NAFDAC Approves Manufacturing Of Chloroquine for COVID -19

National Agency for Food and Drug Administration and Control, NAFDAC, has approved the manufacturing of Chloroquine for emergency stock for possible clinical trial treatment for Coronavirus. Announcing this in a press statement, the Director-General of NAFDAC, Prof Christiana Adeyeye disclosed that the Agency has already approached a local manufacturing company (May and Baker), whose flagship […]

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Nigeria halts movement in Lagos, Abuja, Ogun on coronavirus pandemic 

  Nigeria’s President Muhammadu Buhari on Sunday restricted all movements in Lagos and Abuja, the Federal Capital Terrotory, for an initial period of 14 days with effect from 11 pm on Monday, 30th March 2020. In a nationwide broadcast on the coronavirus pandemic and steps the government is taking as well as new measures to contain the […]

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Nigeria Adopts Standards on Low Sulphur in Turbine, Marine Fuel

  THE Nigerian National Technical Committee on Petroleum and Petrochemicals has reached consensus on the adoption of the International Organisation for Standardisation (ISO) standards for Turbine and Marine Fuel as Nigeria Industrial Standard (NIS). In his welcome address during Technical Committee (TC) meeting of experts and stakeholders in the downstream sector of the Oil and Gas […]

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Coronavirus forces Nigeria’s Central Bank to slash interest rates on intervention funds to 5%

  * Approves new N50bn intervention fund for MSMEs   The Central Bank of Nigeria (CBN) has dropped interest rates on all its intervention funds from 9 percent to 5 percent. This is even as the apex bank also announced additional N50billion intervention fund to Micro, Small and Medium Enterprises (MSMEs) to mitigate the negative […]

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SON, NERC rekindle collaboration to promote local content, export

The Standards Organisation of Nigeria (SON) and the Nigerian Electricity Regulatory Commission (NERC) are set to rekindle the existing collaboration between the two agencies to promote increased local content in the production of electrical materials, personnel and facilitate export of certified made in Nigeria products. This indication was given during a courtesy visit of the […]

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Transcorp Releases 2019 Audited Results, Declares N3.7bn PAT

 Transnational Corporation of Nigeria Plc (“Transcorp”) has announced the release of its Audited Financial Statements for the year ended December 31, 2019. Highlights of the result show the Group recorded a Turnover of ₦76.35 bn, Profit Before Tax of ₦7.90bn and a Profit After Tax of ₦3.71bn. Despite the drop in year-on-year financial performance, Transcorp […]

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The Impact of Corona Virus on Nigeria’s Economy

By Muda Yusuf (DG, LCCI)  The outbreak of the coronavirus few weeks ago has profound implications for the Nigeria economy. It poses a major threat to Nigeria’s macroeconomic fundamentals, the impact of which may be systemic and far reaching. The looming price war contemplation by Saudi Arabia, the largest crude oil exporter, portends even more […]

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Buying Arsenal Football Club to cost Dangote £2billion

  (BusinessDay) Africa’s richest man Aliko Dangote has been told how much it will cost to buy out Stan Kroenke’s stake in Arsenal takeover. Dangote has been linked with Arsenal for in recent time, with the businessman stating that he will be pursuing a takeover of Arsenal, the Mirror reports. The Nigerian Billionaire has made […]

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Coronavirus: Global supply disruptions take toll on Nigerian businesses

  “Several reports from our members within and outside the country confirm that the peak of the impact of COVID-19 on global supply chain will occur in mid-March, forcing thousands of companies to throttle down or temporarily shut assemblies and manufacturing plants in the US and Europe.” The President of Abuja Chamber of Commerce and […]

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Nigeria’s business environment, most regulated globally — NECA

“Nigeria arguably is the most regulated business environment globally.” Director – General of the Nigeria Employers’ Consultative Association, (NECA) arm of the Organised Private Sector (OPS) Nigeria, Dr. Timothy Olawale, said in a chat with Vanguard Newspaper. He said that every regulatory agency in Nigeria is jostling with one another to play a part and […]

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