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Bol, AfDB, IFAD okay $2b for Nigeria’s agric project The Bank of Industry (BoI), African Development Bank (AfDB) and International Fund for Agricultural Development (IFAD) have okayed $2 billion loan to reduce poverty, end hunger and increase resilience to climate change in rural communities around Nigeria . The loans will be drive the Special Agro-Industrial Processing Zones (SAPZ) project in the country aimed at raising the productivity and competitiveness of the country’s agriculture sector. Promoted by AfDB, the project will  help the government to expand economic opportunities in the farm sector by enhancing processing infrastructure and services  to rural families. The key financial industry players are determined to fund rural development and address poverty and hunger, and  underlined that the current pace of development may not be sufficient to achieve the social development goals(SDGs) Speaking at a webinar, AfDB President’s Senior Special Adviser o...

Nigerian equities net N2.35tr gain in November Investors in Nigerian equities recorded their biggest gain in recent months in November as sustained bargain-hunting saw the market closing with a net capital gain of N2.35 trillion, about 22 per cent above N1.93 trillion recorded as net capital gain in October 2020. Benchmark indices at the Nigerian Stock Exchange (NSE) on Monday indicated average return of 14.78 per cent in November 2020, equivalent to net capital gain of N2.35 trillion. Nigerian equities had recorded average return of 13.79 per cent in October 2020, equivalent to net capital gains of N1.93 trillion, more than a double of N785 billion recorded as net capital gains in September 2020. The November rally marked the fifth month of consecutive upswing for Nigerian equities, with net gains for the 11-month period now at N3.97 trillion, N2.19 trillion above N1.78 trillion recorded for the 10-month period ended October 2020. Average year-to-date return for Nigerian ...

CBN okays dollar collection for diaspora remittances The Central Bank of Nigeria (CBN) has stopped naira payment to recipients of diaspora remittances (dollar inflows) from International Money Transfer Operators (IMTOs). The customers are by a new regulation released on Monday, allowed to receive their funds through foreign currencies of their choice, including payment of the funds into domiciliary accounts. The new policy, contained in a circular signed by CBN Director, Trade & Exchange Department, O.S. Nnaji, is expected to simplify and improve receipt and administration of diaspora remittances into Nigeria. According to Nnaji, recipients of such IMTOs remittances have the option of receiving these funds in foreign currency cash or into their domiciliary accounts. According to the apex bank,  beneficiaries of diaspora remittances through the  IMTOs shall now get such inflows in foreign currency (US Dollar) through the designated banks of their choice. “...

Nigeria spends over N370b on palm oil importation Despite the restriction placed by the Federal Government on palm oil importation, the inflow of the edible product has soared by 24.5 per cent, it was learnt. The country, findings revealed, imported 1.2million tons of crude palm oil valued at N368.8billion between 2018 and October this year. According to the United States Department of Trade (USDT) data, the country imported 397, 000 tons in 2018 and 400,000 tons last year. Between January and September this year, a total of 420, 000 tons has been imported, leading to an increase of 14.29 per cent from the shipment last year. Last year, about $500 million was spent by importers to ship 600,000 tons of palm oil into the country from top global producer. Data by the Malaysian Palm Oil Council (MPOC) revealed that the country’s crude palm imports   from Malaysia increased to 286,964 metric tons last year, from 242, 388 tons in 2018, leading to an increase of 44,576to...