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1,500 jobs at risk as Erisco Foods threatens to pull out of Nigeria

Eric Umeofia

Erisco Foods, an indigenous company, says its inability to access foreign exchange from the Central Bank of Nigeria for the procurement of machinery may force it to relocate to another country. Eric Umeofia, the company’s chief executive, disclosed this on Wednesday. He said 1,500 employees could lose their jobs. “It is difficult for indigenous manufacturers to access forex despite CBN’s ...

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Power sector losses reduce as generation picks up


The daily losses being recorded by operators in the power sector have reduced as electricity generation picks up gradually across the country. An analysis of the power industry statistics obtained by our correspondent in Abuja on Sunday showed that the average daily loss of about N2bn recorded by the sector towards the end of the second quarter had reduced to ...

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N36.8bn worth of gas lost to militant attacks


The country and some oil companies lost at least N38.6bn in one month as gas production from joint venture assets and the Nigerian Petroleum Development Company dropped by 40.9 billion standard cubic feet in July. The loss was as a result of production disruptions occasioned by the recent upsurge in militant attacks in the Niger Delta, mostly targeted at onshore ...

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Buhari commits to boosting domestic manufacturers

Nigerian President Muhammadu Buhari (L) addresses delegates at the start of a conference to tackle corruption at the Commonwealth Secretariat in London on May 11, 2016. / AFP PHOTO / LEON NEAL

President Muhammadu Buhari ‎has assured members of the Manufacturers Association of Nigeria (MAN) that his administration will be removing bottlenecks and create a more business-friendly environment to ensure that citizens embrace Nigerian manufactured goods.‎‎‎He said his administration recognises the sector as a major driver of Nigeria’s economic growth because of its immense natural resources and the entrepreneurial spirit of Nigerians.  The President said this at ...

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Naira plummets to all-time low of 472/dollar

Naira - Dollar

The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime. The local currency stood at 452 to the dollar at the close of trading on Tuesday, down from 445 against the greenback on Monday. ...

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Naira crashes further, now 445 against the dollar


The naira on Monday suffered a severe defeat against the dollar in all the major segments of the market. At the interbank segment of the market, the naira lost 53 kobo to close at N308.32, from N307.79 posted on Friday. Trading at the Bureau De Change (BDC) showed that the naira lost 5 points to exchange at N445 against the ...

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Sell off NLNG, invest proceed and we’ll be out of recession, Dangote tells Buhari


Nigeria and African richest business mogul, Aliko Dangote has urged the federal government to sell off the Nigerian Liquified Natural Gas company, NLNG as well as other dormant but huge capital-generating sectors and invest the proceeds back into the economy to bring Nigeria out of its current recession before the end of fourth quarter. In an interview with CNBC Africa, ...

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Again, NCC warns telecoms operators against unsolicited messages

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The Nigerian Communications Commission on Sunday warned telecommunications operators against defying its directive on sending subscribers unsolicited text messages. In a statement issued in Abuja, the Director of Public Affairs at the regulatory agency, Mr. Tony Ojobo, expressed readiness to protect subscribers from the nuisance and irritation of unsolicited text messages and calls from mobile network operators. Ojobo noted that ...

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Ex-NNPC GMDs fault N145 petrol price cap

fuel pump

THE NNPC GMDs Forum, a body comprising former Group Managing Directors of the Nigerian- National Petroleum Corporation and the incumbent Chief Executive of the organization, Dr. Maikanti Kacalla Baru, has expressed reservation over the sealing placed on the price at which the Pipelines and Products Marketing Company, a subsidiary of NNPC, sells premium motor spirit to marketers. Rising from its ...

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Nigeria’s Economy now in recession


Inflation up, GDP down Prices of sugar, rice skyrocket Nigeria’s economy has sunk into recession as the nation’s Gross Domestic Product (GDP) dropped to a record low of 2.06 per cent in the second quarter of 2016. The recession is attributed to the persistently low oil price and disruptions in crude production as a result of attacks on oil facilities ...

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