Nigeria received about $8.4bn investment announcements as at 4th March 2021, out of which $5.46bn were pledged by foreign investors. The remaining $2.08bn was promised by domestic investors, statistics obtained from the Nigerian Investments Promotion Commission showed. The sum pledged by foreign investors in Q1 2021 is 27.5 per cent lower than the … [Read more…]
The National Drug Law Enforcement Agency (NDLEA) has opposed the Ondo State Government’s plan to produce marijuana as medicines, boost employment and earn Nigeria a share of the $344 billion global cannabis market. ROBERT EGBE examines the pros and cons of producing medical marijuana locally. There are no fewer than 10.6 million … [Read more…]
The Organisation of Petroleum Exporting Countries on Tuesday kicked against calls for the discontinuation of investments in the oil and gas industry, describing such calls as dangerous. Secretary-General, OPEC, Sanusi Barkindo, spoke in a keynote address on ‘Global oil market dynamics in a decarbonising world’, at the 20th Nigeria Oil and Gas Conference … [Read more…]
NCWD: Revolutionising the aviation sector The soon-to-be unveiled Cross River State-owned Cally Air would revolutionise the aviation sector in the country, immediate past Director-General of the National Centre for Women Development (NCWD), Mary Ekpere-Eta, has predicted. “Cally Air, as promising as it is, stands to dictate the pace in the aviation sector. And for the … [Read more…]
Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Segun Awolowo, has expressed confidence that through a deliberate synergy between the public and private sector, Nigeria can and will build an army of non-oil exporters. Awolowo disclosed this recently when he hosted the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), Uche Orji, … [Read more…]
JPMorgan Chase’s analysts have said that bitcoin price will decline to the $25,000 level before longer momentum will signal capitulation. They expect the cryptocurrency market to soon begin the process of healing, but expect further sell-offs before capitulation. Bitcoin price stood at $36,343.15 at 3:43 pm on Tuesday, according to CoinMarket. … [Read more…]
A Federal High Court sitting in Abuja has struck out a suit filed by Mr Paul Allen Oche against Nigerian Breweries Plc and three others over alleged copyright infringement. In the suit filed in February 2019, Mr Oche had claimed (amongst other reliefs) the sum of N1.5 billion being damages against the Company for … [Read more…]
The Central Bank of Nigeria has approved the release of 50,000 metric tonnes of maize to 12 major producers from strategic maize reserve under the Anchor Borrowers’ Programme. According to the CBN, the release of maize to the companies, which is the third of such releases, will reduce the price of grain in … [Read more…]
A Kano-based school, New Oxford Science Academy, Chiranchi, has adopted cryptocurrency as means of payment of school fees. The school’s principal, Sabi’u Musa Haruna, who confirmed the development to our correspondent said the decision was taken after extensive consultations with parents. He added that it would ease the payment of school fees. “We … [Read more…]
Nigeria’s local rice production increased from two million tonnes in 2015 to nine million tonnes in 2021. Making the declaration in Kaduna on Thursday, Aminu Goronyo, President, Rice Farmers Association of Nigeria (RIFAN) said with the current production rate, Nigeria was poised to become a rice exporting country. “Before the coming of the … [Read more…]
The High Court of the Federal Capital Territory sitting in Apo on Tuesday convicted and sentenced a former member of the House of Representatives, Farouk Lawan, for demanding a bribe of $3m and receiving $500,000 from businessman, Femi Otedola. The court found Lawan guilty of the three charges against him and sentenced him to … [Read more…]
Vice President Yemi Osinbajo, Tuesday, unveiled a Made-in-Nigeria fair in Abuja. The fair featured the first electric car assembled in Nigeria, among other locally manufactured products at the ongoing exhibition in, Abuja. Speaking at the exhibition at the Eagle Square, Prof Osinbajo described the development as “fantastic”, stating that the making of … [Read more…]