In the news: FG targets N100bn from Islamic bond
The Statistician-General of the Federation and Chief Executive, National Bureau of Statistics, Dr. Yemi Kale attributed the non-impact of the exit from recession on the citizens to the structure of the economy, which is still largely driven by oil.
The Federal Government has offered tax holidays and duty waivers on imported mining equipment to foreign investors in the nation’s mining industry.
The Federal Government will today (Thursday) commence activities preparatory to the issuance of N100bn non-interest bearing Islamic bond, better known as sukuk.
The naira closed at 365 per United States dollar at the parallel market on Wednesday, the same rate it closed on Tuesday despite the Central Bank of Nigeria’s injection of $250m in the foreign exchange market on Tuesday.
Oil futures extended a rise on fears of potential damage to the United States oil production from Hurricane Irma, as well as renewed demand for crude from restarted refineries in the Gulf Coast.
Following price gains recorded by most blue chip companies, during transactions on the trading floor, the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, as market capitalization appreciated by N71billion.
Total Exploration and Production Nigeria Limited (TEPNG), and Greenville Oil and Gas Limited have floated an initiative that will process raw gas into domestic Liquefied Natural Gas (LNG) to boost power generation and industrialization in the country.
Through the Indo-Africa trade arrangement, India has facilitated an investment worth about $10 billion to the African Continent in the last few years.
Stanbic IBTC, a member of the Standard Bank Group facilitated a $589.84m capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria in the second quarter of 2017.
Reduced demand, pipeline vandalism and inadequate supply have made gas supplies by the West African Pipeline Company Limited (WAPCo) to drop by over 50 per cent to 70 million standard cubic feet per day (mmscf/d) from the 150mmscf/d capacity.
The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, who is also the chairman, Governing Council, Nigerian Content Development & Monitoring Board (NCDMB), has said the inability of Nigerian oil firms to access funds from banks, at reasonable lending rates, necessitated the approval to disburse $200 million to such firms from the Nigerian Content Intervention Fund (NCI Fund).
Efforts at ensuring that over 200 commercial entities in Ozoro Local Government Area of Delta State benefit from power supply have got a boost as the Benin Electricity Distribution Plc (BEDC) signs a Memorandum of Understanding (MoU) with Thames Energy Limited and the Delta State Government on the construction of 20megawatts (Mw) power plant.
PZ Cussons Nigeria Plc yesterday recorded a profit after tax of N3.886 billion for the year ended May 31, 2017, showing an increase of 73 per cent over the N2.129 billion posted in 2016.
FirstBank of Nigeria Limited in partnership with Visa has introduced a mobile payment solution – mVisa. This mobile solution allows customers pay for goods and services by scanning a QR code using the FirstMobile App on their smart phones.
Nigeria’s sovereign wealth fund stood at $2 billion this month with the investment agency seeking further growth through agriculture and the addition of asset management, its chief executive officer said.