Nigeria is on track to realising its industrialisation target, Africa’s richest man said yesterday. Aliko Dangote, who is Dangote Group’s President, spoke of the conglomerate’s plans in the next few years. Speaking in Lagos at the Ninth Bola Tinubu Colloquium, he said inconsistency in government policy had been the bane of industrial development over the

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Banks are to sell dollar at N360 for travel allowances, tuition and medical fees. A statement from the Central Bank of Nigeria (CBN) yesterday noted that “ $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 has been released by the apex bank for onward sale to retail end-users at not more than N360/$1, for invisibles, such as

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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 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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Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN). The naira exchanged at N375 to the dollar in

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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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