Nigeria Economy

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2,505 accidents reported in organisations in 21 months – NSITF

Between January 2015 and September 2016, corporate organisations in the country reported 2,505 cases of occupational accidents/injuries, data from the National Social Insurance Trust Fund showed. The NSITF data indicated that six per cent of the reported cases were fatal, with some leading to permanent disabilities for the victims. Further analysis showed that the construction […]

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Yam Export: Mixed reactions from analysts, stakeholders

Nigeria’s decision to export yam to Europe has been received with mixed reactions from analysts and stakeholders in the export sector. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, had announced that 72 metric tonnes of yam were ready for export to the United Kingdom and the United States of America. The minister, […]

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Manufacturing sector expansion continues, hit 52.9 index points

Nigeria’s manufacturing sector has witnessed expansion for the third consecutive month, according to data released by the Central Bank of Nigeria. The News Purchasing Manager’s Index which measures the size of the nation’s manufacturing sector rose to 52.9 index points at the end of June. This figure showed a 0.4 percent increase from 52.5 percent […]

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Nigeria Customs Service, NCS

Customs signs deal to stop rice smuggling through border

The Nigeria Customs Service (NCS) and the Rice Farmers Association of Nigeria (RIFAN) have signed a Memorandum of Understanding (MoU) to stop rice smuggling through land borders in the country. The MoU was conceived following strong indications that over 99 per cent of rice smuggled into the country are unfit for human consumption. President of […]

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Nigeria begins yam exports to Europe, US

Nigeria on Thursday began to export yams to Europe and the United States, as part of moves to diversify its oil-dependent economy and earn much-needed foreign exchange. Agriculture minister Audu Ogbeh flagged off the first consignment of the fibrous tuber from the port in the country’s economic capital, Lagos. “Oil and gas cannot employ millions […]

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Yemi Osinbajo

Osinbajo gives ultimatum to tax evaders

Acting President Yemi Osinbajo, has offered nine months grace to tax payers to regularise their tax status or face criminal prosecution for tax evasion. Osinbajo gave the ultimatum in Abuja on Thursday at the inauguration of the Voluntary Assets and Income Declaration Scheme (VAIDS). He said the scheme was specially targeted at taxpayers who are […]

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EU shuts the door of $2.5 billion assistance on Nigeria

The European Union (EU) Ambassador to Nigeria and ECOWAS, Mr. Michel Arrion, has foreclosed EU financial assistance to Nigeria. Arrion, who made this known in Abuja while delivering a Distinguished Lecture organised by the IBB Golf Club, with the theme, “40 Years of European Union in Nigeria: Lessons Learned and the Way Forward”, said that […]

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Nigeria targets 40 billion barrels oil reserve by 2020

The plan by the Nigerian National Petroleum Corporation to grow the nation’s crude oil reserves to 40 billion barrels by the year 2020 received a major boost on Thursday with the execution of a tripartite agreement in Abuja. The agreement was between the NNPC/FIRST Exploration & Production Joint Venture and Schlumberger for the development of […]

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MAN to save capital via partnering with CSN

The Manufacturers Association of Nigeria (MAN) says it will save billions of dollars on importation of raw materials through partnership with professionals in the chemical sector in the country. Speaking at the signing of a Memorandum of Understanding (MoU) between MAN and the Chemical Society of Nigeria (CSN) recently, MAN President, Frank Jacobs, said the […]

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CIBN boss outlines path to economic growth

The President, Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, has outlined national integration, policy planning and implementation, as well as citizen mobilisation as key elements on the path to the country’s economic growth. Ajibola submitted that national integration and successful policy planning and implementation were inseparable. He said, “Nigeria as a country has […]

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ICT will resuscitate Nigeria economy – Shittu

Minister of Communications, Mr. Adebayo Shittu, has said that the ministry would leverage on information and communication technology (ICT) to rejuvenate the Nigeria’s economy as well as encourage online jobs through the implementation of various initiatives. The minister stated this recently in a keynote address at the opening ceremony of the Ife Youths Economic Summit […]

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Nigeria Customs Service, NCS

Customs to e-auction seized goods from July 1

The Nigeria Customs Service (NCS) will sell seized goods from Saturday when its auction online portal is opened. Its Public Relations Officer (PRO), Mr Joseph Attah, said the goods would be sold to the highest bidders. Attah, a Deputy Comptroller of Customs, also said the NCS has embarked on campaigns on the trade facilitation programme […]

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