Recent data from the Central Bank of Nigeria (CBN) has shown that Nigeria’s external reserves increased by $58 million to $30.23 billion on March 14, 2017. According to the data, the reserves were lingering between $29 billion and $30 billion this month. Although the apex bank is yet to disclose the reasons behind the recent increase, experts attribute the rise to a...

The United Nations Industrial Development Organization (UNIDO) has launched a new project worth $3million for Senior Secondary schools in Nigeria. This project is aimed at developing entrepreneurship curriculum which will help young minds create their own employment. The project partly funded by the Government of Japan, will be carried out within the next five years and will target...

The Nigerian Communications Commission (NCC) on Thursday projects that more than 150 million telecoms users in the country will spend about N3.5 trillion ($11billion) on telecoms services by the end of this year. This spending will include calls, data services and mobile services. Speaking during the launch of the 2017 Nigerian Telecom Consumer campaign in Abuja, NCC’s Executive Vice...

Guinness Nigeria on Wednesday said it is seeking approval from the Nigerian Stock Exchange (NSE) for a share sale operation to raise N39.7 billion ($130 million). “Our expectation is that this rights issue will help mitigate the impact of increasing finance costs, optimize our balance sheet and improve the company's financial flexibility. We expect that this issue will help us return the...

The Government of Kwara has set aside N12 billion ($38million) to fund new infrastructure projects under the state’s infrastructure development fund (IFK). According to the Governor of Kwara State, Abdulfatah Ahmed (photo), the money will be used to fund infrastructure projects such as the first Diamond underpass in Nigeria, new campuses for the state university (KWASU), Ilesha-Baruba and...

The Nigerian Minister of Mines and Steel Development, Kayode Fayemi (photo), has revealed that his ministry will direct part of the N30 billion ($97million) Mining Intervention Fund approved by the Federal Executive Council last year to local operators in the sector. This is aimed at assisting them in scaling up their operations and reducing reliance on importation. According to Fayemi, the...

Chinese investment in Nigeria reached $13billion in 2016, according to the Deputy Ambassador of China to Nigeria, Jin Ping. Ping disclosed this on Tuesday when he led a delegation to the National Assembly to strengthen the bilateral ties between both countries. He said China is committed to Nigeria’s development and has demonstrated this through projects such as the $1.3billion...

In line with vows to generate 25% of Nigeria’s total power capacity before the end of 2018, Transcorp Power Limited on Monday commissioned a new 115 MW Gas Turbine (GT 15) at its Power Plant in Ughelli, Delta state. This brings the total operating capacity of the plant to 620 MW. “With the successful commissioning and synchronizing of the turbine to the national grid, it has increased the...

The President of Nigeria, Muhammadu Buhari (photo) has written to the National Assembly to seek for approval to issue an additional $500 million Eurobond to fund capital projects in the 2017 budget. This was revealed during a Senate session on Wednesday. The leader’s demand follows the oversubscription of a similar bond worth $1B approved earlier this year by the Senate, also to...

The Central Bank of Nigeria on Tuesday revealed plans to sell $150 million in currency forwards on the interbank market through commercial lenders. According to the apex bank, the sales will mature within 60 days. The central bank has been intervening in the official currency market in the past two weeks, as part of efforts aimed at easing the difficulties encountered in the funding of...