Economy

Nigeria imported U.S.$227m Sugar in 7 months

Nigeria imported $227 million worth of sugar in the first seven months of this year, a report by the Central Bank of Nigeria (CBN) has revealed. According to the CBN’s compilation of funds used for sugar imports reported by Bloomberg yesterday, the highest monthly value of imports of $79.1 million was recorded in June. The […]

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“We met already meltdown economy”

By: Bisola Adeola, Vice-President Yemi Osinbajo on Monday admitted that the present administration met an already meltdown economy. Although he assured Nigerians that the President Muhammadu Buhari administration was doing its best to salvage the situation, he stressed that the country did not adequately exploit the oil boom era by investing massively in infrastructure and diversifying the economy. […]

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Nigeria, South African firm seal N224.17b agric, real estate deal

The Nigeria Sovereign Investment Authority (NSIA), manager of Nigeria’s sovereign wealth fund, has signed a $700 million (about N224.17 billion) real estate and agriculture deal with South Africa’s Old Mutual Investment Group (OMIG). Under the deal, signed in Abuja at the weekend, NSIA will partner with South Africa’s OMIG UFF Agri-Fund to establish a $500 […]

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Abuja-Kaduna train service rakes N5m revenue in two weeks

The Abuja-Kaduna train service recorded N5 million revenue within the first two weeks of operation, Mr Fidet Ikhiria, Acting Managing Director of Nigerian Railway Corporation (NRC), has said. Ikhiria made this known to reporters while travelling on the train from Abuja to Kaduna on Saturday. The Managing Director of News Agency of Nigeria (NAN), Mr […]

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Exportation of produce enhances Nigeria’s revenue profile – Comptroller

Mr Zakari Nasiru, the Deputy Comptroller (Exports) at Tin Can Island, says export of agricultural products has now enhanced Nigeria’s revenue profile. Nasiru told the News Agency of Nigeria in Lagos on Friday that the Federal Government was making up revenues hitherto being lost due to Nigeria’s inability to export commodities overseas. According to him, […]

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S’Africa took back ‘Africa’s Largest’ title from Nigeria

South Africa’s economy regained the position of Africa’s largest in dollar terms more than two years after losing it to Nigeria as the value of the nations’ currencies moved in opposite directions, report according to IMF. The size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is […]

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FG: We’ve paid N700bn for road projects

The Federal Government said it has paid about N700 billion out of the N2.1 trillion liabilities for the construction of 206 road projects across the country, according to the Minister of Power, Works and Housing, Babatunde Fashola. Although the minister was not specific if it was the present government that paid the sum, he, however, […]

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NLNG subsidiary to cut employee salaries by 50%

Seafarers in the employment of the Nigerian Liquefied Natural Gas Ship Management Limited, a subsidiary of the Nigeria LNG Limited, will from September 1 receive half of their current salaries. The development according to a source in the company was as a result of the more than 60 per cent reduction in the company’s revenues occasioned by […]

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Despite Nigeria’s recovery; Angola remains top oil producer

Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown. OPEC, in its Monthly Oil Market Report for August, which was released on Wednesday, put crude […]

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Dollar Scarcity: Textile companies urge FG to sell gas to them in Naira

Textile manufacturers in the Nation have urged the Federal Government to start selling them gas in Nigeria Naira and not in Dollars. According to them, the payment of the gas tariff in the United States dollar is counter-productive to local manufacturers, a development that has made the commodity unaffordable to many businesses. Speaking under the aegis of the Nigerian […]

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Lagos plans to build 187, 000 houses annually

The Lagos State Government plans to build 187,000 housing units yearly over the next five years to address the 2.5 million housing deficit, the Commissioner for Housing, Prince Gbolahan Lawal, has said. Lawal, who stated this during a courtesy visit to the office of the Acting Deputy British High Commissioner to Nigeria, Mr. Ahmed Bashir, […]

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