Nigeria’s quest to secure a $1.4billion loan from the international funding agencies may be hindered, if the country fails to buy-in to reforms being pushed by the International Monetary Fund (IMF), a report has indicated. The IMF, Reuters said, is expected to warn Nigeria that its economy needs urgent reform, saying a failure to imbibe the measures,

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The Central Bank of Nigeria (CBN) has received bids for $100 million from dealers in the interbank market to meet customers’ requests. The sale will be settled today. CBN spokesman Isaac Okorafor said no intervention was made by the bank to meet requests for invisibles. Okorafor reiterated that the CBN will continue to intervene in the interbank

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The Nigerian National Petroleum Corporation (NNPC) will generate about 4, 000 megawatts (Mw) of electricity over the next 10 years to boost power supply in the country. Its Corporation’s Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, who spoke at the 2017 retreat of the Autonomous Business Unit (ABU), Gas and Power,

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Creditors have lost their battle to take over mobile giant Etisalat. The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) staved off the planned takeover by a consortium of banks the company is owing over N200 billion. NCC Executive Vice Chairman Prof. Umar Garba Danbatta broke the news yesterday at a conference

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The Federal Executive Council (FEC) yesterday approved N102.077 billion and $1.79 billion for roads projects across the country and rail project in the Federal Capital Territory (FCT). Minister of Power, Works and Housing Babatunde Fashola and Minister of FCT, Bello Mohammad, spoke with State House correspondents at the end of the meeting

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The Naira is set to appreciate further this week as the Central Bank of Nigeria (CBN) plans to inject more Foreign Exchange (Forex) into the market to meet the requests of genuine customers. CBN spokesman Isaac Okorafor, gave the assurance yesterday. The News Agency of Nigeria (NAN) reports that the apex bank had so far kept to its promise

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The President of Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), Mr. Thomas Etuh, has said the Presidential Fertiliser Initiative will save the Federal Government about $200 million in foreign exchange (forex). He spoke yesterday while monitoring the fertiliser project in Kaduna State. He said it was a Public Private

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