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Risk of Nigeria devaluing naira rising – Reuters Poll

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Nigeria’s authorities may soon devalue the naira but won’t fully relinquish control over it, instead taking steps to narrow the gap between the official and black market rates to boost confidence in the economy, a Reuters poll showed on Friday. A shortage of dollars in Nigeria – for big and small needs including capital imports to the manufacturing process, travel ...

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Nigeria’s VP launches 60-day plan to improve business climate

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Nigeria’s Vice President Yemi Osinbajo has launched a 60-day action plan to improve the business climate in Africa’s biggest economy struggling with recession, his office said on Tuesday. “There are improvements which we expect to see at our ports. Improvements at our airports, improvements at the seaports, improvements in immigration visas,” Osinbajo said in a statement. Last month, President Muhammadu ...

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Business leaders call for inter-trade policies across Africa

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In a bid to enhance and increase Ghana’s trade partners and extend the country’s export market, key players in international trading have called for policies that would enhance trading activities in Africa. The call was made at the launch of the Enterprise Africa Summit. Head of Business Development and Partnerships for British Council Ghana, Sydney Hushie who spoke to Citi ...

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Nigeria: Diezani Loses N34 Billion to Govt

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A federal judge in Lagos yesterday ruled the sum of $153 million (N34 billion) linked to a former Petroleum Minister Mrs Diezani Allison-Madueke be forfeited to the Federal Government. Justice Muslim Sule Hassan of Federal High Court ruled in favour of the anti-graft agency, the EFCC, which last month filed a forfeiture request. It alleged that the money was diverted ...

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Nigeria: Governors Slam Forex Policy As Naira Falls – Demand Urgent Review

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Worried by the continued widening gap between the inter-bank foreign exchange and parallel market rates, the National Economic Council, NEC, on Thursday demanded the immediate review of the current foreign exchange policy by the Central Bank of Nigeria. Nasarawa State Governor, Tanko Al Makura, who briefed journalists at the end of the meeting in Abuja said the Council, presided by ...

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Nigeria yet to decide how much it wants to borrow from the World Bank

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Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least ...

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Ethiopian is 11th best airline in the world that keeps to time

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Africa’s largest airline group, Ethiopian Airlines, has been ranked  the 11th airline company in the world to have been on time for its flights in the month of January 2017. This is according to FlightStats, the leading provider of real-time global flight data to companies and individuals across the travel ecosystem. Of the almost 8,000 flights operated by the airline ...

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Dangote to launch rice outgrower scheme in Sokoto

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Dangote Rice, a subsidiary of Dangote Group is set to launch a multi-million naira rice outgrower scheme in Sokoto state with the prospect of hiring hundreds of thousands of people from its rural communities. President of the Group, Aliko Dangote disclosed at the weekend that the Company will on Wednesday, flag off with a pilot project of 500 ha by Gonroyo ...

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Nigeria: ‘CBN Defended Naira With $26.6 Billion in 2013’ – True or False?

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It seems strange but true that the more dollars we earn, the more are the challenges of Excess Naira liquidity, inflation, higher cost of funds and a weaker naira exchange rate. The above title was first published in Punch and Vanguard newspapers in January 2014. Please read on. “The Punch Newspaper recently carried a report titled “CBN Defended Naira with ...

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Nigeria: Arik Air Was ‘Huge Mess’, Very Poorly Managed – Amcon

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The Asset Management Corporation of Nigeria, AMCON, on Sunday said it had discovered deep-rooted rot at embattled airline, Arik Air. AMCON said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations to its regular routes across the country and beyond. The asset company made the disclosure in ...

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Ghana Business News