Dangote Returning Nigeria To Oil Exporter
From the 1960s up to 2010, Nigeria refined and exported millions of barrels per day of crude oil and petroleum products to the United States of America and other countries.
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CBN Bans Foreign Collaterals for Naira Loans
▪︎CBN Governor, Olayemi Cardoso The Central Bank of Nigeria, CBN, on Monday, banned the use of foreign denominated collaterals for naira loans. This was contained in a circular dated April 8, 2024 and directed to all banks by the CBN’s Acting Director of Banking Supervision Department. In the circular titled, “The Use of Foreign-Currency Denominated…
MAN Backs Erisco’s Action on Chioma for defamation
▪︎Assures Amicable Resolution ▪︎A photo collage of the CEO of Erisco Foods Limited, Mr Eric Umeofia, and Chioma Okoli. The Manufacturers Association of Nigeria (MAN) says that the actions taken by Erisco Foods Limited – the manufacturers of Nagiko tomato paste, on Chioma Okoli, were justified. The Association assures the public that it will resolve…
Indorama Eleme Secures $75m AfDB Loans for Expansions
▪︎Image: $75m loan agreement signing ceremony between AfDB and Indorama Eleme Fertiliser The African Development Bank has signed a $75 million loan agreement with Nigeria’s Indorama Eleme Fertilizer and Chemicals Limited to increase its fertilizer production and develop a port terminal for exports. Ousmane Fall, the African Development Bank’s acting director for Industrial and Trade…
Nigerian Banks Begin Fresh Rounds of Recapitalisation
In Summary▪︎Global Banks N500bn▪︎National Banks N200bn ▪︎Regional Banks N50bn ▪︎All banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026 The Central Bank of Nigeria has announced the increase in the capital base of commercial banks with international authorisation to N500 billion…
Nigeria Lauds ANRML $600m Iron Ore Investment In Kaduna
” The $600 million Iron Ore Mining & Processing Facility owned by the African Natural Resources and Mines Limited (ANRML) in Kaduna state, is a significant stride in Nigeria’s mining sector.” This statement was made by Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite. “Alake Dele and I inspected the $600m ANRML investment in…
SON Warns Importers Against Stuffing Tyres Before Shipment
The Standards Organisation of Nigeria (SON) has warned importers of tyres against stuffing it before shipment They may look nice in the eyes, but we rely on scientific investigation and analysis ” The act of stuffing tyres into one another instead of bringing it in different containers renders the tyres dead on arrival into the…
Fanning and Cooling The Flames For Cement Importation
By Industrial Times staff writer For some time now, some among our tenth Republic Ministers have been fanning the flames to return Nigeria to the era of importation of bagged cement to stabilise the rising cost in the markets. The drum beats for the importation of cement started throbbing in August 2023. THE FIRST THREAT FOR…
CPPE: Badmouthing Cement Manufacturers Is Unfair
Dr Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise [CPPE] has condemned the recent remarks on the floor of the House of Representatives on cement price which portrayed cement manufacturers (Dangote, BUA and Lafarge) in very bad light. ” For an economy seeking to industrialise, attract investors and create jobs,…
FCCPC Moves To Dissolve Market Associations Nationwide
“The surge in food prices can be attributed to various factors, including market cartels, price fixing, hoarding and gouging or lack of transparency in pricing,” said Abdullahi.