Business

Nigerian Govt Most Difficult Client, Says AfDB Official

Published

3 years ago

July 27, 2022

Editor

A Senior Special Adviser to the President of the African Development Bank, Prof. Banji Oyelaran-Oyeyinka, on Tuesday, described the Federal Government as the bank’s most difficult client.

He said this while delivering a keynote address at 2022, 3rd Biennial African Scientific Integration Network Conference hosted by the Centre for Energy Research and Development, Obafemi Awolowo University, Ile-Ife, Osun state.

The AfDB boss delivered a paper virtually on the topic, ‘Science, Technology and Innovation for Sustainable Development.’

While responding to questions on what the bank was doing to assist the growth of industries in Nigeria, he made specific reference to a loan facility that the Board of the bank approved for Nigeria and how the Federal Government delayed its approval.

He said, “I can tell you we have many projects in Nigeria and I am leading one of them. For the Special Arrangement Industrial Processing Loan, we raised $540m for each zone in Nigeria.

“We raised it, and the board of the AfDB approved it on December 13 but the Ministry of Finance did not sign until June 1. We were begging them to sign. By the way, this loan has less than a one per cent interest rate for 25 years and an eight-year moratorium. It is like someone is giving you money for free.

“Other countries have just one zone and they have been calling to thank us, thank the president, thank everyone for what you have done for us, but in Nigeria, you will be asked why you are pushing too much. We were supposed to launch the project by March 1. The Nigerian government is the most difficult client.”

Speaking earlier, the Vice Chancellor, OAU, Prof. Simeon Bamire, said the prevalent global environment was creating challenges for poor, small, landlocked, as well as resource-dependent economies. He then charged the conference to seek to identify these challenges and attempt to proffer solutions to them.

PUNCH

Business

NNPCL Increases Fuel Price

Published

3 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

3 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

6 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.