We must borrow more to deliver infrastructure —Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Sunday, said the nation must borrow more in the short term to deliver critical infrastructural projects such as roads, rail and power.

NNPC trading deficit rises by 128%, refineries lose N8.5bn

The Nigerian National Petroleum Corporation saw its trading deficit rise by 128.5 per cent in July to N11.87bn, with the nation’s crude oil refineries responsible for most of the loss.

FG, NASS need to review tax policies, says IMF

The International Monetary Fund on Friday has said the Federal Government and the National Assembly must work together to review the country’s tax policies.

Nigeria’s data subscribers jump to five-month high

About 739, 975 new data subscribers were added in August to the Global System for Mobile Communications, official figures from the Nigerian Communications Commission have shown.

Electricity tariff may increase by 61.5% soon

The tariff payable by electricity consumers may increase by 61.5 per cent any time soon following the latest revelation by the Nigerian Electricity Regulatory Commission on Friday that it was waiting for a final approval from the Federal Government before implementing the new rate.

We source 75% of raw materials locally – Guinness MD

The Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Peter Ndegwa, mentioned this while spesking on the growth of the company amid the current economic realities in Nigeria.

Intels failed to comply with directive on TSA –NPA

The Nigerian Ports Authority said that it suspended its pilotage monitoring and supervision agreement with maritime logistics firm, Integrated Logistics Services Nigeria Limited because the firm failed to comply with the Federal Government’s directive on the Treasury Single Account.

This Day

CBN Pumps $306 Million into Forex Market

Players in the retail segment of the Nigerian interbank foreign exchange (forex) market received a $306.3 million boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from forex dealers by the Bank.

IMF: Nigerian Economy to Grow by 1.9% in 2018 but Subdued by Population Growth

The International Monetary Fund (IMF) has projected that the Nigerian economy will expand by 1.9 per cent in 2018, but would remain subdued due to population growth, cautioning that the country’s projected growth was still lower than its population growth rate of 2.7 per cent.

World Bank: We Have over $8.5bn Investments Scattered Across Nigeria

World Bank Group said it has an investment portfolio of about $8.5 billion scattered across states and regions in Nigeria.

NNPC: Western Europe, Asian Countries Major Destinations for Nigeria’s Oil

Demands for Nigeria’s crude oil blends have remained quite high from countries in Western Europe and Asia, a report of the Nigerian National Petroleum Corporation (NNPC) has disclosed.

Emefiele: CBN Will Not Rest Until Nigeria Achieves Sustainable Growth

Central Bank of Nigeria Governor, Mr. Godwin Emefiele has assured Nigerians that the central bank will continue to implement policies that would help the economy attain sustainable growth.

Afam Fast Power: NBET May Write to Return $350m Eurobond to DMO

The Nigerian Bulk Electricity Trading Plc (NBET) might give back to the Debt Management Office (DMO) the $350 million Eurobond proceed it got from the federal government in 2013 as part of its capitalisation funds following increasing pressure on its management to sign off a part of it to fund the 240 megawatts (MW) Afam emergency power project.

Guardian

IMF sees improved forex market in Nigeria as reserves hit $33 billion

The nation’s foreign exchange market may have scored a positive outlook, at least in the near term, as the International Monetary Fund (IMF), admitted that there is appreciable progress being recorded.

Financial stocks boost NSE’s turnover by 87.8%

The financial services industry dominated in volume terms at the end of last week’s transactions on the trading floor of the Nigerian Stock Exchange (NSE).

$25b NNPC contracts not awarded, presidency insists

The presidency has dismissed the claim that $25 billion contracts were awarded by the Nigerian National Petroleum Corporation (NNPC) or that the amount is missing.

Vanguard

N224bn inflow to boost interbank liquidity

The interbank bank money market will, this week, receive liquidity boost of N224 billion but with little prospect of moderation in cost of funds.

NAICOM commences review of companies’ capital base

The National Insurance Commission (NAICOM) says it has commenced review of insurance companies’ capital base to ascertain the deployment of current capital base.

NAICOM to sanction insurers over rate cutting

National Insurance Commission (NAICOM) said it is set to sanction any insurance company that charge inappropriate rate from 2018.

Reuters

Forte Oil posts 9-month group profit before tax of 5.59 bln naira

Forte Oil posted a 9-month group profit before tax of 5.59 billion naira versus 5.63 billion naira reported a year ago.

Nigeria’s presidency rejects northern bias criticism over World Bank request

Nigerian President Muhammadu Buhari’s office on Friday denied that he favored the north of the country over other regions, after he was criticized for asking the World Bank to focus on the region.