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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British Pounds Slows As Key Ministers Quit Over Brexit

British Pounds Slows As Key Ministers Quit Over Brexit

Sterling plunged by over 1 percent against the dollar Thursday morning after U.K. Brexit Secretary Dominic Raab resigned from his post, piling yet more pressure on U.K. Prime Minister Theresa May. On Wednesday, May said she had obtained enough support from her senior ministers for her draft Brexit deal to move forward. This came after she also received support from officials at the EU earlier in the week. But by Thursday morning a short flurry of ministers decided to resign from their positions in protest at her proposals. Raab, in a letter to the…

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Levi Strauss Plans $5 Billion IPO 

Levi Strauss Plans $5 Billion IPO 

A Levi’s logo on the window of a Levi Strauss & Co. store in London. Chris Ratcliffe | Bloomberg | Getty Images Levi Strauss & Co., the 145-year-old company credited with creating the first pair of blue jeans, is planning an initial public offering, people with knowledge of the matter said. Levi’s is looking to raise between $600 million and $800 million and targeting the first quarter of 2019 to go public, said the people, who asked not to be named discussing confidential deal details. The company is aiming to…

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FG Receives Combined Offers Of $9.5 Billion On  $2.86 Billion Eurobond

FG Receives Combined Offers Of $9.5 Billion On  $2.86 Billion Eurobond

The Federal Government on Wednesday night said it received a combined offer of over $9.5bn for its $2.86bn Eurobond. This was contained in a statement issued by the Media Adviser to the Minister of Finance, Paul Ella Abechi. It said the bond was issued under its Global Medium Term Note Programme. The bond represents Nigeria’s sixth Eurobond issuance, following issuances in 2011, 2013, two in 2017 and one in early 2018 and its first triple-tranche offering. The offering, according to the statement, has attracted significant interest from leading global institutional…

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NCAA, NASENI To Manufacture Helicopters Locally

NCAA, NASENI To Manufacture Helicopters Locally

  On Nov 15, 2018 3:33 PM, “OmThe Nigerian Civil Aviation Authority and the National Agency for Science and Engineering Infrastructure are set to collaborate on local manufacturing of helicopters. The NCAA is expected to provide relevant guides for NASENI, an agency designed to conduct developmental work in the areas of manufacturing. The Executive Vice-Chairman and Chief Executive Officer of NASENI, Prof. Muhammed Haruna, during a courtesy visit to the NCAA on Wednesday, said the agency had placed an order for a Dynali H3 easy flyer sport ultralight helicopter for…

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