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Nigeria pays higher interest rate on new $2.8 bn borrowing
Thu, 15 Nov 2018
Nigeria, yesterday, successfully raised a new $2.86 billion Eurobond but at a higher interest rate, which would put further pressure on debt service to revenue ratios. The country currently spends an average of N69 of every N100 revenue servicing debts. The higher interest rates paid on the new debts could take it above 70 percent…
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Political pressure may have suppressed release of Nigeria’s unemployment data
Thu, 15 Nov 2018
The fear that a higher unemployment rate will have a negative impact on the fortunes of Nigeria’s ruling All Progressive party (APC) at the general elections early next year may be behind the delay in releasing the country’s unemployment data, sources tell BusinessDay. The National Bureau of Statistics (NBS) last released unemployment figures in the…
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IJINLE: Osun launches initiative to revive traditional Yoruba fashion
Thu, 15 Nov 2018
An almost dying traditional Yoruba fashion is in the verge of revival due to a new initiative launched yesterday by Governor of Osun State Rauf Aregbesola. Tagged ‘Ijinle,’ the project is an entrepreneurial initiative aimed at commercially reviving the traditional and unique fashion of the Yorubas in Southwest Nigeria. It is built around the veteran,…
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Afreximbank sets up APPF with $15m capital investment
Thu, 15 Nov 2018
The African Export-Import Bank (Afreximbank) has set up the Project Preparation Facility (APPF) with an initial seed capital investment of up to $15 million. The bank launched the project preparation facility aimed at increasing the availability of viable well-prepared projects in Africa and at making such projects bankable and attractive to investors. The Afreximbank APPF…
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FEC approves N30b contracts, 400 assault riffles for prisons
Thu, 15 Nov 2018
Ahead of the dry season resumption of construction works, road infrastructure projects took the lion share of approvals by the Federal Executive Council FEC, Wednesday, with a total approvals of N27b going to the sector. The Council also approved the sum of N3.7b for the procurement of instruments landing services to be installed at airports…
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BPE hires KPMG to advice on NIPOST overhaul
Thu, 15 Nov 2018
Nigeria’s Bureau of Public Enterprises (BPE) has hired KPMG LLP to advise it on plans for the ‘restructuring and modernization’ of the state-owned Nigerian Postal Service (NIPOST), the Abuja-based privatization agency said in an emailed statement. The six-month contract will ensure the postal company is ‘commercially viable and attractive to customers,’ Communications Minister Adebayo Shittu…
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Concerns heighten on government inability to guarantee food safety
Thu, 15 Nov 2018
Agricultural experts have raised grave concerns on government’s failire to sufficiently guarantee food safety in the country, and is coming amid claims by authorities that adequate measures are being taken to tackle the wrong usage of pesticides in food preservation, particularly the sniper-treated beans currently in circulation. ‘Audu Ogbeh, Minister of Agriculture and Rural Development,…
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Foreign investors can’t ignore Nigeria’s population ‘ Coronation CEO
Thu, 15 Nov 2018
Despite declining foreign investments that Nigeria might be experiencing as a result of increased tension in the build-up of the 2019 elections, alongside increasing rates in advanced countries that has aggravated sell offs in emerging markets, Nigeria’s population is still a number that no investors would want to ignore, Jimoh Ibrahim, CEO for coronation merchant…
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Bonga oil spill: Victims urge FG to prevail on Shell to pay $3.6bn fine
Thu, 15 Nov 2018
Artisanal fishermen in the Niger Delta, affected by the December 2011 Bonga oil spill, have urged the Federal Government to compel Shell to pay the $3.6 billion fine for the spill. Samuel Ayadi, coordinator, Niger Delta zone, Artisanal Fishermen Association of Nigeria, made the call in an interview with the News Agency of Nigeria in…
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MainOne powers up MEST Incubator with high-speed internet
Thu, 15 Nov 2018
West Africa’s connectivity and data centre services provider, MainOne, has partnered the Meltwater Entrepreneurial School of Technology (MEST) to provide high-speed internet access to the MEST Incubator in Ikoyi, Lagos. MEST is a not-for-profit organisation that provides technology training, seed investment and mentorship for the next generation of globally successful African software entrepreneurs. This partnership…
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Edo partners LAPO to promote science, technology education
Thu, 15 Nov 2018
Edo State government says it is partnering Lift Above Poverty Organisation (LAPO) in providing the best educational opportunities to its school system and students. Christopher Adesotu, the state commissioner for science and technology, made the disclosure during the grand finale of the 2018 annual LAPO quiz competition for secondary schools in Edo and Delta states….
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Electronic fraud in banking projected to reach N6.1trn by 2021 says CBN
Thu, 15 Nov 2018
Electronic fraud loses in the Nigerian banking system are projected to reach N6.1 trillion by 2021 according to the Central Bank of Nigeria (CBN). The volume and value of e-transactions is projected to continue to increase nationally and globally as a result of broader ecosystem scope, evolution of channels, adaptability to disruptive Innovations/modes payment increased…
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Stock investors book N16bn loss
Thu, 15 Nov 2018
Nigerian equity investors booked N16billion loss at the sound of trading gong on Wednesday November 14 as the market failed to sustain the 0.03percent marginal gain recorded the preceding day. The Nigerian Stock Exchange (NSE) All Share Index (ASI) stood lower at 32,108.92 points as against preceding trading day level of 32,152.90 points. The NSEASI…
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Thisday Newspaper Today, Wednesday 14th November 2018

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