A report by a committee of the House of Representatives has recommended the arrest of the Central Bank of Nigeria (CBN) Governor Godwin Emiefele, Nigeria National Petroleum Corporation (NNPC) Group Managing Director Mele Kyari and 52 other heads of government agencies for gross violation of the provisions of the Financial Regulatory Council on rendition … [Read more…]
The naira exchanged to the dollar at 503 at the parallel market on Friday according to the Bureau de Change operators. Figures obtained from naijbdcs.com, the official website for the licensed BDCs by the Central Bank of Nigeria showed that the naira was bought and sold for 502 and 503.5. The naira … [Read more…]
NIGERIA is an emerging market, middle income and mixed economy, and is ranked the 27th largest economy in the world. It has the largest natural gas economy in Africa and is also the largest oil and gas producer in the continent. The country had a good head start with a well-defined First National … [Read more…]
Nigerians are leveraging the recently launched Economic Community of West African States (ECOWAS) Trade Promotion Organizations (TPOs) to draw from the N50 billion Export Expansion Facility Programme (EEFP) aimed at increasing the volume of non-oil trade within the region. The Executive Director of the Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo, … [Read more…]
The country’s external reserves lost $180m in two weeks, the latest figures obtained from the Central Bank of Nigeria showed on Sunday. According to the figures, the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July 15. The … [Read more…]
The Federal Government, in alliance with the government of Japan and the United Nations Industrial Development Organisation (UNIDO) on Tuesday, unveiled a study that will solve the problem of plastic waste pollution in Nigeria by providing innovative packaging and recycling technologies and alternative materials to plastics. The research project titled “Nigeria’s Study on Available … [Read more…]
The Federal Government has lashed out at some Nigerians critical of the Muhammadu Buhari administration’s penchant for foreign loans, assuring the government has not signed away the nation’s sovereignty in loan commitment to China. Speaking to Daily Sun in Abuja, Minister of Works and Housing, Mr Babatunde Fashola, said that the government has always … [Read more…]
Senate, yesterday, approved President Muhammadu Buhari’s request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 under the 2018-2020 External Borrowing (Rolling) Plan. The approval followed the consideration of a report on the 2018 to 2020 External Borrowing (Rolling) Plan by the Committee on Local and Foreign Debt. Chairman of … [Read more…]
The Trade Union Congress (TUC) has asked the Federal Government to stop mortgaging the future of Nigerians by taking many foreign loans. The congress urged the government to look inwards by harnessing the country’s natural endowments for its financial needs. TUC’s National Treasurer, who doubles as President-General of the Senior Staff Association of … [Read more…]
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…]