FG to Probe DisCos Over Non-performance The Federal Government has declared on Monday that the power distribution companies will lose 50 per cent of their operating expenditures over non-performance after a careful probe. It made this known through the Nigerian Electricity Regulatory Commission (NERC) at the...

Naira Drops to N1,534 per Dollar In the official foreign exchange market, naira fell to an new all-time-low as it sells for N1,534 per Dollar on Monday. This shows a loss of 3.93 per cent fall or N58 from the N1,476.13/$ the national currency closed last...

Port Harcourt Refinery Receives 475,000 Barrels of Crude Oil Shell Petroleum Development Company of Nigeria Limited says it has completed the supply of over 475,000 barrels of crude oil to the Port Harcourt Refining Company Limited (PHRC), through its Bonny Oil & Gas Terminal (BOGT). This,...

Frequent FX Rate Adjustment, 48.5% Customs Duty Increasing Production Cost The recent 48.5 percent hike in customs duty by the Central Bank of Nigeria (CBN), through the upward adjustment of the exchange rate for calculating import duties, is expected to push up production costs for...

Credit-based Economy will Boost Industrial Development – NICA Better access to credit will lead to increased entrepreneurship and boost economic development, the National Institute of Credit Administration of Nigeria (NICA) has said. Speaking with newsmen at the weekend, the Registrar/Chief Executive Officer, NICA, Prof. Chris Onalo,...

Nigeria's Move to Restoring Macroeconomic Stability Appropriate – IMF The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns. The global...