CBN To Finance Dangote Refinery With $14bn Worth of FOREX

The Central Bank of Nigeria (CBN) has assured Dangote Group that it will support it with access to Foreign Exchange, in order to build its proposed $14 billion refinery. Godwin Emefiele, CBN Governor made the claims while on a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.

Oil Price Hits $62.70

For the first time in 2019, the price of oil has risen from $60.00 to $62.70 per barrel as Organization of Petroleum Exporting Countries(OPEC), intensifies efforts to withdraw excess crude oil from the volatile market to stabilize the price.

Crude oil prices stabilized on Wednesday at $61.58 per barrel. This is following the fall in oil prices in previous trade sessions, which generated concern over possible economic retardation, Vanguard reports. This is against the $60.72/b recorded on Tuesday over the panic of excess supply to the markets by non-OPEC member states.

Osun State Government To Making Farming Look More Lucrative

In a bid to tackle unemployment in Osun state, the state government has decided to create a farm settlement across the state. This initiative is also going to boost the state government economy and also enable the state to be amongst the top producer of agro products in Nigeria.

The Comptroller-General of Customs, Col Hameed Ali (retd.) has called on the Federal Government to reduce the 35 per cent levy on imported vehicles so as to check the rising cases of smuggled vehicles into the country. According to Punch, the Customs Chief stated this on Wednesday in Abuja at the unveiling of a Strategic Revenue Growth Initiative which was held at the Ministry of Finance.

The Manufacturers Association of Nigeria (MAN) on Friday called on the National Assembly to speedily pass the 2019 budget to stimulate economic growth in the face of mounting unsold inventories recorded in 2018. The Director General of the association, Mr. Segun Ajayi-Kadir, made the appeal in an interview with the News Agency of Nigeria in Lagos.

Dangote's $9bn Refinery Begins Test Production In May

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, took a comprehensive tour through the Dangote Refinery over the weekend in Lagos, it was disclosed that the Dangote Industries Group fertilizer plant would be ready for operations in May 2019.

The Federal Government has said it will extend its no-interest loan scheme, TraderMoni, to Ekiti State on Monday. The Senior Special Assistant (SSA) on Mobilisation to Gov. Kayode Fayemi, Mr Tunji Ogunlola, disclosed this to newsmen in Ado-Ekiti on Friday while speaking on the Vice President’s visit to the state.

Minimum Wage: Council Of State Approves N27, 000 For States, 30,000 For Federal Workers

Nigeria Council of State has pegged the National Minimum wage at N27,000 for states of the federation. The amount is to be the least paid for workers in the states and the private sector.

Imminent Review Of Revenue Allocation Formula

The adoption of a new minimum wage of N30, 000 has necessitated the review of the national revenue sharing formula as demanded by State Governments. According to reports, the Federal Government has therefore resolved to engage the 36 States Governors and the Council of State in a review of the nation’s federal allocation sharing formula.