The Federal Government of Nigeria intends to issue a $64 million green bond in April this year to fund low-carbon emission projects and boost renewable energy in the country. This was declared by the outgoing Minister of Environment, Amina Mohammed (photo), in Lagos on Thursday. Mohammed said the bond would be aimed at domestic markets and target areas such as solar power, agriculture,...

The Nigerian Minister of Finance, Kemi Adeosun (photo), has disclosed plans by the Federal Government to increase the spending on infrastructure from 10% to 30% this year. “We will now target 30% of government expenditure on infrastructure, up from 10 percent,” she said. Adeosun added that the Federal Government is willing to increase spending on major infrastructures such as power, rail,...

Nigerians will be charged higher fees for deposits and withdrawals exceeding N500, 000 and N3 million, for individuals and corporate customers respectively. This falls in line with a new policy adopted by the Central Bank of Nigeria. Under the new policy which has been approved by the Bankers’ Committee of the CBN in Abuja on Thursday, individual customers who deposit or withdraw below N500,...

South African company MTN Group has revealed that it has invested more than $16billion so far in its operations in Nigeria. This was disclosed by outgoing Chairman/Chief Executive of MTN Group, Phuthuma Freedom Nhleko (photo), during a visit to the Nigerian Communications Commission (NCC) headquarters in Abuja on Thursday. The official said the mobile operator was willing to invest more in...

The Nigerian Minister of Agriculture and Rural Development, Audu Ogbeh, has disclosed that the Chinese government is interested in importing dry yam from the country to meet industrial and domestic demands. The Minister, who revealed this in Abuja on Thursday, noted that although Nigeria remains one of the World’s largest producers of yam, it was still not among yam exporting countries. He...

The Nigerian Commissioner for Information, Godwin Udeuhele, on Thursday, announced that the Enugu State Executive Council has used part of a $50 million loan secured from the French Development Agency (AFD) to restore water infrastructure in the state. During the first phase of the scheme for which the loan will be used, water supply in Enugu urban will be boosted. Nsukka urban will...

Nigerian Minister of Finance, Kemi Adeosun (photo), on Thursday announced that the country has achieved the oil production level aimed in the 2017 budget, knowingly 2.2 million barrels per day. “We now do 2.2 million bpd production,” the official said. According to her, this was achieved due to the reduction in attacks on oil facilities in the Niger Delta oil-hub which caused the...

In the framework of addressing environmental issues arising in Nigeria, the Federal Government has approved a Revised National Policy on Environment, revealed outgoing Minister of Environment, Amina Mohammed (photo). Mohammed, who was recently appointed Deputy Secretary General at the United Nations (UN), disclosed this after a Federal Executive Council (FEC) meeting presided over by the...

The Nigeria Sovereign Investment Authority (NSIA) has revealed plans to adjust the investment structure of the federation’s $1.25bn Sovereign Wealth Fund to now include more domestic commitments. According to NSIA Managing Director, Uche Orji (photo), the investments would include huge commitments in infrastructure, in the agriculture, real estate, power, health care system, water...

Nigeria's Acting President, Yemi Osinbajo (photo), has asked the parliament to approve the issuance of a new $500 million Eurobond to plug its budget deficit. “Following the high oversubscription of the recent $1 billion Eurobond issuance, we wish to take advantage of favorable market conditions to issue a Eurobond Debt Instrument of $500 million to fund the implementation of...