The latest global bank rankings report from S&P Global Market Intelligence found that South African and Egyptian banks dominated the list of largest banks in Africa in 2017, accounting for (7) of the 30 largest banks in the Middle East and Africa region, collectively reporting N668.18 billion in assets at the end of 2017.

The ‘Big Four’ South African banks Standard Bank Group (ranked 3rd on the list), First Rand (4th), Barclays Africa Group (9th) and NedBank Group (13th), remained as the top four banks in Africa by assets year-over-year, posting a combined $454.11 billion in assets.

This is up since last year’s ranking, with the banks benefitting from strengthening Rand against the US dollar.

Nigeria’s Vice President Prof. Yemi Osinbajo has declared that the Buhari administration is working hard to ensure Nigeria’s economic prosperity, saying the Economic Recovery and Growth Plan (ERGP) Focus Labs had ‘largely achieved what it set out to do’ with the identification of $22.5 billion in private investments from 164 projects.

In his remarks at the ERGP Focus Labs Open Day in Abuja, on Tuesday, he said, “The ERGP Focus Labs have succeeded in identifying more than US$22.5 billion in private investments from about 164 projects, which can be unlocked. Of this amount, USD $10.9 billion of them are what we call ‘Most Ready’ projects, that is, we are almost sure to unlock these projects and accelerate their delivery by the private sector.

These projects are forecast to create more than half a million new permanent jobs for the people of Nigeria up until the year 2020, demonstrating the far-reaching impact of the ERGP Focus Labs in unleashing a brighter future for our country.

The federal government is concentrating its spending power on the power, works and housing sector in 2018 in a bid to improve the nation’s infrastructure. This is an area that most Nigerians have criticised the current administration of having had little impact despite the huge figures that it has budgeted in the past.

Yesterday, the National Assembly passed the 2018 budget of N9.120 trillion with an embedded fiscal deficit of N1.955 trillion or 1.73 percent to GDP.

The National Assembly also urged the Presidency to submit a supplementary budget to cover fuel subsidy and the purchase of super Tucano aircrafts from the US which has already been paid for.

A recent report released by the Nigeria Civil Aviation Authority shows that eight of the 27 airports in the country recorded less than 1000 flights between January and December 2017.

This figure captures both international and foreign flights.

The affected airports are Dutse International Airport, Kebbi International Airport, Minna Airport, Katsina Airport, Gombe Lawanti International Airport, Bauchi Airport, Zaria Airport and Makurdi Airport.

Accountant General of the Federation, Ahmed Idris, says the Federal Government has cleared the promotion arrears of workers in its ministries, departments and agencies.

Idris, who was represented by Mohammed Usman, director of funds in the office of the accountant general of the federation, said the federal government paid N34.2 billion to do this.

Usman and Kemi Adeosun, minister of finance, appeared before the senate ad-hoc committee on promissory note programme and bond issuance.

Nigeria is in a position of leadership on a proposed Africa-wide trading bloc despite not having signed up to the agreement, the managing director of commercial lender Ecobank Nigeria told CNBC.

Nigeria has “shifted the balance of power,” and “put itself in the situation where they now have the call,” Charles Kie said in an interview Friday.

In March, (CFTA), an agreement which proposes a common market across the African continent. The new bloc would result in the largest free trade area in terms of participating countries since the formation of the World Trade Organization.

Mohammad Barkindo, Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), will be honoured with the “Africa Oil Man of the Year” award, at the Africa Oil and Power conference in September.

The theme for the 2018 edition of the conference, “Energy Coalitions”, will focus on Africa’s growing role in OPEC, and the efforts by global institutions, governments and the private sector to collaborate on developing Africa’s energy institutions.

Barkindo will receive the award at the Energy Coalitions dinner and will present the keynote address as part of the annual conference, which will hold in Cape Town, South Africa.

Nigeria’s Minister of Trade, Industry and Investment, Dr Okechukwu Enelamah has explained that the thrust of this government’s program is to create the right enabling environment, rebuild market confidence and Address huge infrastructure gap and lower cost of doing business in the country.

Enelamah spoke on Saturday May 12, 2018 at the RCCG Region 19 Men’s Conference, themed: The Nigeria Dream Beyond Oil.

The Minister who raised optimism about the economy said, “Initial results are promising: Nigeria is emerging out of recession with attractive projected growth, projected 2.5% growth in GDP for 2018 financial year; Oil production has increased recently, with fewer incidents;

Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday.

The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.

Oil has risen 51 percent in the last year, driven by coordinated supply cuts and, this month, by concern over Iranian supply after the United States said it would reimpose sanctions on Tehran over its nuclear activities.

The Nigerian National Petroleum Corporation (NNPC) has announced the appointment of Mallam Mele Kyari, incumbent Group General Manager in charge of its Crude Oil Marketing Division, as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries (OPEC).

The NNPC in a statement by its spokesman Ndu Ughamadu, said the appointment was made by Nigeria’s Head of Delegation to the OPEC Conference and Minister of State for Petroleum Resources and Board Chairman of NNPC, Dr. Emmanuel Ibe Kachikwu.