Border reopening: Stakeholders slam government’s delayed implementation
Onome AmugeDecember 17, 2020
By Onome Amuge Calls for post-mortem assessment of long closure The Federal Government of Nigeria has finally approved reopening of four land borders that include Seme in the South-west region, Ilela and Maigatari borders in the North-west and Maigatari border in the South-south, while the remaining borders have been directed to be reopened on […]
Nigeria reopens land borders after 14 months of partial closure
Charles AbuedeDecember 17, 2020
By Charles Abuede Borders in Seme, Maigatari, Illela, Mfun to come alive again Barely a week after the meeting with state governors where the indication was given that closed borders will soon be reopened, Nigeria’s President Muhammadu Buhari on Wednesday ordered the immediate reopening of four Nigerian land borders. The borders to reopen are […]
Nigerian motor dealers against new ECOWAS vehicle regulations
Onome AmugeDecember 17, 2020
By Onome Amuge Say it will raise costs of imported vehicles The Association of Motor Dealers of Nigeria (AMDON) has kicked against the new fuel grade and vehicle emission standards regulations of the Economic Community of West African States (ECOWAS), stating that its implementation will result in an inevitable increase in the costs […]
China approves 85% loan to facilitate Nigeria’s $2.6bn gas pipeline project
Onome AmugeDecember 16, 2020
By Onome Amuge China has granted approval of the 85 percent loan needed to fund the $2.6 billion Ajaokuta-Kaduna-Kano gas pipeline project, the Nigerian government has announced. Zainab Ahmed, minister of finance, budget and national planning, and Mele Kyari, group managing director, Nigerian National Petroleum Corporation (NNPC), following the inspection of the gas […]
Nigeria’s inflation reaches 34-month high at 14.89% in November, amid yuletide
Charles AbuedeDecember 15, 2020
By Charles Abuede Food, core inflation rise to 18.30%, 11.05% in line with analysts’ expectations With the festive period already at hand and as Nigerians grapple with the continuous rise in food prices, it is now no longer news that the menace of poor harvest and storage facilities, the disruptions from the coronavirus pandemic, […]
Nigeria’s capital import tumbles down 74.03% y/y to $1.46bn in Q3’20
Charles AbuedeDecember 15, 2020
By Charles Abuede But up 12.86% from $1.29bn in Q2’20 Nigeria, Africa’s largest economy, saw its capital importation tumble by a high 74.03 per cent year-on-year in the third quarter of 2020, showing how the country has been badly hit by a global economy that has fought most of the year in distress […]
Nigeria sees trade value grow 34.15% to N8.37trn on faster import increases, slower export recoveries
Charles AbuedeDecember 8, 2020
By Charles Abuede Total imports up 33.77% to N5.3trn in Q3’20 Total exports up 34.85% in Q3’20 to N2.9trn, but down 43.41% on Q3’19 The total value of Nigeria’s merchandise trade saw a sharp growth to reach N8.37 trillion in the third quarter of 2020, representing a 34.15 per cent rise on a quarter on […]
Nigeria’s N639.9bn revenues shared to federal, states, local governments in October
Charles AbuedeDecember 8, 2020
By Charles Abuede Lagos tops with N16.7bn in receipt Kwara smallest with N4.09bn Recent revenue data from the National Bureau of Statistics (NBS) has revealed that N639.90 billion was shared to the federal, sub-national and grassroots governments by the Federation Account Allocation Committee (FAAC) in October 2020 from the revenue generated in September […]
Rivers outlines purpose of 2021 budget as capex gulps 68.18% of N448.6bn
Ben EguzozieDecember 3, 2020
To stimulate economy via investments in commerce, tourism N38bn for loans repayment 86bn to support SMEs development, social investment, jobs creation Rivers State, rich in crude oil and gas deposits, with a gross domestic product economy of over $33.69 billion, is pursuing a higher capital expenditure (capex) of 68.18 percent or N305.9 billion […]
Mineral rich Jigawa obtains 11 licenses, calls on investors to capitalise on state’s gold, copper, iron ore endowments
Onome AmugeDecember 3, 2020
By Onome Amuge The Jigawa State government has announced its procurement of 11 mining licenses from the Federal Ministry of Steel and Mines and as a result called on interested investors to harness the potentially bountiful mineral resources available in the state. Namadi Umar while speaking at the stakeholders consultation with the federal ministries, […]