The Nigeria Sovereign Investment Authority (NSIA) on Monday said it would open its investment portfolio with the injection of $525 million for the take-off of projects under the Stabilisation Fund and the Future Generation Fund early next month. NSIA is a savings fund established by the Nigeria Sovereign Investment Authority (Establishment) Act 2011 and financed by the Federal Government to build a savings ...

The President has challenged banks in the country to fund infrastructural development in Africa. President Jonathan was speaking to the Group Chief Executive Officer and Managing Director of Ecobank Transnational Inc., Thierry Tanoh, at the State House, Abuja on Monday. "We need banks that can fund infrastructural development in Africa. For instance, we should not go to Europe before coming to neighbouring ...

The Ogun State Ministry of Budget and Planning has Introduced a calendar to facilitate increased predictability and transparency in the state budget in order to enhance credibility and consistency in budget implementation. The Commissioner for Budget and Planning, Mrs. Oluwande Muoyo, made this known while addressing journalists on the activities and achievements of her Ministry since the inception of the S ...

Market men and women in Sapele town, Delta State, have decried the abandonment of the Sapele market which was razed by fire seven years ago. Sapele, which is one of the oldest cities in the state, was one of the biggest commercial centres in the 1980’s. Traders in the market say they have been abandoned by the government as the old market is yet to be restored to a state fit for business. Hence, the traders ...

The Minister of  Trade and Investment, Olusegun Aganga, has declared that there is nowhere in the world anyone would get the level of returns that is gotten in Nigeria, just as he revealed that Dangote Cement is declaring about N52 billion for Q1 result in profit returns. Speaking on Channels Television’s Business Morning, the Minister maintained that the nation’s economy is now attracting investments that ...

The Minister of Trade and Investment Olusegun Aganga has stated that Nigeria is in a unique position with the highest rate of returns on investment in Africa. This he claims was made possible because the nation’s macro-economic stability is much stronger than most developing countries in Africa and this in 2012 made Nigeria become the highest destination for investment in Africa, attracting investment of ab ...

A Chinese trade delegation on a visit to Cross River state has made known its intention to open a truck manufacturing plant within Calabar Free Trade Zone. Leader of the group and Deputy Mayor of Chang Chun City, China; Mr. Gui Guangli, disclosed this to Governor of Cross River; Liyel Imoke, during a visit to his office in Calabar, the state capital. Guangli said the team had spent two days in the state exp ...

Abia state government has signed a Memorandum of Understanding (MoU) with a private firm under a Public Private Partnership to build and develop an industrial markets city-Abia International Industry City (ABIIC)-for traders and other business ventures that would be comparable to international standard. Governor Theodore Orji during the MOU signing at the Government House, Umuahia, said the desire to bring ...

Nigeria's Fidelity Bank said on Friday its first-quarter pretax profit rose 40.42 percent year-on-year to N5.94 billion  ($37.62 mln), up from N4.23 billion a year ago, the bank said. Gross earningsat the mid-tier lender rose to N31.43 billion during the three months as against N22.43 billion in the same period last year. ...

Latest figures out from the National Bureau of Statistics say Nigeria’s inflation accelerated to 9.1 percent in April, from 8.6 percent the previous month, while the economy expanded 6.6 percent in the first quarter of 2013. Inflation figures fell below 10 percent in January, meeting the Central Bank’s target, as the impact of last year’s higher fuel prices waned. The apex bank has kept its policy rate unch ...