BUSINESS
Cement Producers Claim N710 Billion Profit
Nigeria’s three cement manufacturers recorded profit of N710.03 billion in 2023 as a significant upsurge in sales and considerably higher prices lessened pressures on operations. A sectoral intelligence report by The Nation yesterday showed that the trio of Dangote Cement, BUA Cement, and Lafarge Africa have seen substantial growths in sales and profitability. However, foreign exchange (forex) losses impinged on the...
Report Officials Who Demand For Bribes To Me, Tinubu Tells Foreign Investors
President Bola Tinubu has called on investors to report any of the Nigerian officials who demand bribes from them before they invest in the country. The president said this during the Nigeria-Qatar Business and Investment Forum in Doha, on Sunday while assuring the Qatar’s capitalists of the readiness of Africa’s largest economy to accommodate and do business with them. This was...
Port Harcourt-Aba Rail Line To Commence Operations This Month — NRC
The Port Harcourt to Aba rail line is billed to commence full operations by the end of March. This was made known by the Managing Director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, who was on an inspection visit to the facility in Port Harcourt on Saturday. Okhiria said the China Civil Engineering Construction Company (CCECC) handling the project have...
Power Minister Summons Abuja, Ibadan Electricity Distribution Companies Over Poor Supply
The Minister of Power, Chief Adebayo Adelabu, has summoned the chief executives of Abuja Electricity Distribution Company and Ibadan Electricity Distribution Company over the worsening power supply in their regions. Also summoned is the Managing Director, Transmission Company of Nigeria, Sule Abdulazeez, over the deteriorating power situation across the country since January this year. The power supply situation nationwide has gone...
Cement Cost: Reverse To Old Price Now, Tinubu Tells Dangote, BUA, Others
President Bola Ahmed Tinubu has directed cement companies to go back to the status quo as regards to the price of the commodity. Minister of Works, Senator David Umahi, revealed this to newsmen shortly after inspecting BUA cement factory in Sokoto on Thursday. According to him, during a meeting with the manufacturers, the president directed them to revert to the earlier...
Air Peace Announces N1.2m For London Route
Air Peace on Wednesday, announced N1.2 million and N4 million respectively on its London route for Economy and Business classes, effective March 30. This is contained in a statement in Lagos by the airline’s Corporate Communications Lead, Mr Stanley Olisa. Recall that flight tickets for London in Nigeria are between N2.3 million to N4.2 million for economy and N6 million for...
Nigeria Gets 60% Share Of Aferimbank’s $30bn Oil, Gas Funding
The African Export-Import Bank on Wednesday, disclosed that it has become the largest financier of oil and gas projects in Africa. The bank disclosed investing $30bn in industry projects, with Nigeria receiving 60 per cent despite reduced global funding for hydrocarbon ventures in Africa President, Afreximbank, Prof Benedict Oramah, said Africa has to find innovative solutions to its huge energy deficit. Oramah...
CBN Resumes Sale Of Dollars To Bureax De Change
The Central Bank of Nigeria (CBN) has commenced sale of dollars to Bureax De Change (BDC). Announcing the development in a statement on Tuesday, the apex bank said $20,000 will be available to each eligible Bureau De Change (BDC) operator across the country.The sum, according to the apex bank, is to be sold to each BDC at the rate of...
After Lagos Stampede, Customs Suspends Food Distribution
The Nigeria Customs Service has announced the temporary suspension of the national food distribution initiative which it started it Lagos over the weekend over the unfortunate stampede which led to fatalities. The Service, in a statement by its National Public Relations Officer, Abdullahi Maiwada, said the intervention was aimed at alleviating the hardships faced by Nigerians and improving access to...
FG Promises To Deal With Economic Destabilizers
The Federal Government has vowed to go after individuals sabotaging the nation’s economy. The Minister of Information and National Orientation, Mohammed Idris, made this known in a statement he personally signed on Friday. Idris stated that one of the decisions of President Bola Tinubu when he was sworn-in was the removal of petrol subsidy which all the “three major candidates” agreed...
