President Muhammadu has lashed out at traders who smuggle fake products into the country, accusing them of choosing profits over patriotism. He was speaking on Friday when he received a delegation of the Chambers of Commerce and Industry from Nigeria and West Africa. He said the recent closure of Nigerian borders has seen a decline in counterfeit products "within a short time". Buhari said [...]
The African Development Bank (AfDB) has approved a $500,000 grant to support the development of clean energy in Nigeria.A statement issued by the bank on Friday said the grant was approved under the AfDB’s Sustainable Energy Fund for Africa (SEFA).SEFA is a multi-donor facility established to unlock private sector investments in small to medium-sized clean energy projects in AfricaThe statement [...]
The Central Bank of Nigeria (CBN) says it will no longer provide foreign exchange for the importation of cassava and its by-products.Godwin Emefiele, governor of the apex bank, made this known on Friday while briefing journalists on the decision of the monetary policy committee (MPC).Some of the by-products that will be affected include starch and ethanol."Nigeria is the largest producer [...]
The monetary policy committee (MPC) of the Central Bank of Nigeria has voted that monetary policy rate, which measures interest rate, should remain at 13.5%.This is the third consecutive time that the committee will retain the rates since March 2019 when the rates were reduced by 50 basis points.The cash reserve ratio (CRR) was retained at 22.5%, liquidity ratio at [...]
Nigeria lost 22.6 million barrels of crude oil worth $1.35bn within the first six month of 2019, according to state governors.The governors were members of a 13-man ad hoc committee established by the National Economic Council (NEC) to investigate cases of oil theft in Niger Delta.The report of the committee, which was supported by findings from the Nigerian National Petroleum [...]
Nigeria currently has a housing deficit of 22 million units. To bridge this gap, the government has launched a series of schemes targeted at providing homes for Nigerians at the lower rung of the social ladder. With the minimum wage at N30,000, most citizens cannot afford to buy houses on their salary -- this is where mortgage banks come in [...]
The Centre for Health, Equity and Justice (CEHEJ) estimates that corruption in Nigeria's power sector has gulped N11 trillion since 1999.This was made known in a report titled 'Kept in Darkness — holding non-performing electricity contractors accountable' released in Lagos on Thursday.The report indicated that the figure might increase to N20 trillion in the next decade.According to Yemi Cole, an associate professor [...]
Aliko Dangote, president of Dangote Group, says the recently appointed economic advisory council by President Muhammadu Buhari has the ability to take the country's economy to the next level.In a statement released on Thursday by Anthony Chiejina, Dangote's chief corporate communications officer, the businessman described the council as "tested and respected patriots who are always ready to put the country's [...]
Hafez Ghanem, World Bank's vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan.Ghanem made this known in an interview on Wednesday in Abuja.The Bretton Wood institution official said Nigeria received $2.4 billion from the bank in 2018."We’re talking about a new set of programmes of about the same amount, it [...]
Femi Gbajabiamila, speaker of the house of representatives, says the lower legislative chamber will not allow electricity distribution companies (DisCos) to continue fleecing Nigerians with the estimated-billing system.Speaking on Wednesday when he hosted the management of the Transmission Company of Nigeria (TCN), the speaker said the house will revisit the law against the practice.In January, the house passed a bill [...]
Advertisement
Advertisement
