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Stock market gained N448bn in November

currency exchange

The Nigerian stock market (equities category) appreciated by N448bn in November this year. The Nigerian Stock Exchange market capitalisation stood at N12.766tn as of November 1, 2017 but closed at N13.214tn on the last day of trading in November (November 30). The All-Share Index of the NSE also recorded a significant advancement as it closed at 37,944.60 basis points on ...

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Power generation returns to 4,000MW as hydro plants recover

hydro power plants

The nation’s power generation has returned to the 4,000 megawatts mark following the recovery in the output of hydropower plants and a few thermal plants. The nation generates most of its electricity from gas-fired power plants, while output from hydropower plants makes up about 30 per cent of total generation. Generation from Kainji, Jebba and Shiroro hydro plants fell to ...

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GSHL disagrees with FG on Ajaokuta Steel


Global Steel Holdings Limited has insisted that the ongoing issue around the Ajaokuta Steel Company Limited has not been resolved just as it also says that the delay in concluding the talks is not caused by it. The company on Friday appealed to the Ministry of Mines and Steel Development to withdraw the information on its website regarding the matter, ...

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Nigeria to begin manufacturing Electric Cars

electric car

The National Automotive Design and Development Council in Nigeria has intimated the public that electric cars in the West African country would soon be a reality. It made the statement on Thursday, 16th November 2017, noting that it will collaborate with relevant stakeholders to achieve the goal. The Director General, National Automotive Design and Development Council, Mr. Jelani Aliyu MFR disclosed this at the ...

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FG opts against $550m Chinese loan for communications satellites

BEIJING, CHINA - APRIL 12:  President of the Federal Republic of Nigeria Muhammadu Buhari (L) and Chinese President, Xi Jinping (R) shake hands during the signing ceremony at Great Hall of the People on April 12, 2016 in Beijing, China. (Photo by /Kyodo News - Pool/Getty Images)

The Federal Government has backed out of a plan to take a loan of $550m from the Chinese Export and Import Bank for the construction of two new communications satellites. The Minister of Communications, Mr. Adebayo Shittu, said this in an interview with our correspondent on the sidelines of the Alliance for Affordable Internet – Nigeria Coalition meeting chaired by ...

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Cybersecurity summit to address IT risk, threats


The West African Cybersecurity Summit will provide a platform for government officials and businesses to learn about the sophisticated solutions to tackle cybersecurity threats. According to a statement by the organisers of the summit, Afrocet Montgomery, Nigeria is one of the world’s fastest growing cybersecurity economies in Africa. It added that the summit, slated for March 21, 2018 in Lagos ...

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Congrats to the publisher, Nigerian-Canadian News Canada, Ms Ngozi Ugoh for the Award from the National Ethnic Press & Media Council of Canada. Our 2nd award from the Council and the 3rd award this year. RECOGNIZED FOR “BEST EDITORIAL, FREE EXPRESSION/CONCEPT AND VISUAL PRESENTATION” AND MANY YEARS OF CIRCULATION.  About Us The Nigerian Canadian News, one of Ontario’s leading providers of community ...

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Shoprite offers 50% discount on Black Friday sales


Shoprite Nigeria has announced that it is offering discounted sales to its customers to mark the Black Friday. According to the retail giant, most of the products under its food and beverage and household appliances segments will be sold for less than half their prices. Shoprite has described the promotion as Nigeria’s biggest while also announcing that it was extending ...

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28 stocks boost equities’ appreciation by N28bn

currency exchange

The Nigerian equities market, on Thursday, gained N28bn as 28 stocks appreciated. A total of 513.8 million shares valued at N6.448bn exchanged hands in 4,243 deals. The equities market rebounded as the All-Share Index rose by 22 basis points to settle at 36,688.75 basis points, while the year-to-date return expanded to 36.5 per cent. Accordingly, market capitalisation increased by N27.8bn ...

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Skype joins list of apps on China blacklist


Skype has apparently joined the lengthening list of internet communication tools on China’s blacklist, with Apple saying Wednesday it was ordered to clear its download store of apps that violate national laws. Skype is no longer available for download on the China Apple Store or Android sites, with Chinese web-users saying it had been gone for weeks. “We have been notified by ...

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IT project clearance saved govt N3bn – NITDA


The National Information Technology Development Agency says the process of clearing an Information Technology project in a government agency has led to a saving of N3bn. In a statement issued by the firm’s Head, Corporate Affairs and External Relations, Mrs. Hadiza Umar, in Abuja on Monday, NITDA said its clearing process had offered a glimmer of hope that the Federal ...

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9mobile to get new investor by year-end — Emefiele


The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the intervention of the apex bank and the Nigerian Communications Commission in the 9mobile loan repayment saga, was due to the systemic importance of the company. He stated this while responding to questions from journalists shortly after the two-day Monetary Policy Committee meeting held at the apex ...

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CBN injects $210m into FX market

currency exchange

As the Monetary Policy Committee of the Central Bank of Nigeria commenced its last meeting for 2017, the bank injected has $210m into the inter-bank Foreign Exchange Market. The CBN Acting Director, Corporate Communications, Mr Isaac Okorafor in a statement issued on Monday in Abuja, said the interventions were in the Wholesale, Small and Medium Enterprises and invisibles windows. He ...

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Nigerians deserve to know why Nigeria Airways failed –Buhari

Aircraft landing on runway

President Muhammadu Buhari on Monday said he was under tremendous pressure from some prominent Nigerians desirous of establishing another national carrier for Nigeria. He, however, said his position remained that Nigerians need to know how the nation lost the former national carrier, Nigeria Airways. According to a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, Buhari ...

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NNPC, Chevron sign final phase of $1.7bn deal


The Nigerian National Petroleum Corporation and Chevron Nigeria Limited have executed the second and final phase of an alternative financing agreement expected to increase crude oil production in the country by about 39,000 barrels per day from the Sonam and Okan fields located in the OML 90 and 91 of the Niger Delta. According to the corporation, the agreement, which ...

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Nigeria targets N945bn revenue from non-oil sector in 2018


The Federal Government plans to raise the sum of $3.1bn (N945.5bn) from the country’s non-oil export sector through value addition from 11 agricultural products. Details of the projected revenue from the exportation of these products are contained in a document prepared by the National Committee on Export Promotion. The document is the implementation framework, which the committee, had prepared to ...

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AOC: Experts want FG to increase fleet size requirement

Nigerian Airport

Experts in the aviation industry have called on the Federal Government to enact a law that will make it mandatory for domestic airlines to have minimum of 20 aircraft before obtaining Air Operators’ Certificates. The development, they said, would strengthen the airlines’ operations and also help them to attract funding aid from outside the country. The experts made the suggestion ...

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U.S. approves digital pill that tracks when patients take it

Free abortion pill for quebec

U.S. regulators on Tuesday approved the first digital pill with an embedded sensor to track if patients are taking their medication properly, marking a significant step forward in the convergence of healthcare and technology. The medicine is a version of Otsuka Pharmaceutical Co Ltd’s established drug, Abilify,for schizophrenia, bipolar disorder and depression, containing a tracking device developed by Proteus Digital Health. ...

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