Nigeria Oil Industry - Latest News - Headline - Nigeria Rendezvous
Business and Economy

Political Godfathers Decide Nigeria’s Oil Fate

By 0500, in the darkness before dawn, the ships uncouple from the barges and move out in a convoy to sea to rendezvous with a tanker which will spirit away the stolen oil, making it disappear into another cargo, bound for sale on the world market. It is likely the tanker arrived partly loaded with guns, cocaine to be trafficked into Europe and cash, which they will use to pay for the oil. Read more…

Nigerians Electricity - NERC - Nigeria Electricity
Breaking News

Nigerians to Pay More For Electricity: Here’s Why

In 2015, NERC had outlawed “fixed charge” from tariffs, abolishing the monthly average of N750 added to customers’ bills whether or not they use electricity. NERC’s latest regulation came into effect on March 8, 2018 and will be enforced by the commission from April 3, 2018. On March 12, 2018, Dafe Akpeneye, NERC’s commissioner, legal, licensing and compliance, unveiled the new regulation in Uyo, Akwa Ibom state. Read more…

Nigeria Oil Industry - Latest News - Headline - Nigeria Rendezvous
Business and Economy

After 17 Years Parliament Passes Major Nigeria Oil Reform Legislation

“The PIGB, as passed yesterday, is the same as passed by the Senate. We have harmonized everything and formed the National Assembly Joint Committee on PIB,” Alhassan Ado Doguwa, a key PIB lawmaker. Uncertainty over terms affecting taxation of upstream oil development has been the main sticking point holding back billions of dollars of investment for the oil industry. This will be addressed later in an accompanying bill. Read more…

Nigerian Stock Exchange NSE - Latest News - Headline - Nigeria Rendezvous
Business and Economy

Nigerian Stock Exchange (NSE) to Be Publicly Listed

The Nigerian Stock Exchange (NSE) expects a bill that will allow it to be publicly listed will be signed into law this year, its chief executive Oscar Onyema said on Tuesday. The second-biggest exchange in sub-Saharan Africa after Johannesburg and a main entry point for investors in Africa, the Nigerian bourse last year got a green light from its members, mostly stockbrokers and some institutional investors, to become a publicly listed company. Read more…

Cassava
Breaking News

Genetically Modified Cassava Test Endorsed in Nigeria

A research scientist, Paul Onyenekwe, has described the approval granted to two international agencies by a Nigerian regulatory agency to test run some genetically modified cassava in Nigeria as a welcome development. Mr. Onyenekwe, the President of Nigeria Biotechnology and Biosafety Consortium, NBBC, was reacting to criticisms levelled against the approved field trials by some civic groups. Read more…

Signs Legal Agreement New
Business and Economy

Nigeria Signs Legal Agreement With King and Spalding, LLP Geneva, Switzerland to Tackle Dumping of Products

The agreement was signed in Geneva by Chief Negotiator and Director-General of the Nigerian Office for Trade Negotiations (NOTN), Ambassador Chiedu Osakwe for Nigeria, while Mr Daniel Crosby stood for King and Spalding. Osakwe said “the firm is expected to support the drafting of Nigeria’s trade remedy law and prepare a legal brief on the rationale and requirements for the legislation, which will effectively stop dumping on the Nigerian market. Read more…

Recession News
Business and Economy

Nigeria Exiting Recession But More to Do

Nigeria is exiting recession but its economy remains vulnerable, the International Monetary Fund (IMF) said on Friday, after conducting a review of Africa’s largest economy. The regional power climbed out of its first recession in a quarter of a century in the second quarter, but economic growth remains sluggish. That has contributed to a cycle of poverty that drives Nigeria’s yawning wealth inequality as well as social unrest. Read more…

bitcoin trade volume in Nigeria on Local Bitcoin - NIGERIA NEWS
Business and Economy

Bitcoin Booming in Nigeria

“I was able to use bitcoin to do just one transaction and then I got hooked,” Manasseh Egedegbe, an Abuja-based investment manager tells says.

For his part, Tim Akinbo, co-founder of Tanjalo, also an exchange founded in October, says the potential local applications of cryptocurrencies and the enabling technology was the motivation for starting the exchange. There are also some older players in the space like NairaEX, a bitcoin exchange founded in Nov. 2015. Read more…

Digital Cash Payments Systems - NIGERIA NEWS
Business and Economy

Nigeria Could Save $9b By Government Adopting Digital Cash Payments Systems

Christine Lagarde, managing director of the International Monetary Fund (IMF) says, “IMF analysis in our recently published book, Digital Revolutions in Public Finance, shows that across the developing world, countries could save around one percent of GDP by updating their government payment systems from cash to digital. In some places in Africa the potential is even higher. In Nigeria, for example, we estimate that a government move to digital payments could save between 5 to 9 billion U.S. dollars, or about 1.7 percent of GDP. Read more…

Dangote Flour Mills - NIGERIA NEWS
Business and Economy

Dangote Flour Mills Showing Operating Strength

With the new strength in earnings growth and only a slight increase in finance expenses, Dangote Flour Mills has stretched out profit margin and improved profit capacity. Net profit margin has improved from 5.7% to about 13% over the review period. After tax profit amounted to N13.05 billion for Dangote Flour Mills at the end of the third quarter. Read more…