| Punch
Nigeria’s debt grows by N8tn in two years Nigeria’s total debt stock rose by N8tn between September 2015 and September 2017, according to statistics provided by the Debt Management Office. 2018 budget: FG targets N311bn from asset sale, privatization The Federal Government is aiming to generate of N311bn from privatization of public properties and the sale of national assets next year to partly finance the 2018 budget. CBN sells dollars at 306/dollar on spot market The Central Bank of Nigeria on Tuesday sold dollars at N306 for the second time, after maintaining a level around 305/dollar on the official spot market for two months, traders said. This Day Adeosun, Foreign Investor Hold Talks on Textile Industry Dutch textile and design company, Vlisco Group on Tuesday held a high-level discussion with the Minister of Finance, Mrs. Kemi Adeosun, over the former’s proposed investment in the Nigerian cotton textile industry. Zambia Becomes AFC Member Country Zambia has become the first Southern African member country of the Africa Finance Corporation (AFC), a leading development finance institution for infrastructure in Africa. FG Signs $5.8bn Contract for Mambilla Hydro Power Project The federal government has signed the contract for the Mambilla hydropower project which was first designed 40 years ago and is expected to add 3,050 megawatts of power to the national grid. EFCC Seeks N’Assembly’s Approval to Retain 7% of Recoveries The Economic and Financial Crimes Commission (EFCC) on Tuesday urged the House of Representatives to accord the agency powers to retain seven per cent of all its recoveries from proceeds of crimes which are assets allegedly owned by corrupt public officials. Vanguard Naira depreciates to N360.27 in NAFEX The naira, yesterday, depreciated to N360.27 in the Investor and Exporter (I&E) Foreign Exchange, forex Window. 13 countries shun Nigeria’s crude Thirteen countries may have shunned Nigeria’s crude oil as data obtained from the Nigerian National Petroleum Corporation, NNPC, shows they have not purchased the product since 2016. Indomie buys Dangote plants in Ikorodu, Calabar for N3.75bn Dangote Noodles Limited, a unit of Nigerian company Dangote Flour Mills, has sold two production lines in Ikorodu and Calabar, to rival pasta maker De United Foods Industries, maker of Indomie Noodles. Guardian Federal Government’s Truck Transit Park to gulp N4.8 billion The planned Truck Transit Park initiative of the Nigerian Shippers’ Council (NSC), would gulp over N4.8 billion, even as investors are jostling to secure a stake in the project. France, Nigeria trade volume tops 1.8 billion euros The Economic Counselor of France in Nigeria, Francis Widmer, yesterday, said the trade volume between the two countries has exceeded 1.8 billion euros in the first quarter of 2017. Reuters Nigeria’s Senate gives go-ahead for $5.5 billion foreign borrowing Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move. Chellarams Plc say pretax profit for quarter was 363.89 mln naira Revenue for quarter ended Sept 30 was 2.89 million naira versus 2.91 million naira year ago |
