The federal government says it will increase power generation to 9,000 megawatts by the end of 2018.Lai Mohammed, minister of information, made this known on Tuesday while speaking at a NAN Forum in Abuja.The minister said the government will add 2,000 megawatts to the current 7,000 capacity.Mohammed said the government will also embark on 90 power transmission projects nationwide to [...]
The Nigeria Agricultural Quarantine Service (NAQS) says Nigeria is set to resume the export of hibiscus, locally known as zobo, to Mexico.Vincent Isegbe, coordinating director, NAQS, disclosed this in an interview with NAN on Tuesday.He said export of the plant was suspended after storage pests were discovered in some consignments that were to be shipped out of the country.He explained [...]
Gbenga Olawepo-Hashim, presidential candidate of the Peoples Trust (PT), says his party's new Nigerian economic development plan will create $4 trillion GDP in 10 years.In a statement on Monday, Olawepo-Hashim said his party has a target to net five percent of global infrastructure funds in 10 years by removing obstacles to investments.He added that if the party is elected in [...]
Joy Ogaji, executive secretary of Association of Power Generation Companies (APGC), says the Nigerian Bulk Electricity Trading (NBET) is yet to pay the N500bn debt owed by electricity distribution companies (DisCos).Speaking with reporters in Abuja on Sunday, Ogaji said power firms have been taking loans from banks to be able to generate electricity.She said the federal government has only paid 80 [...]
The Nigerian National Petroleum Corporation (NNPC) has assured motorists that it has adequate petroleum products that will serve the nation, irrespective of the proposed strike by the Nigerian Labour Congress (NLC).The corporation gave the assurance in a statement by Ndu Ughamadu, its spokesman, in Abuja on Sunday.“The corporation had 39 days petroleum products sufficiency and about 25 days products availability [...]
Global banking giant HSBC and UBS, a Swiss private bank, have closed their representative offices in Nigeria.The Central Bank of Nigeria (CBN) announced this in a report on Friday. The report did not state why the banks closed shop.UBS opened its doors in Nigeria in mid-2014 to “connect prospective clients with its offshore centers in Switzerland, the UK, Dubai and [...]
John Bray, US consul general, and Laura Beaufils, British deputy high commissioner to Nigeria, say the issues faced by MTN in recent times sent bad signals to foreign investors.The US and UK envoys made the assertion on Thursday on the sidelines of a conference organised by the Lagos Chamber of Commerce and Industry (LCCI) during the 2018 Lagos International Trade [...]
The federal ministry of finance has denied knowledge of a $3.5 billion fund allegedly kept and utilised by the Nigeria National Petroleum Corporation (NNPC) for fuel subsidy.Mahmoud Isa-Dutse, permanent secretary, gave the ministry’s position when he appeared before the senate ad hoc committee probing the allegation in Abuja on Thursday.Isa-Dutse’s claim appeared to corroborate Maikanti Baru, the group managing director [...]
The Peoples Democratic Party (PDP) says its presidential candidate will reduce the cost of premium motor spirit (PMS), popularly know as petrol to N87-N90 per litre.In a statement by Kola Ologbondiyan, spokesman of the Peoples Democratic Party (PDP) on Thursday, the party said former vice-president Atiku Abubakar had consulted with international players in the oil industry and found that the [...]
Aquitane Oil and Gas Limited says it is not indebted to the Assets Management Corporation of Nigeria (AMCON).In a letter sent to TheCable and signed by Ikechukwu Okolo, its managing director, the company said its name was erroneously included in the list of 105 delinquent debtors published by AMCON."We wish to draw to your attention to this publication and at [...]
