The agreement, signed on Friday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and CBN Governor, Olayemi Cardoso, provides a structured framework for information-sharing, economic…
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Tinubu gives 180-day deadline for Digital Free Zones rollout
President Bola Tinubu has directed the Minister of Trade and Investment, Dr Jumoke Oduwole, to develop a roadmap for the full launch of Nigeria’s Digital Free Zones initiative within 180 days. Tinubu gave the directive as his administration moves to create an enabling environment for Nigerian technology and service companies to raise global capital, create jobs and serve international markets…
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Dangote commends NGX Group leadership for transforming Nigeria’s bourse
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, has commended the leadership of Nigerian Exchange Group (NGX Group) for transforming Nigeria’s capital market. He spoke at the Facts Behind the Offer presentation and Opening Gong Ceremony for the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, held recently in Lagos. Reflecting on his tenure as…
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Africa must process its resources locally, says Verheijen
The Special Adviser to President Bola Tinubu on Oil and Gas, Olu Verheijen, has called for greater efforts to process Nigeria’s natural resources locally and convert them into productive investment, industries, jobs and improved livelihoods. Verheijen made the call on Monday at the 13th Olusegun Agagu Memorial Lecture held at the Civic Centre, Victoria Island, Lagos, where she spoke on…
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