Non-oil export revenue drops by 34%
The total earnings from non-oil exports dropped by 34 per cent in just one month, the latest economic report released by the Central Bank of Nigeria has indicated. It put the revenue from the non-oil exports in the month of July 2014, the last month so far assessed, at $867.12m. The report obtained by our… [Read More…]
Investors shun Nigeria's cooking gas projects
Local and international players in the Nigeria's liquefied petroleum gas (cooking gas) subsector are holding back investments in the storage of the product as they do not consider this a profitable venture. Although the investment opportunities in the gas storage project are huge, many firms are unwilling to go into the business because of the… [Read More…]
Russian ruble crisis sparks run on Belarus currency
Belarussians were in a panic on Friday over the Russian ruble's plunge, rushing to convert their savings to dollars and euros as they fear a devaluation of their currency, AFP reports. The run on the Belarussian ruble forced the central bank to announce a "temporary" tax of 30 percent on all purchases of foreign currency…. [Read More…]
Samsung may increase dividend by 50%
Samsung Electronics Co. may increase its full-year dividend by as much as 50 per cent as the world's biggest maker of smartphones boosts returns to shareholders amid a slump in earnings. The company is considering an increase in the payout of 30 percent to 50 per cent with a final decision to be made by… [Read More…]
BoJ upbeat on economy, holds off fresh measures
The Bank of Japan on Friday struck a more upbeat view of the world's number three economy, saying exports were showing signs of picking up while factory output has started to "bottom out". The comments came as policymakers wrapped up a two-day meeting where they held off fresh easing measures, after announcing in late October… [Read More…]
2015 budget proposal threatens infrastructure projects
The Federal Government may find it difficult to implement key infrastructure projects next year going by the details of the 2015 budget proposal, which was presented to the National Assembly on Wednesday, findings have shown. This came just as the Federal Government had said the proposed austerity measures would not affect its key infrastructure projects… [Read More…]
Manufacturer highlights benefits of soya oil
Grand Cereals Limited, a subsidiary of UAC Nigeria Plc. has said that soya oil has health benefits capable of ensuring longevity. The company, which is the manufacturer of Grand Pure Soya Oil said the product which is cholesterol-free cooking oil had received the approval of both the National Agency for Food and Drug Administration and… [Read More…]
Nigeria attracts $4bn agric investments in two years—Minister
The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has said that President Goodluck Jonathan's administration has attracted $4bn private sector investments in agriculture in the last two years. Adesina, who stated this in Abuja on Friday, faulted a statement credited to a former Minister of Agriculture, Alhaji Adamu Bello, on the achievements of… [Read More…]
Customs impound N54m expired poultry products
The Federal Operations Unit Zone A of the Nigeria Customs Service has impounded over 10,000 cartons of frozen poultry products, with a duty paid value of N54m. The seizures were said to have been made in two separate operations that occurred on December 17 and 18 respectively. The Controller FOU Zone A, Deputy Controller Turaki… [Read More…]
Foreign investments drop by 32% in one month
Foreigners have reduced their investments in the Nigerian Stock Exchange due to concern about insecurity and fears regarding the outcome of 2015 elections. The latest investment details from the NSE showed that foreign investments dropped significantly by N73.40bn at the end of October. As of September this year, the total investments by foreign investors stood… [Read More…]
Spain's 'Xnet' corruption fighters expose graft
From the street, where passers-by can see only a falling-down sign saying "canned food," the building looks like an abandoned grocery store in one of Barcelona's seediest downtown neighborhoods, according to Associated Press. But hidden away inside is a group of cyber activists who, equipped with the Internet and a hope of bringing change, are… [Read More…]
FG targets N3.5tn from non-oil sector
The decline in the price of crude oil in the international market may have forced the Federal Government to increase its target for non-oil revenue from N3.28tn in the 2014 budget to N3.53tn in 2015. The proposal, which is contained in the revised 2015-2017 Medium Term Expenditure Framework sent by President Goodluck Jonathan to the… [Read More…]
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