Sunday, February 9, 2020

Tag "investment"

    Imo secures $50m export support from Afreximbank

Imo secures $50m export support from Afreximbank

The Imo state government has secured a $50 million investment deal from the African Export-Import Bank (Afreximbank). Chibuike Onyeukwu, chief press secretary to Emeka Ihedioha, Imo governor, said in a statement that the deal is a reflection of the governor’s engagement with international development agencies. Ihedioha had embarked on a trade and investment working visit to the annual general meeting of the [...]

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    Nigeria’s security very important to Spain, says envoy

Nigeria’s security very important to Spain, says envoy

Marcelino Ansorena, ambassador of Spain to Nigeria, says the security and stability of Nigeria are of great importance to his country. Ansorena said this in an interview with journalists on the sidelines of the Spanish contemporary dance concert entitled "Alguien vendrá a buscarnos" which held on Friday night in Abuja. The concert, organised by the Spanish embassy in Nigeria, is a yearly [...]

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    Report: DisCos require $10bn investment to improve electricity supply in 5 years

Report: DisCos require $10bn investment to improve electricity supply in 5 years

The French Agency for Development (AFD) says the 11 electricity distribution companies (DisCos) in Nigeria will need an investment of $10 billion to improve power supply in the next five years. AFD said it commissioned AF Mercados, a consultancy firm, to carry out an in-depth study of the challenges of the Nigerian Electricity Supply Industry (NESI) with the support of the [...]

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    ‘Come to Nigeria and prosper’ — Buhari woos UAE investors

‘Come to Nigeria and prosper’ — Buhari woos UAE investors

President Muhammadu Buhari has urged investors in the United Arab Emirates (UAE) to invest in Nigeria. The president spoke on Monday while meeting groups of investors on the sidelines of the annual investment meeting in Dubai. According to Femi Adesina, spokesman of the president, Buhari assured the investors of handsome returns within a short time. “Come to Nigeria and prosper. Come and have [...]

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    Online group meets to discuss opportunities in Nigerian Stock Exchange

Online group meets to discuss opportunities in Nigerian Stock Exchange

Alpha Trust Investment Club (ATIC), an online group, has urged its members to make use of investment opportunities on the platform to build a sustainable financial base. Remi Adeoye, founder of ATIC, said this when members of the group converged on Ikeja in Lagos on Saturday. He said the platform presents many opportunities in the stock exchange sector. Adeoye said the group which [...]

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    Botswana, an oasis in the desert and new investment haven of southern Africa

Botswana, an oasis in the desert and new investment haven of southern Africa

The Africa Rising narrative has suffered a terrible blow in the last couple of years. With headwinds from falling commodity prices, many African countries suffered significant economic slowdowns. Some of the continent’s largest economics like Nigeria, South Africa and Egypt did officially enter into a recession. Overall, there is hope that the continent will be on a slow path to [...]

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    Sterling Bank says net profit rose by 65% in 2017

Sterling Bank says net profit rose by 65% in 2017

Sterling Bank has reported a profit after tax of N8.5 billion for 2017, as against N5.2billion for the corresponding period in 2016. The spike represents a 65 percent increase in profitability. The solid performance was driven by growth in interest and non-interest income. Gross earnings increased to N133.5 billion as against N111.4bn in 2016. The bank said its net operating income rose by 7.9 percent [...]

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Report: Nigerian start-ups generated $9.2mn in Q1 of 2018

The Nigerian start-up sector in Q1 of 2018 received a boost, raising  a total of $9.2 million. In the first ever Nigerian Start-up funding report compiled by Techpoint, an innovation-focused enterprise, 14 local start-ups benefited from this funding cycle. Equity investment accounted for more than half of that figure, generating $5,000,000, with bridge funding generating $3,500,000. The report also showed that $491,196 was [...]

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    FG to Korea: Please encourage your companies to invest in Nigeria

FG to Korea: Please encourage your companies to invest in Nigeria

Udoma Udo Udoma, minister of budget and national planning, has pleaded with the Korean government to encourage its companies to pursue investments in Nigeria. Speaking in Abuja on Thursday when he received Lee In-tae, Korean ambassador to Nigeria, Udoma said although Nigeria appreciates Korea’s assistance in grants and aids, it would also appreciate more Korean investments. The minister said Nigeria has abundant [...]

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Nigeria seeks more Korean Investment

Udoma Udo Udoma, minister of budget and national planning says Korean companies and businesses should take advantage of Nigeria’s huge market and invest massively. He said this in Abuja when he played host to the ambassador of the republic of Korea, Lee In-tae, in Abuja. A statement signed by Akpandem James, special adviser (media) to the minister said Udoma indicated that Nigeria [...]

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Oando shareholders beg SEC, NSE to lift technical suspension of shares

Shareholders of Oando Plc on Tuesday urged federal government to prevail on the Nigerian Stock Exchange (NSE) and the Securities & Exchange Commission (SEC) to lift the technical suspension placed on the shares of the company without any further delay. The shareholders  at a news briefing in Lagos said the continued suspension of Oando shares was sending wrong signals to the [...]

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FG lists Sukuk on FMDQ OTC

The federal government through the Debt Management Office (DMO) has listed Nigeria's first Sukuk on the FMDQ OTC Securities Exchange. Patience Oniha, DMO's director-general, said the bond was issued to develop and enhance the quality of life and business activities in the country. She said the seven-year bond at 16.47% due by 2024, was packaged on behalf of the government by DMO [...]

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    DMO: Sukuk made it possible to construct Okene bypass

DMO: Sukuk made it possible to construct Okene bypass

The Debt Management Office (DMO) says Sukuk represents a step forward in Nigeria’s drive for the development of infrastructure, in line with the economic recovery and growth plan (ERGP). DMO, in a statement on Monday, said Sukuk "made it possible" to construct the Okene bypass and also the resumption of work on the Kaduna Eastern bypass on which infrastructure had been delayed. The statement [...]

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    Private sector accounts for 90% of Nigeria’s GDP, says Osinbajo

Private sector accounts for 90% of Nigeria’s GDP, says Osinbajo

Vice-President Yemi Osinbajo says Nigeria’s private sector accounts for 90 percent of the nation’s gross domestic product (GDP). Consequently, he said the federal government will build a vibrant economy for the sector to flourish. He said this on Thursday at the launch of the Nigerian Economic Diplomacy Initiative (NEDI). "In the case of Nigeria, the private sector is particularly important because it accounts [...]

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Kaduna banks on agriculture, mining to push economic growth

Kaduna state governor Nasiru El-Rufai says the state is focusing on agricultural and mining activities to boost economic development. Speaking at a key plenary session during the third edition of the Kaduna investment summit,  El-Rufai said the state government intended to maintain its position as the leading producer of soya beans, ginger, millet and potatoes. “We have made significant success in the last two [...]

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    Kaduna needs $65.5bn for infrastructure

Kaduna needs $65.5bn for infrastructure

Naisr El-Rufai, governor of Kaduna state, says the state requires $65.5 billion to address its infrastructure challenges over the next 30 years. While unveiling the Kaduna infrastructure master plan (2018-2050), El-Rufai said the long-term infrastructure master plan summarised the infrastructure target of the state aimed at providing job opportunities and making lives better for the people. “The breakdown of the future infrastructural developments between [...]

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Exchange Rates

February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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