Nigeria Economy

Dakuku Peterside

NIMASA begins full implementation of cabotage act 2003

Nigerian Maritime Administration and Safety Agency (NIMASA) has begun full implementation of the Cabotage Act, 2003 through the New Cabotage Compliance Strategy (NCCS). Making this known at the weekend, the Lagos State Co-ordinator, Captain Taiwo Akinpelumi of Nigerian Ship owners Association (NISA) commended NIMASA for the step, saying that NISA as a body shares in […]

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FG, states, LGs share ₦2.8 trillion in six months

The federal ministry, state and local governments shared ₦2.788 trillion between January and June this year, representing a 38 per cent increase over the ₦2.019 trillion shared in the first half of 2016. According to the Quarterly Review of the Nigeria Extractive Industries Transparency Initiative, which focused on disbursements from the Federation Accounts and Allocation […]

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Osinbajo signs issuance of 615 land titles to applicants

Nigeria’s Acting President, Yemi Osinbajo, on Tuesday gave an approval to the Minister of Power, Works and Housing, Babatunde Fashola, to sign 615 pending land titles for applicants. Fashola disclosed this to State House correspondents after a closed doors meeting he had with Osinbajo at the Presidential Villa, Abuja. The minister said the letters were […]

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WorldStage summit to explore innovation for Nigeria’s economic transformation

All is now set for the 2017 Economic Summit of foremost online newspaper (http://worldstagegroup.com/wes) with the Theme: ‘Transforming Business and Economy Through Innovation’ which will hold at the Event Centre, the Nigerian Stock Exchange (NSE), Lagos on Wednesday, August 23. In a statement by World Stage Limited, the organisers, the summit will attract participation from […]

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Freighting of cargoes products rose by 10 pct – NAHCO chief

Freighting of agricultural and perishable cargoes and other non-consumable products at the nation’s international airports has increased by 10 per cent, Nigerian Aviation Handling Company (NAHCO) Chief Commercial Officer Seyi Adewale has said. He said the air freight of such cargoes increased from about two per cent to 12.5 per cent in the last few […]

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19 ships laden with petrol, food items, to arrive Lagos ports

A total of 19 ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from Aug. 14 to Aug. 28. The Nigerian Ports Authority (NPA) stated this in its publication, `Shipping Position’, a copy of which was made available to the News Agency of […]

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Informal sector of the economy are biggest tax evaders

The informal sector of the Nigerian economy comprising of people at the bottom of the pyramid are the biggest tax evaders. Minister of Finance, Mrs. Kemi Adeosun, said this while fielding questions from the media at a campaign in Lagos on the Voluntary Asset and Income Declaration Scheme (VAIDS). Asked whether proceeds from begging are […]

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Nigeria aims ₦30.5 trillion annual revenue from non-oil export

The Nigerian Government is aiming towards an annual non-oil export revenue of $100 billion (about ₦30.5 trillion, at ₦305 per dollar exchange rate) through the implementation of the Zero Oil Plan. The projection is contained in a document prepared by the Nigerian Export Promotion Council showing how the plan is to be implemented. The Zero […]

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CIBN advises FG on economic policy review

The Federal Government has been advised to review its economic policies to accommodate evolving global economic trends in order to facilitate quick recovery and growth. Economic experts and stakeholders said this in Lagos at the 2017 Bankers Nite organised by the Lagos branch of the Chartered Institute of Bankers of Nigeria. The theme of the […]

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Osinbajo meets ministers, MDAs over ERGP implementation

Acting President Yemi Osinbajo, members of the Federal Executive Council (FEC), alongside Permanent Secretaries and Heads of Ministries, Departments and Agencies (MDAs), held a retreat at the State House Conference Centre, Abuja, over the implementation of the Economic Recovery and Growth Plan (ERGP) and the 2018 budget preparation process. The retreat was themed, “Building Synergy […]

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Nigeria proposes 2.3bpd at $45 for 2018, as oil price hits $53

The Nigerian Federal Government, yesterday, approved a $45 per barrel oil price budget benchmark and predicated oil production at 2.3 million barrels per day for 2018. Minister of Budget and National Planning, Mr. Udo Udoma, said the approval is contained in the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategic Paper (FSP) with […]

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China will import $8 trillion goods from Nigeria, others in 5years

Premier of the State Council of the People’s Republic of China, Li Keqiang, has said that China will import $8 trillion worth of goods from Nigeria and other parts of the world in the next five years. Speaking at the end of its annual meeting of the new champions, otherwise known as Summer Davos, in […]

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