Scarcity of funds has reemerged in the interbank money market causes a rise in cost of funds.Interest rate on Call lending which was stable at 10 per cent last week rose to 11 per cent, while interest rate on Collateralised Lending or Open Buy Back (OBB) rose to 7.8 per cent from 7.3 per cent. Interest rate on Seven days lending also rose to 12.63 from 12.2 per cent while 30 days lending increased to 142. To 14.7 per cent.

Maize researchers have presented a blueprint on doubling maize production to the Nigerian government. The blueprint, which contained empirical facts and recommendations, proved that the oil-rich nation could double maize production and called for the strengthening of the country’s seed system to tackle the food crisis confronting the world.

STAKEHOLDERS and participants, who attended the just-concluded the International Agricultural Business Summit, organised by the Nigerian Economic Summit Group (NESG) in collaboration with the Kwara State Government and AgroNigeria, which held Ilorin have endorsed the integration of the West African market as a critical factor in agricultural development and commodities trading.

THE International Insti tute of Tropical Agriculture (IITA), in partnership with the Institut de Recherche Agronomique de Guinee (IRAG), stepped up efforts to save native African cassava varieties from genetic erosion with the collection of 73 local cassava varieties from Guinea Conakry.

Managing Director of Starcomms Plc, Mr Maher Quiben has challenged the Nigerian Communications Commission, NCC to reduce interconnection rates between the CDMA operators and their GSM counterparts, to encourage more industry improvements.

Nigeria loses about $56 billion annually for bunkering service to 177,000 ships sailing from Singapore to United State of America (USA) and Europe to Angola and Coat D’Ivoire because of its unattractive ports operation.

The Federal Government of Nigeria has indicated its readiness to pursue the growth and development of the Nigerian economy with significant reduction in risks, through appropriate credit information on individuals and corporate bodies.

THERE are indications that men and officers of the Nigeria Customs Service (NCS) have commenced the gradual take over of the scanning operations across the nation’s seaports, airports and border posts.

Minister of Transport Alh. Ibrahim Isa Bio has said that the problem of shortage of funds hindering involvement of local operators in maritime sector of the nation’s economy will soon be addressed with the expected establishment of the regional Maritime Development Bank for Maritime Organizations of West and Central African States (MOWCA) to be based in Nigeria.

ABUJA- THE Federalgovernment yester day inaugurated a macroeconomics policy group with a mandate to develop a macroeconomic frame work for the vision 20:2020, just as it has been charged to develop macroeconomic policies that will provide sustainable support for the short and long term imperatives of the vision.

The recent failure of Nigeria’s terrestrial internet service provision, the South Atlantic 3/West Africa Submarine Cable, known as SAT-3, has been declared as a major operational risk to the banks and other organisations with a high dependency on international and internet communications.

Association of Bureaux De Change Operators of Nigeria (ABCON) has provided the Electronic Financial Surveillance System (eFASS) infrastructure for its members to render daily returns to the Central Bank of Nigeria (CBN), warning it would impose severe sanctions on any member that fails to comply with the requirement on daily returns.

The Dangote Group penultimate week wore a new look, giving its entire business a refreshing look, verve and strength, all skewed towards retaining its position in the conglomerate market.

In a renewed effort to place its latest product in the fore front, MTN Nigeria said it is entering the market with MTN Eye, as it sponsors 12 golfers to Spain.

Nutricima,a subsidiary of PZ Cussons, maker of Coast milk, YO, Nunu milk and Bliss, is rousing the market with the introduction of Nunu Ready to Drink (RTD), an extension of the Nunu milk. The latest additions comes in three variants of Berryfun, Choco_a_malt, and bananarama flavours.