Business

Nigeria's inflation rises by 0.22% to 11.24% in September — NBS

The National Bureau of Statistics (NBS), says inflation rate in September 2019 increased by 0.22 per cent to 11.24 per cent from 11.02 per cent recorded in August.
It said this in its “Consumer Price Index (CPI), September 2019” released on Tuesday in Abuja.

“Increases were recorded in all COICOP divisions that yielded the Headline index.

New oil contract law to fetch Nigeria $1.5b, says Lawan

SENATE President Ahmed Lawan yesterday said that the passed Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill 2019 would make Nigeria $1.5 billion richer by 2020. He assured foreign oil firms and others operating in the country that the law was not meant to discourage investments.

Umahi's propositions for non-oil economy

By Felix Uka,
Abakaliki

Malaysia sees palm oil output, prices edging up in 2020-economic report

Malaysia's palm oil output and crude palm oil prices are expected to pick up slightly in 2020 due to rising domestic use of biodiesel fuel and stronger demand in its export markets, according to a government economic report.

Crude palm oil prices are expected to average 2,100 ringgit ($500.95) a tonne in 2020, up 5% from a forecast of 2,000 this year, according to the report released on Friday along with the national budget.

Benchmark palm oil prices averaged 2,308 ringgit last year, and were trading at 2,209 ringgit on Thursday.

Uber launches boat service in Nigeria's megacity Lagos

Global ride-hailing firm Uber Technologies Inc on Friday launched a pilot test of a boat service in Nigeria's commercial capital Lagos to attract commuters seeking to avoid the megacity's notoriously congested roads.

The United Nations predicts that Nigeria's population will more than double to 400 million by 2050, which would make it the third most populous country in the world after China and India.

The combination of population growth and congestion has made Nigeria, and more broadly West Africa, attractive to foreign transport companies.

Ethiopia Airlines to begin permanent flights from Port Harcourt

.Strikes deal with Rivers govt

By Valentine Amanze

Rivers governor, Wike, arrives Addis Ababa

.To finalise permanent flights by Ethiopian Airlines from Port Harcourt

By Valentine Amanze

UK court allows Nigeria's $875m case against JPMorgan to proceed

An $875 million (716.7 million pounds) Nigerian government lawsuit against U.S. bank JPMorgan is clear to move forward after a London-based appeals court on Tuesday rejected the bank's bid to have the case dismissed.

The bank had asked the court to quash the Nigerian government's case, arguing that it had no prospect of success. All three justices at the Court of Appeal in London rejected JPMorgan's argument in a ruling.

How Total forced Lagos community to drink poisoned water

By Valentine Amanze

12 banks to pay N499b fine for loan policy breach – CBN

FOR breaching its guidelines on lending to the real sector of the economy, the Central Bank of Nigeria (CBN) has fined 12 major banks N499.1billion.

According to an approved debit instruction, the affected banks and the amount they will pay are: Citibank (N100,743,055, 321); First Bank of Nigeria (N74,668,880,480); FBNQuest Merchant Bank (N2, 697,456,144); First City Monument Bank (FCMB), (N14, 371,064, 742) and Guaranty Trust Bank (N25, 147, 933, 628).

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