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BUSINESS UPDATES

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NIGERIA’S E-COMMERCE SECTOR TO GET TO N2.5TN BY 2018

As more Nigerians patronize online retail platforms following the Central Bank of Nigeria (CBN) cash-lite agenda and the Federal Government of Nigeria’s national broadband policy 2013-2018, the Nigerian electronic commerce sector is expected to expand further to as much as $13 billion (N2.5 trillion) in value. According to the National broadband policy 2013-2018, 80% of the Nigerian population is projected …

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Maersk Line bids to build $2b ports in Nigeria

Edith_Maersk_Suez

A.P. Moeller-Maersk A/S, owner of the world’s largest shipping container line, is seeking to win contracts to build and upgrade ports in Nigeria and Kenya, as part of its expansion drive in African. According to the company’s senior vice president for Africa, Lars Reno Jakobsen, Maersk is awaiting a final sign-off on a contract to help build a new port …

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Nigeria’s crude oil production rises by 230,900 bpd

Nigeria_Refinery

NIGERIA’S crude oil production output for May, increased by 230,900 barrels per day (bpd), according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC) released on Wednesday. Specifically, the country’s production output, based on direct communication, rose from 1.650 million barrels per day in April to 1.881 million bpd in May. The country’s crude oil …

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ANTI-ELECTRONIC FRAUD STRATEGY SET UP BY THE CBN

A new anti-electronic fraud strategy has been set up by the Central Bank of Nigeria (CBN). This development became imperative following the rate of electronic fraud recorded over time and linked to be as a result of insider abuse. A two-factor authentication for internal banking at log in points for applications driving transfers, withdrawal, deposit, standing order, account maintenance and …

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FG To Link State Capital Cities by Rail

The President of the Federal Republic of Nigeria, Goodluck Jonathan, has disclosed plans to link all state capitals by rail. The President stated that politics is about infrastructural development and creating an enabling environment for business to thrive and that can be done by providing a reliable means of transportation by linking all major cities by rail. Though the proposed …

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