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BUSINESS NEWS BRIEF – Monday, March 21st, 2016




Exports Slumped 40% In 2015 Over Fallen Oil Price
Nigerian exports slumped 40.3 per cent last year after a fall in crude prices slashed government’s revenues, weakened the currency and caused the economy to grow at its slowest pace in decades, the National Bureau of Statistics (NBS) has said.[Read More…]


Nigeria records 5.2% fall in cocoa production
Nigeria’s cocoa production has dropped by 5.2 per cent from 248,000 metric tonnes in the 2013/2014 planting season to 235,000 metric tonnes in the 2014/2015 season, according to information gathered from stakeholders in the cocoa value chain.[Read More…]

Toyota rolls out first vehicle from Lagos factory
Toyota Nigeria Limited has recorded a breakthrough with the unveiling of its first locally-assembled vehicle in Lagos, a Hiace bus.[Read More…]

Ondo, partner get licence for 550MW power plant
The Nigerian Electricity Regulatory Commission has issued a licence to the Ondo State Government and its partners, Kingline Development Company, a South Korean firm, to generate 550 megawatts of electricity.[Read More…]

Consumers kick as power firms implement new tariffs
Power distribution companies have implemented the over 40 per cent increase in electricity tariffs despite protests against the development by consumers and labour unions as well as a directive by the Senate to the Nigerian Electricity Regulatory Commission to suspend the hike.[Read More…]

Exchange rate tops agenda as MPC meets today
The volatility of the naira against the United States dollar and other major global currencies is expected to top the agenda as the Central Bank of Nigeria’s Monetary Policy Committee begins its two-day bi-monthly meeting today (Monday).[Read More…]

Mexico set to export banana from Cross River
The Foreign Direct Investment of Cross River State may soon receive some boost as investors from Mexico have concluded arrangement to commence the exportation of banana from the state.[Read More…]


With $24.547m, Zenith Records Highest Forex Allocation from CBN
For the second time since banks started publishing their returns on foreign exchange (forex) utilisation purchased from the Central Bank of Nigeria (CBN), Zenith Bank Plc got the highest allocation garnering a total of $24,547,235.36 million.[Read More…]

NAICOM to Enforce Compulsory Insurances among State Govt
The National Insurance Commission (NAICOM) has said it will henceforth ensure effective implementation of compulsory insurances nationwide through its ongoing campaign for implementation of the six compulsory insurances among state governments.[Read More…]

BoI Shortlists 311 for N600.5m Loan under GEF Scheme
Following the completion of its appraisal exercise for applications under the Graduate Entrepreneurship Fund (GEF) Programme, the Bank of Industry (BoI) has said 311 business proposals have been shortlisted for funding.[Read More…]

States’ Internally Generated Revenue Hits $4.0 Billion
States in the country now rely less on federal allocations as latest statistics released by the Central Bank of Nigeria (CBN) have revealed significant increase in their Internally Generated Revenues (IGRs).[Read More…]


Interbank rates rise, defy N44b coupon payments, OMO maturity
The interbank lending rates- Open Buy-Back (OBB) and overnight trended upward throughout last week, closing 4.8 per cent and 5.3 per cent respectively at the weekend.[Read More…]


Asian stocks slip as oil skids; dollar steady
Most Asian stock markets slipped on Monday after three consecutive weeks of gains as a retreat in oil prices made investors cautious, but losses were tempered by hopes that China may soon cut interest rates again as pressure on the yuan eases.[Read More…]


European Shares Decline as Miners and Energy Producers Retreat
European stocks declined as sliding oil and commodity prices dragged energy producers and miners lower.[Read More…]

fake richard mille
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