Nigeria’s Annual Paper Import Hits N720 Billion

Nigeria’s Annual Paper Import Hits N720 Billion

Nigeria is currently importing over two million metric tons of papers valued at N720 billion yearly. This has triggered concerns on the need to develop the local print and graphics industry for improved contribution to the economy. Printing and graphics stakeholders under the aegis of Change Group have therefore urged the Federal Government to develop the print and graphics industry in Nigeria through collaboration with stakeholders in its quest to diversify the economy from oil. The group lamented that the country is loosing billions of naira to capital flight from…

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CBN Retains MPC At 14%

CBN Retains MPC At 14%

The Central Bank of Nigeria (CBN) has retained its more than two-year Monetary Policy Rate (MPR) to close the 2018 fiscal calendar. The decision was reached at the end of its Monetary Policy Committee (MPC) meeting yesterday in Abuja. The MPR, which is the interest rate at which the CBN lends money to commercial banks, was retained at 14 per cent alongside other base rates. They include Asymmetry Corridor at +200-500 basis points around MPR, Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent….

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CBN Pledges To Monitor Political Lending By Commercial Banks

CBN Pledges To Monitor Political Lending By Commercial Banks

CBN Governor, Mr. Godwin Emefiele The Central Bank of Nigeria on Thursday said it would monitor the rate at which banks provide loans to politicians to finance their campaign spending ahead of the 2019 general elections. The Governor of the CBN, Mr Godwin Emefiele, disclosed this while briefing journalists shortly after a two-day Monetary Policy Committee meeting which were held at the headquarters of the apex bank in Abuja. Responding to a question on what steps the apex bank was taking to check excessive lending by banks to politicians, the…

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Senate Questions $3.12 Billion NLNG Withdrawals

Senate Questions $3.12 Billion NLNG Withdrawals

The Senate Committee on Gas has directed the Nigerian National Petroleum Corporation and the Central Bank of Nigeria to submit within one week, the schedules of the 45 withdrawals made from the account of the Nigeria Liquefied Natural Gas from 1999 till date. The senate panel, which is probing the alleged mismanagement of the NLNG dividends’ accounts, asked the two federal agencies to specifically include the 22 schedules of dividend payments and withdrawals from May 2015 without the National Assembly approval. The Chairman of the committee, Senator Bassey Akpan instructed…

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FG’s Green Bond To Take Off In December

FG’s Green Bond To Take Off In December

The Federal Government on Thursday announced that arrangements had been completed for the issuance of its second green bond in December 2018 to facilitate the funding of climate change projects across the country.  The Minister of State for Environment, Ibrahim Jibril, announced the government’s readiness to issue the second green bond at a two-day national stakeholders retreat organised by the Federal Ministry of Environment ahead of the planned issuance. The government had in 2017 issued a maiden N10.69bn green bond with a five-year tenor to fund projects for the development…

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Crude Weakens As OPEC Considers Output Cut

Crude Weakens As OPEC Considers Output Cut

Oil prices fell to their lowest in more than a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus. Oil supply, led by U.S. producers, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting planned for Dec. 6. But this has…

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