Banks’ assets have depreciated in the last two years, with provisions for Non Performing Loans (NPLs) hitting N856.9 billion, a financial market report has said. The report by the investment and research firm Afrinvest West Africa Plc was released yesterday. It said provisioning for the NPLs, which rose 3.1 times from N280.4 billion in December

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The Federal Government yesterday released N72 billion counterpart funding for the Lagos-Ibadan mordernisation railway project. Chinese partners are expected to add the other part. Minister of Transportation Rotimi Amaechi who was at the Second Presidential Business Forum at the old Banquet Hall of the Presidential Villa, Abuja, said the funding was

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Aliko Dangote, Nigerian entrepreneur, aims to create 3,000 jobs with the establishment of a truck assembly plant in Ikeja, Lagos. The plant is the result of a partnership between the Dangote group and Sinotruck, a Chinese heavy-duty truck company. “The decision to go into the truck assembly plant project was informed by the need to conserve forex

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The Senate yesterday resolved to ask the Customs to suspend action on its policy to ban IMPORTATION of vehicles through land borders, which was to take effect on January 1. Senate’s resolution followed a motion by Barau Jibrin (Kano North) and five others. Jibrin drew members’ attention to the Federal Government’s policy to stop car

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The Ogun State government and Sterling Group, an agro-allied firm, are set to work in partnership towards the production of rice and other agricultural produce for food security. This partnership plan was disclosed to reporters during a meeting between the state government delegation led by Secretary to the State Government, Taiwo Adeoluwa

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The House of Representatives yesterday rejected the Federal Government’s exchange rate of N305/dollar in this year’s budget, saying it would engender huge corruption, with the almost N500/dollar at the parallel market. Members of the Green Chamber also queried the Executive on the domestic borrowing plan of the President Muhammadu Buhari

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China is to invest $40 billion more in Nigeria. Chinese Foreign Affairs Minister Wang Yi broke the news yesterday during a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja. He said China had already invested up to $45 billion in Nigeria. “Nigeria and China are strategic partners; our relations have been developing well,

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