BUSINESS

Apapa Customs Rake N6.1b From Duty On Imported Rice

Daily Dispatch January 27, 2017

The Apapa command of the Nigeria Customs Service (NCS) on Friday said it generated N6.15 billion from duty on imported rice from January to December 2016. The command`s Area Controller, Alhaji Musa Jibrin, gave the figure in a statement obtained by the News Agency of Nigeria (NAN) in Lagos. A

BUSINESS

No Going Back on N145 Pump Price, It Should Be Higher-PPPRA

Daily Dispatch January 27, 2017

The Petroleum Products Pricing Regulatory Agency, PPPRA, has declared that reduction of pump price of Premium Motor Spirit, PMS, also known as petrol, was not realizable under the current realities, adding that it should have been higher in the first place. This follows recent allegations by the House of Representatives, that the Agency is making […]

BUSINESS

CBN Warns Buhari Against Reckless Spending, Says Foreign Reserve Hits $28.9b

Daily Dispatch January 25, 2017

The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele has disclosed that the Nigeria’s foreign reserve has risen to $28.9 billion, even as he warned of reckless spending. Emefiele told reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja that Nigerian government would take from the fund only when […]

BUSINESS

Release N5b Intervention Fund- Manufacturers Urges CBN

Daily Dispatch January 24, 2017

The Nigerian Textile Manufacturers Association has urged the Central Bank of Nigeria to expedite the release of the pending N50 billion intervention fund to Cotton, Textile and Garment manufacturers. The association’s President, Grace Adereti, made the appeal in an interview with the News Agency of Nigeria on Tuesday in Lagos. Adereti added that the release […]

BUSINESS

AfDB Gives First Bank and FSDH Merchant Bank $350m Loan

Daily Dispatch January 24, 2017

African Development Bank has approved the sum of  $350 million loan to First Bank of Nigeria and FSDH Merchant Bank Nigeria to support them in import-export activity of local enterprises. The loan according to AfDB monthly newsletter signed by the Nigeria Country Field Office Abuja, is $300million and $50 million loans to First Bank of […]

BUSINESS

ECOWAS, EU launch €29.3m peace, security project for West Africa

Daily Dispatch January 23, 2017

ECOWAS and the European Union have launched a 29.3 million Euro project aimed at strengthening peace and security in the West African region. The project, EU Support to ECOWAS Regional Peace, Security and Stability Mandate Programme (ECOWAS-EU PSS Project) was launched on Monday in Abuja.  Vice President of the ECOWAS Commission, Mr Edward Singhateh explained […]