Nigeria’s economic slowdown, compounded by Boko Haram attacks, could mean 5.5 million people needing food aid in the volatile northeast by next month, double the current number, the United Nations warned on Friday. As government troops advance against the militants, the somewhat better access for aid workers under military escort to Borno and Yobe states […]
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The Federal Government on Thursday said that the emergence of South Africa as the largest economy in Africa, a position that Nigeria held up until last week would make the government work harder to regain its lost glory. The Minister of Budget and National Planning, Senator Udo Udoma, stated this while speaking shortly after receiving […]
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President Muhammadu Buhari has called on all governors of central banks in Africa to bring to an end all forms of illicit flow of funds out of the continent. The President stated this while speaking at the opening session of the 2016 annual meeting of the Association of African Central Banks. The event held at […]
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Four banks were on Thursday named in the alleged cash withdrawal of over five billion naira belonging to the Katsina State Subsidy Reinvestment and Empowerment Programme during the tenure of former Governor Shehu Shema. They are Sterling Bank, FCMB, First Bank Plc and Fidelity bank. The allegation was made during the continuation of the sitting […]
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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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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. […]
Read More 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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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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By: Dele Adelaja, At about N13.595bn which belongs to the Nigerian Ports Authority (NPA) is held in three commercial banks and the Treasury Single Account (TSA) in the Central Bank of Nigeria (CBN). According to report, Of which about $24.1million (N9.399billion at N390 to a dollar) of the sum was lodged with Heritage Bank. Nothing was said […]
Read More 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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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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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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