The volume of trade between Nigeria and the United Kingdom (UK) has increased to about £7.2 billion (N1.8trillion), with the balance of trade still in favour of Britain. The High Commissioner of Nigeria to the United Kingdom, Dr. Dalhatu Tafida, disclosed this during the celebration of the 53rd Nigeria Independence anniversary in London.
Updated 7 Years ago

At least 7,000 cassava farmers are expected to benefit from the N1 billion agricultural loan to be disbursed by the Sokoto state government in order to improve cassava production. The state Commissioner of Agriculture, Alhaji Arzika Tureta, made the remark, while briefing newsmen on the N1 billion interest-free loan meant for cassava farmers in the state. He stated that the N1 billion loan would be disbursed to cassava farmers devoid of any interest. According to him, the initiative was part of government efforts to enhance cassava production for local consumption and export.
Updated 7 Years ago

The Federal Government on Tuesday unveiled plans to improve trade relations between Nigeria and Russia. The move followed the low level of trade between both countries. Addressing journalists in Abuja, the Nigerian Ambassador to Russia, Mr. Assam Assam, and the Russian Ambassador to Nigeria, Mr. Nikolay Udovichenko, said the two countries had agreed to deepen the level of trade between each other.
Updated 7 Years ago

The Nigerian Stock Exchange, NSE has said that the new trading engine, X-Gen, which fully became operational, Monday, will change the face of doing business, not only in the Nigerian capital market but in Africa.
Updated 7 Years ago

The Minister of Transport, Sen. Idris Umar, yesterday said six local shipping firms had met the recommendations and had been approved to access the nation’s Cabotage Vessels Financing Fund (CVFF), which was put at N40 billion as at June this year. The transport minister at an event to mark the world maritime day in Calabar, Cross River State capital, also disclosed in his keynote address that the Kirikiri Terminal 1 in Lagos has been designated a fishing terminal in order to enhance economic activities in the local fishing industry.
Updated 7 Years ago

The Chairman of the Board of Enterprise Bank Limited, Mr Emeka Onwuka, has resigned his appointment with effect from October 1, 2013. In a letter sent to the Asset Management Corporation of Nigeria (AMCON, Onwuka informed that he was resigning from Enterprise Bank to avoid a potential conflict of interest and to protect the credibility of AMCON’s divestment process, as he intends to work with a group of investors, who are interested in acquiring equity in the three nationalised banks.
Updated 7 Years ago

In view of the huge amount put in by banks in the country to fund the privatisation of the power sector, which is currently estimated at $2 billion, the federal government has been urged to strengthen the power sector value chain to ensure the success of the project so that banks can recoup their investments.
Updated 7 Years ago

Dangote To Build 1,000-Bed Hospital In Kano
Updated 7 Years ago

The dollar fell to an 8-month low against a range of currencies, before recovering slightly despite a partial shutdown of the US government. Analysts said the fall in the dollar had not been more pronounced as the shutdown had been expected. The shutdown began after the two houses of Congress failed to agree a budget.
Updated 7 Years ago

A review of the $1 billion seed capital contributed by the three tiers of government to the Sovereign Wealth Fund (SWF) has shown that Akwa Ibom, Rivers and Delta States made the highest contributions among the 36 states of the federation. Vice-President Namadi Sambo, last week, presented certificates of contribution to the federal, state and local governments, while inaugurating the council. But the actual contribution by the federal, respective states and local governments was not disclosed. The Nigeria Sovereign Investment Authority (NSIA) oversees the management and investment of the SWF.
Updated 7 Years ago