Economy

Custom: Rice excluded from restricted impotation list

The Comptroller-General of Nigeria Customs service, Col. Hameed Ali (rtd), has ordered the immediate removal of rice from import restriction list and the re-introduction of import duty payment at land borders. The Public Relations Officer of customs, Mr Wale Adeniyi, made this known in an interview with the News Agency of Nigeria on Wednesday in […]

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Way Out Of Recession: National Assembly invite Buhari to a joint session

National Assembly has invited President Muhammadu Buhari to brief a Joint Session of the Assembly on steps being taken to steer the nation out of recession. The resolution was reached today at the Senate when it concurred to an original resolution of the House of representatives inviting the president for the meeting. The lawmakers answered […]

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FG proposes N6.8tr 2017 budget

The Federal Government has proposed the sum of N6, 866,335,052,740 as budget for 2017 fiscal year. The government also put the oil production figure for 2017 at 2.2 million barrels per day, while the projected oil benchmark price is put at $42.50. Average exchange rate for 2017 is slated at N290.00 per dollar. These were […]

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Rice smuggled into Nigeria can kill, says customs boss Hammed Ali

The Nigeria’s Customs Comptroller-General, retired Col. Hameed Ali, says 99 per cent of rice smuggled through the land borders is not fit for human consumption. It can be recall that Niger government, last week, announced subsidy on rice and other grains to encourage more local production Ali said this at a joint news conference on […]

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Fed govt put up 2 fleets for sale

The Federal Government has listed two jets in the Presidential fleet for immediate sale. The jets: Falcon 7x and Hawker 4000, were advertised on page 35 of Tuesday’s Thisday Newspapers The adverts showed the performance and specifications of the jets, which indicated that they were still in good condition. Interested buyers are to inspect the […]

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FG needs to link fiscal, monetary policies – Adesina

The Federal Government needs to coordinate its fiscal and monetary policies more closely, the President, African Development Bank, Mr. Akinwumi Adesina, has said. Adesina, who spoke during a panel discussion at the Financial Times Africa Summit in London on Monday, said the move was necessary to improve the economic fortunes of the country. “I think […]

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IMF slashes 2017 GDP growth outlook for Nigeria, South Africa

The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices, policy uncertainty and weak investor confidence weigh on output. Report according to Bloomberg shows that, gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in […]

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Maikanti Baru

“NNPC restated commitment to local content”

The Nigerian National Petroleum Corporation, NNPC, has restated its commitment to the development of Nigerian content in the oil and gas industry. Group Managing Director of the Corporation, Dr. Maikanti Baru, made the remarks in a keynote address at the Load out Ceremony of the Umblical Flow-lines and Risers (UFR) for the Egina Deep Offshore […]

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‘$2.4bn is spent to drag Nigeria out of recession’

The federal government of Nigeria has spent 720.5 billion naira ($2.4 billion) on capital expenditure this year to help drag Africa’s biggest economy out of recession, President Muhammadu Buhari said on Saturday. “I believe that this recession will not last,” Buhari said in a televised speech marking the country’s independence day. “Several hundreds of thousands […]

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Demand for local Palm Oil spike on the ban of 41 items

Nigeria’s ban on importers accessing foreign exchange for certain products is proving a boon for the country’s biggest palm-oil producer as it stokes demand for domestic goods. Profit at Presco Plc, a Benin City-based manufacturer of the edible oil, more than doubled in the six months through June as sales jumped 60 percent to 7.5 […]

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Nigeria Senate Assembly

‘Senate gave measures to follow in putting an end to recession’

The Senate has given the Federal Government guidelines to follow in putting an end to the economic recession facing the country. The Senate President, Bukola Saraki, gave the guidelines yesterday in an address to mark the resumption of the lawmakers from a seven-week recess. He lamented that Nigerians were groaning in pains, resulting from the […]

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Recession: Nigeria to sell Refineries, Shares, Presidential Fleet

The Federal Government has concluded arrangements to sell the nation’s critical assets in order to raise $15 billion to rescue the country out of economic recession. Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a cabinet retreat hosted at the presidential villa, Abuja. Investigation according to New Telegraph disclosed that some of […]

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