Business106 Videos

Mobile network operators’ assets in Nigeria hit N1.95 trillion

Total assets base of mobile operators in Nigeria increased by 130 per cent between 2017, and 2018, hitting N1.95 trillion last year, from N847.97 billion.These assets include all facilities that make communications seamless in Nigeria, like the base transceiver stations, fibre cables, network operation centre, data centres, among others. According to the 2018 Subscribers/Network Data […]

Xenophobia: MTN shuts Lagos office as police guard premises

Following series of attacks on its premises by angry mobs and protesters in some parts of the country, MTN Nigeria has shut its outlet on Ogunnusi Road, Ojodu, Lagos, while armed policemen were also deployed to man the premises. MTN, a South African telecoms company, is the biggest mobile telecommunication network provider in Nigeria, with […]

Eni reports huge oil, gas find in Nigeria

Italian oil major Eni said Wednesday that Nigerian subsidiary Agip has found lots of gas and oil in an onshore facility in the Niger delta, raising potential output in Africa’s leading oil exporter. The Eni-operated NAOC, which is majority-owned by the Nigerian National Petroleum Corporation (NNPC), with minority stakes held by Oando and Eni, made […]

Manufacturers want government to revisit industrial, backward integration policies

Local manufacturers in the country have charged the new Minister of Industry, Trade and Investment, Adeniyi Adebayo, to formulate a comprehensive industrialisation policy that would prioritize developmental efforts towards driving backward integration programmes and create linkages for various value chains in the manufacturing industry. Indeed, the local producers noted that the association would work with […]

FG to overhaul refineries for three years to drive local production

To achieve its 2023 target of ensuring local refineries operate optimally, the Federal Government has said it has begun the overhauling of the facilities, commencing with the Port Harcourt refinery. Giving itself a three-year deadline, the Nigerian National Petroleum Corporation (NNPC), said it plans to review operations of the refineries, support condensate plants, and open […]

CBN’s CNY1.2b interventions and forex developments

The week-long visit of President Muhammadu Buhari to the People’s Republic of China between April 11 and 15, 2016, was alongside the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in a last push to secure a three-year Bilateral Currency Swap Agreement worth CNY15 billion (N720 Billion), among other things. On June 6, […]

African air traffic soars by 11.7% amid global demand surge

Air traffic demand in Nigeria and other African countries improved by 11.7 per cent in June as part of the global upsurge of 5.0 per cent compared to June 2018.The International Air Transport Association’s (IATA) global passenger traffic results for June 2019 showed a steady improvement from 5.1 per cent in May. Capacity rose 7.7 […]

Buhari tells CBN gov to stop providing FX for food

Nigeria’s President Muhammadu Buhari has told the central bank to stop providing funding for food imports, his spokesman said in a statement on Tuesday, a move that has raised questions about the bank’s independence. Nigeria, which has Africa’s biggest economy, is the continent’s top oil producer and relies on crude sales for around 90% of […]

NCC to decommission 693 abandoned telecoms masts

The Nigerian Communications Commission (NCC) may decommission about 693 telecoms masts alleged to have been abandoned in several parts of the country. NCC however, gave owners of the mast 90-days to rehabilitate, commence usage or dismantle and remove the masts/towers from the relevant locations. Though the Commission was not forthcoming about the operators that are […]

SON seizes N38 million substandard cooking gas cylinders

The Standards Organisation of Nigeria (SON), has seized a 40-foot container stocked with substandard liquefied petroleum gas (LPG) also known as cooking gas cylinders worth over N38 million. The Director-General, SON, Osita Aboloma, said the cylinders failed to meet the safety requirements, and as such, pose a threat to human lives and property in the […]