Rice processors have cried out their N3.4 trillion investment in rice processing is under threat from smugglers. To save this investment, rice processors are calling on the government to criminalise the sale of foreign rice. Director-General of Rice Processors Association of Nigeria (RIPAN) Andy Ekwelem raised this alarm in Abuja over the weekend. Addressing journalists on the development, Ekwelem lamented ...

The Manufacturers Association of Nigeria (MAN) has bemoaned the challenges that have retarded the growth of the real sector which include difficulty in accessing forex, high cost of power; transportation; low demand of commodity; regulatory Issues, among others. MAN President, Mansur Ahmed, made the disclosure at a media lunch in Lagos,where he noted that the implication of these challenges was ...

President Muhammadu Buhari has disclosed that the plan to sell or privatize the Nigeria Commodity Exchange (NCX) has been aborted As a result of this new development, the apex bank, the Central Bank of Nigeria (CBN) will invest at least N50 billion to reposition and revamp the Nigeria Commodity Exchange (NCX). If everything goes the way it is supposed to ...

Total Nigeria Plc has recorded. a marginal increase in its pre-tax profits in the period under consideration, 2020 FY. It reported pre-tax profits of N3.09 billion in 2020 FY compared to N3.07 billion recorded in 2019 – a 0.72% increase The company recorded declined revenue from its two generating units – petroleum products and lubricants and others. Although the company ...

Nigeria’s foreign exchange (forex) reserves has experienced increase from $34.94 billion  to $36.23 billion with two months. The intimation was made by Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who during the Monetary Policy Committee (MPC) meeting of the bank, Acccording to him, Nigerian economy has  continued to show good sign for recovery from the effects of COVID-19. Emefiele ...

The National Bureau of Statistics (NBS) says that the Federal Inland Revenue Service (FIRS) collected Value Added Tax (VAT) worth N454.69 billion in the fourth quarter (Q4) of 2020. Acccording to NBS, the figure is7.06 per cent increase over the N424.71 billion collected in the same quarter of 2019 The body made this disclosure in its Sectoral Distribution of Value ...

Managing Director, Access Bank Plc, Herbert Wigwe, has said that the bank would reposition its system so as to benefits greatly from the AfCTA deal. He noted this in a report titled: ‘Realigning for Growth’ released by the bank, Acccording to him,  Access Bank would be optimizing and make a capital from the trade agreement He said that the bank ...

FirstBank of Nigeria Limited has launched a system aimed at supporting schools with educational products to boost the sector. The bank also has products for parents and guardians to meet the children’s needs. The products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans, Personal Loan Against Salary (PLAS) and FirstAdvance for parents/guardians to pay their wards’ fees. ...

The Lagos State government has called for concerted efforts to address the increasing prices of soyabeans. Acccording to the the Commissioner for Agriculture, Mrs Abiola Olusanya, the move is necessary to  prevent the collapse of the poultry and aquaculture industries, At present a tonne of maize is selling for between N145,000 and N160,000. As at November 2019, the price of ...

Ecobank Nigeria, has secured a N50 billion, 10-year bilateral subordinated loan. The disclosure was signed and made known to the media by the Group Head, Adenike Laoye and sent to the Nigerian Stock Exchange. The funding will enable the bank to maintain a quality and stable balance sheet and also to ensure stable liquidity. The statement from the bank reads: ...