COVID-19: Nigeria Will Need N10trn Stimulus Package—NESG

By Adedapo Adesanya  The Nigerian Naira weakened by 17.9 per cent or N144.49 against the American Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 6 as confidence waned in the Central Bank of Nigeria’s (CBN) ability to boost the market with enough foreign exchange (FX). Yesterday, the exchange rate of the Naira to the Dollar closed at N951.22/$1 in the official market compared with the preceding session’s rate of N806.73/$1. This happened as the forex turnover slightly went down by 4.9 per cent or $7.05 million to $135.58 million from the $142.63 million reported in the

By Adedapo Adesanya Dangote Refinery is set to commence crude refining in the coming days as an OTIS Tanker, carrying 950,000 barrels of Agbami crude has reportedly set sail to Dangote’s offshore crude receiving terminal, Business Post has gathered. It is expected to arrive around 8 pm today, December 7, 2023. This development confirms expectations that the 650,000 barrels per day will commence operations before year-end and produce its first batch of petroleum soon after the company had initially announced that it would begin producing up to 370,000 barrels per day of diesel and jet fuel in October and gradually

By Dipo Olowookere The spoils of the battle between the bulls and the bears were shared on Tuesday after the Nigerian Exchange (NGX) Limited closed in a stalemate, Business Post reports. The market closed flat after the key performance indicators could not record any tangible increases as the All-Share Index (ASI) closed at 41,814.94 points compared with the previous day’s 41,814.74 points, while the market capitalisation remained at N21.821 trillion. This occurred despite the market breadth closing positive with 22 price gainers and 21 price losers, with the risers led by Universal Insurance and University Press by 10.00 per cent

**Blasts #BringBackOurBoys Campaigners By Modupe Gbadeyanka The federal government has promised to put measures in place to prevent any other abduction of students, especially in the northern part of the country by terrorists. Last Friday, some bandits with links with Boko Haram sect kidnapped over 400 students of the Government Science Secondary School, Kankara, Kastina State. The attack occurred a few hours after President Muhammadu Buhari arrived Daura, some kilometres away from the scene, for a weeklong private visit to his hometown. On Thursday night, after negotiations with the abductors, the schoolboys numbering over 300, were released from captivity in

By Dipo Olowookere The stock market depreciated by 0.14 per cent on Wednesday as investors begin another round of profit-taking with the key contenders in the 2023 presidential election between the two major political parties now known. Yesterday, a former Governor of Lagos State, Mr Bola Tinubu, emerged as the flag-bearer of the ruling All Progressives Congress (APC) in next year’s poll, defeating the Vice President, Mr Yemi Osinbajo, who came third and former Governor of Rivers State, Mr Rotimi Amaechi, who was the first runner-up. With a former Vice President, Mr Atiku Abubakar, as the candidate of the opposition

By Modupe Gbadeyanka From April 19 to April 21, 2017, maritime administrators from 32 African countries would converge in Abuja for the 3rd Association of African Maritime Administrations (AAMA) conference. During the programme, the Nigerian Maritime Administration and Safety Agency (NIMASA) would unveil its new identity as its chart a new course in the maritime industry. Addressing journalists at a world press conference in Lagos on Tuesday, Director-General of NIMASA, Dr Dakuku Peterside, noted that the unveiling ceremony would be performed by President Muhammadu Buhari. According to him, the President was determined to see a reformed NIMASA. He said Mr

By Dipo Olowookere President Muhammadu Buhari has denied harassing the family of his predecessor, Mr Goodluck Jonathan, has reported in a national newspaper of Wednesday, April 26, entitled: BUHARI’S GOVT HARASSING MY FAMILY, SAYS JONATHAN. Reacting to the story, the President’s Special Adviser on Media & Publicity, Mr Femi Adesina, said in a statement that Mr Buhari “merely allows the law to take its course.” Mr Adesina stated that, “Anybody who feels aggrieved is free to approach the courts to seek redress or justice. President Buhari believes in the rule of law and that is why his campaign against corruption

By Otori Emmanuel In setting up a business, various forms of resources are necessary to make the idea a successful one. Businesses require money, time, and human capital for growth. Unlike an established business with traction, startups are like the way they sound – starting from scratch. This business process requires financing from different sources, both internal and external, to get it started. Internal financing includes support from family and friends, personal savings, and other informal giving, whereas external financing can come from crowdfunding, angel investors, startup incubator, venture capitalists, grants and donations. There are two forms of financing a

By Aduragbemi Omiyale The sum of N6.405 trillion was collected from tax revenue in 2021 in Nigeria by the Federal Inland Revenue Service (FIRS), Business Post reports. A statement from Johannes Oluwatobi Wojuola, the Special Assistant to the Executive Chairman of the FIRS, Mr Muhammad Nami, on Media and Communication on Monday disclosed that this was more than the target set by the agency last year. The large chunk of the earnings was made possible by some tax-compliant companies, according to the FIRS and they were Nigeria National Petroleum Company (NNPC), Mobil Producing Limited, Star Deep Water Petroleum, MTN Nigeria

By Dipo Olowookere If Small and Medium Enterprises (SMEs) intend to maximise profit and provide excellent services, then they must adopt technology to help cut operational costs, the Head of SME Sales at Cellulant Nigeria, Mr Ademola Okuleye, has noted. Speaking recently on Arise TV’s Global Business Report, Mr Okuleye said this is where Cellulant Nigeria plays a critical role to support small business owners in the country, who contribute significantly to the nation’s gross domestic product (GDP). The SMEs expert, while discussing the use of technology to improve the sector, stated that Cellulant provides a secure, seamless payment and