• Central Bank disburses $355.74 million for raw materials import in October

    Central Bank disburses $355.74 million for raw materials import in October

    The Central Bank of Nigeria (CBN) disbursed a total of $355.74 million for raw materials imports in the month of October.

    A statement by the bank said the amount was about 40.99% of the total 867.83 million dollars CBN special interbank foreign exchange package.

    Out of the 356 million dollars CBN raw materials FX intervention last month, the highest amount goes to school fees, medicals and other invisibles.

    At the second place was petroleum industries with 150.81 million dollars while the manufacturing sector […]

  • Nigeria to end rice import in 12 months, Ogbeh assures

    Nigeria to end rice import in 12 months, Ogbeh assures

    It was gathered that the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has assured that the current foreign exchange pressure on the country would come to an end before the end of 2017 when the Federal Government investments in agriculture and other productive ventures begin to yield fruits.

    Ogbeh, who spoke at assessment tour of Coscharis Rice Farm in Anaku, in the Ayemelum Local Government of Anambra state, said Nigeria spends over $3billion on food import annually, stressing that […]

  • Why Nigeria will continue to import petroleum products even at optimum production capacity – Kachikwu

    Why Nigeria will continue to import petroleum products even at optimum production capacity – Kachikwu

    Dr. Ibe Kachikwu, Minister of State for Petroleum Resources has said that even at optimum production capacity of the Port Harcourt, Warri and Kaduna Refineries, Nigeria will continue to import petroleum products.

    This, according to him, was because the daily production capacity of the three refineries, which he said was 12 million litres per day, was grossly insufficient to meet the 45 million litres per day daily consumption capacity of Nigerians.

    Kachikwu who disclosed this yesterday in Port Harcourt, at the recommissioning […]