Buhari Approves Disbursement Of $4.5bn Chinese Loan
President Muhammadu Buhari has given approval to the Ministry of Finance, Budget and National Planning and the Central Bank of Nigeria (CBN) to sort out the technical details of $4.5 billion Chinese loan for the procurement of strategic machinery needed to boost agricultural development in the country. The loan has a repayment period of 20 years with five-year moratorium and an interest rate of one per cent per annum.
CBN Holds Forex Auction For Airlines, Fuel Marketers
The Central Bank of Nigeria (CBN) yesterday conducted special dollar auction sale to fuel marketers, manufacturers and airlines to clear matured foreign exchange obligations.
The companies are to bid through their banks for the dollars which are to be delivered in two months. In a notice to banks yesterday, the CBN said “Authorised dealers’ accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis.
El-Rufai: Kaduna The Only state To Have Started 2017 With An Approved Budget
Nasir el-Rufai, governor of Kaduna state, says his state is the only one in the entire federation to have started the year 2017 with an approved budget. Speaking at the second edition of the Kaduna Investment Forum (Kadinvest 2.0), el-Rufai said the state was ranked by African Finance Corporation (AFC) as the fastest growing state in Nigeria. He said the state’s Ease of Doing Business committee led by the deputy governor has delivered some results.
CAC Says You Can Now Register Your Wusiness Within 48 Hours
Mahmud Bello, registrar-general, Corporate Affairs Commission (CAC), says business owners in Nigeria can conveniently register their businesses online within 48 hours. Bello said the commission had started operating 24 hours company registration process to make startup of business easier in Nigeria. He said the aim of operating the new system was to encourage business owners in Nigeria.
PC Shipments To Nigeria Fall To Lowest Level In Nine Years
Shipments of ‘official’ Personal Computer (PC) to Nigeria fell 57.1 per cent year-on-year in 2016 to total 156,511 units, according to the latest figures compiled by International Data Corporation (IDC). Statistics obtained by The Guardian, indicated that the market has fallen to its lowest levels since IDC started tracking it in first quarter (Q1) 2008. Factors such as unstable exchange rates, poor economic performance, and steady rise in refurbished grey market imports caused a decline that has been ongoing since 2013.
Oando Declares N3.5bn Profit In 2016
Despite the country’s economic recession, continued volatility in global oil prices, pipeline sabotage in the Niger Delta and reduced oil exports in 2016, Oando Plc has been able to rebound back to profit. According to the company’s result on Nigerian Stock Exchange (NSE) for the financial year ended December 31, 2016, its profit after tax went up by 107 per cent to N3.5 billion compared to a loss of N47.6 billion in 2015.
SERAP Sues FG Over London-Paris Club Loan Refunds Spending
The Socio-Economic Rights and Accountability Project has filed a suit before the Federal High Court in Lagos seeking to compel the Account General of the Federation to publish the details of how the N388.304bn London-Paris Club Loan refunds was spent. The organisation said it filed the suit marked, FCH/CS/523/17, against the backdrop of allegations that the money was diverted and mismanaged by 35 state governments.