Oil marketers on Friday said they have dispatched 700 trucks of Premium Motor Spirit (PMS), to Abuja as part of efforts to end fuel queues at filling stations nationwide.

Nigeria’s central bank adjusted its exchange rate peg to N196.95 to the dollar from the 197 it set in February after the currency’s value was eroded by the fall in oil prices, data on its website showed yesterday. The bank adjusted the rate at which it sold hard currency this week, dealers said, noting that the change was too small to be considered a revaluation for the naira, particularly in the face of dwindling foreign reserves.

Shareholders, under the aegis of Western Icon Shareholders Association of Nigeria, WISAN, have called on the Federal Government to diversify the nation’s economic base, advocating a departure from dependence on oil earnings to agriculture. They further called on the government to set up a steering committee that would address some of the policies that have hindered the growth of the capital market and the economy in general.

“Most developing countries support their exports with attractive incentives. According to WTO, China which is the world’s largest exporter, gave $ 55 billion as export tax rebates in 2009. India which aims to double its exports from $400 to $900 by 2020 gives a package of incentives to its exporters,”

One question on the lips of many followers of the African Development Bank (AfDB) before its just concluded 50th Annual Meetings in Abidjan, Côte d’Ivoire last week was who will come top in the development bank’s Presidential elections. The question became imperative because of the gripping nature of the race and the lobbying that followed the high level power play against the credentials of the eight candidates that vied for the position.