Category Archives: Business News

Energy drinks producers battle consumers’ health concerns

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ENERGY drink producers are now positioning their products based on product innovation and repackaging at the backdrop of rising concern over consumers’ health. The health concern has to do with the sugar and alcohol content, as well as caffeine content, a chemical believed to be responsible for increased risk of heart disease due to the […]

Price increase slows to 15.9% in November — NBS

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Increase in prices of goods and services slowed for the tenth consecutive month to 15.9 percent  in November, the lowest in 18 months. The National Bureau of Statistics (NBS) disclosed this yesterday in its Consumer Price Index (CPI) report for November 2017. The report noted that high food prices and food price pressure persisted during […]

Nigeria spends N2.07trn on fuel import in 9 months

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NIGERIA spent N2.068 trillion on the importation of petroleum products within a nine-month period, from January to September 2017, rising by 14.32 per cent from N1.809 trillion recorded in the same period in 2016. According to data obtained from the National Bureau of Statistics’, NBS, Foreign Trade Statistics for Third Quarter 2017, of the total […]

Reps, Dangote Refinery to collaborate on local content

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THE House of Representatives Committee on Local Content said it is ready to collaborate with Dangote Refinery on the effective implementation of the Local Content Act in the country. FCILITY TOUR: From left: Chairman, House of Representatives Committee on Local Content, Hon. Emmanuel Ekon; President/CE, Dangote Industries Limited, Aliko Dangote; and House of Representatives Local […]

We will expand transformers’ capacity by 1,000mw before Jan 31 – TCN

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GREEN Energy International Limited, operator of the Otakikpo marginal field in Oil Mining Lease, OML, 11, has undertaken a medical outreach in its host communities in Andoni Local Government in Rivers States as part of its critical programme to improve the socio economic well-being of the communities. In a statement in Abuja, Green Energy stated […]

Green Bond: FG assures investors of proceeds management

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The Federal Government says it will encourage a high level of transparency in the management of proceeds of the N10.69bn Green Bond. It said it was recommended that an issuer’s management of proceeds be supplemented by the use of an auditor, or other third party, to verify the internal tracking method and the allocation of […]

Dangote, BUA in war of words over mining site

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The war of words between the Dangote Group and BUA Group continued on Sunday with the former accusing the latter of illegally mining limestone deposited in its Mining Lease No. 2541, located in the boundary town of Oguda/Ubo in Okene, Kogi State. However, BUA denied the claim and accused Dangote of attempting to disregard the […]

BUSINESSNaira’s depreciation to N365 per Dollar part of Forex market fluctuations – Gwadabe

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The President, Association of Bureaux De Change Operators of Nigeria, Mr. Aminu Gwadabe, has said Naira’s marginal depreciation by 0.55 per cent to close at N365on Friday was part of foreign exchange market fluctuations. This came despite the frequent interventions by the Central Bank of Nigeria. Speaking to business correspondents during the weekend, Gwadabe said, […]

NEPC plans to develop C’River cocoa for export

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The Executive Director/Chief Executive Officer, Nigerian Export Promotion Council, Mr. Olusegun Awolowo, has said that developing the Cross River State cocoa value chain for export will enhance economic growth. Awolowo spoke through the Deputy Director, National Export Office, NEPC, Mrs. Veronica Oriare, during the Cross River State Cocoa Stakeholders’ Forum and mini exhibition in Ikom […]

External reserves rise to $36.8bn

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Nigeria’s external reserves rose by $1.91bn in the first two weeks of this month, a Central Bank of Nigeria’s report indicated on Friday. The foreign exchange reserves stood at $36.86bn as of December 14, up from $34.95 as of November 30, the latest data obtained from the CBN showed on Friday. The analysts at FBNQuest […]