A leading indigenous local tomato paste manufacturer, Erisco Foods Limited, has made good its threat of shutting down the $150bn plant and relocating its manufacturing base to a location outside Nigeria. The Chief Executive Officer, Erisco Foods Limited, Chief Eric...

The Azikel Group and Ventech Engineering LLC Houston-Texas, United States, have signed a contract for the construction of the Azikel Refinery, with capacity to process 12,000 barrels per stream per day. The refinery is expected to start operations by...

The ministries of Finance and Budget and National Planning as well as the Debt Management Office have begun working on the details of President Muhammadu Buhari’s $29.96bn external borrowing plan following its rejection by the Senate. The request for legislative...

The Senate has rejected President Muhammadu Buhari’s external borrowing plan of $30bn for the execution of projects from 2016 to 2018. The nays had it when the borrowing plan was put to a vote on the floor of the chamber...

The naira closed flat at 470 against the United States dollar on Monday, the same level it recorded on Friday. The naira had plunged to 470 on Wednesday, down from 455 on Tuesday as fresh dollar shortage hit the official...

Power firms should be given preferential treatment with respect to foreign exchange, which is needed to procure equipment such as transformers, meters and turbines, the Managing Director, Ibadan Electricity Distribution Company Plc, Mr. John Donnachie, has said. Donnachie stated this...