BUSINESS

Nigeria loses N1trn annually to cargo diversion

Daily Dispatch November 21, 2017

The Shippers’ Association Lagos State (SALS) on Tuesday said the country lost N1 trillion annually through cargo diversion to ports in neighbouring countries due to bad roads to Lagos ports. Mr Jonathan Nicol, SALS President, told the News Agency of Nigeria (NAN) in Lagos that the losses arose

BUSINESS

BREAKING: CBN holds interest rate to avoid exchange rate pressure

Daily Dispatch November 21, 2017

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has retained the monetary policy rate at 14 percent. The apex bank also left the cash reserve ratio (CRR) at 22.5 percent. Godwin Emefiele, governor of the CBN, made this known on Tuesday while announcing the decision of the committee in Abuja. Emefiele […]

BUSINESS

FG floats $3bn Eurobond — biggest ever

Daily Dispatch November 21, 2017

The federal government says it has successfully priced its $3 billion Eurobond with a tenor of 10 and 30 years. This is the biggest Eurobond Nigeria has ever issued. The $1.5 billion 10-year note will be offered at an interest rate of 6.5 percent, while the 30-year series will bear interest of 7.625 percent and […]

BUSINESS

Customs hits N698bn revenue in 10 months

Daily Dispatch November 21, 2017

Mr Aminu Dahiru, the Assistant Comptroller-General, Nigeria Customs Service, Zone A, Lagos, on Tuesday announced that the zone generated N698 billion as revenue from January to October. Dahiru told the News Agency of Nigeria (NAN) in a telephone interview personnel in the zone would work tirelessly to collect the N887 billion target set by the […]

BUSINESS

Dangote inaugurates $500M Congo cement plant Thursday

Daily Dispatch November 21, 2017

Dangote Cement will on Thursday in Congo inaugurate its 1.5 million metric tonnes per annum capacity Cement Plant valued at 500 million dollars. This was disclosed in a statement to newsmen on Monday in Lagos. The plant, described as the largest in Congo, rolled out its first bag of cement on Aug 7, and is […]

BUSINESS

Increase taxes and royalties increased mining revenue to N69billion-NEITI

Daily Dispatch November 21, 2017

The  Nigeria Extractive Industries Transparency Initiative (NEITI) says the federal government’s revenue from mining increased by 23 percent to N69 billion because of increased taxes and royalties in the industry. In the highlights of 2015 solid minerals audit report released by the agency, it said production decreased in the same year. “There was an increase […]