BUSINESS

China building deepest underground high-speed railway

Daily Dispatch August 1, 2017

China is building the world’s deepest and Asia’s largest underground high-speed railway station. Workers are constructing the high speed railway beneath the Great Wall at the Badaling section in Beijing. The station under construction will be 3-story high and have a 36,000 square meters floor

BUSINESS

Nigeria, others lose over $300b in oil investments in three years – Kachikwu

Daily Dispatch July 31, 2017

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday lamented the loss of over $300 billion in oil investments globally in three years. Kachikwu said this was due to the decline in oil price. Kachikwu, who stated this at the 2017 Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition in […]

BUSINESS

Ghana urges Nigeria’s Government to establish Mining Company

Daily Dispatch July 31, 2017

Ghanaian government has urged its Nigerian counterpart to consider establishing a national mining company to compete actively with those in the private sector for rapid development of the sector. The Ghanaian Minister of Land & Natural Resources, John-Peter Amewu, made these comments during a stakeholder’s conference in Abuja. Amewu said Nigeria should begin to look

BUSINESS

FG pledges support to $18b Dangote refinery

Daily Dispatch July 31, 2017

Dr Ibe Kachikwu, Minister of State for Petroleum Resources, has promised adequate incentive support to the $18 billion Dangote refinery to fast track its completion in Lagos. Kachikwu gave the assurance during a facility tour of the refinery on Monday in Lagos. Dangote refinery is situated at Lekki Free Trade Zone in Ibeju Lekki, Lagos. […]

BUSINESS

Forex buffer at near 3-month high of $30.8bn by July 27 – CBN

Daily Dispatch July 31, 2017

Nigeria’s foreign exchange reserves had risen to an almost three-month high of $30.74 billion by July 27, latest central bank data showed on Monday. Nigeria’s dollar reserves grew 1.62 percent from a month earlier. The bank did not provide a reason for the increase. Reserves have risen 17.24 percent from a year earlier, partly due […]

BUSINESS

Oil prices hit 2-month high, trades at $53

Daily Dispatch July 31, 2017

Oil prices hit a two-month high on Monday as a result of the tightening of US crude market and the threat of sanctions against OPEC-member, Venezuela. Brent crude futures traded at $52.90 per barrel, its highest since May 25, while West Texas Intermediate (WTI) rose by 16 cents to trade at $49.87 per barrel. Oil […]