Ekiti State, UNOPS, SHS sign $2bn deal to build 50,000 affordable homes in 10 years
Businessam Staff
July 1, 2020
A deal that will see the building of 50,000 affordable homes over a ten year period in Ekiti State has been signed between the government of the state, SHS Holdings and UNOPS. A statement announcing the deal and made available to Business A.M. explained that all of the new affordable homes to be built will […]
A cloudy second half as Nigeria navigates through coronavirus storm
Lukmnan OtunugaJuly 1, 2020
As headwinds from the coronavirus pandemic storm lambaste the world economy, the outlook for Nigeria appears more cloudy for the second half of the year. The next few months are critical for the country’s fragile economic recovery and the main question is whether Nigeria will sink or swim in the coronavirus storm. On the positive […]
Pantami inaugurates inter-agency committee to monitor completed ICT projects
Omobayo AzeezJuly 1, 2020
By Omobayo Azeez Isa Pantami, minister of communication and digital economy has inaugurated two inter-agency committees with the mandate to review, collate, commission and communicate in local languages ICT projects implemented for Nigerians under President Muhammadu Buhari. The two ministerial committees, which are Completed Projects Review Committee and Committee on Media Engagement in Local Languages […]
Lagos distributes free phones to pupils to bridge digital divide
Businessam StaffJune 25, 2020
Closure of Nigeria’s schools during lockdown has hit access to learning for poorer children Like millions of other children in the sprawling Nigerian city of Lagos, 15-year-old Sharifa Umar switched from classroom learning to lessons over radio, TV and the internet when schools were closed in March because of the coronavirus outbreak. Programmes set up […]
Miners’ union to work with FG, agencies to tap solid minerals for GDP growth
Ben EguzozieJune 25, 2020
…inaugurates Rivers chapter Minerals sector workers under the Miners Association of Nigeria (MAN), Rivers state chapter say they are poised to collaborate with the Federal Government and relevant agencies to harness the solid minerals sector, considering the vast potentials of the sector to contribute to the nation’s gross domestic product (GDP). This is especially at […]
N78.9bn FG refund deepens rift between Rivers’ main rival political parties
Ben EguzozieJune 23, 2020
…tiff costs state N355bn, economy strained further by Covid-19 pandemic …unemployment rising with debts The recent refunds by the federal government of a total N148.14 billion to five states which undertook repairs of federal roads in their domains, is now a source of bitter tussle among the two main political parties in Rivers State – […]
Funding approval for N80bn Port Harcourt-Bonny rail expected in July
Ben EguzozieJune 23, 2020
…rail to combine with N120bn first-ever road to hit island in 2022 The federal government is considering giving its funding approval to the much-expected Port Harcourt-Bonny island rail line by July this year. The rail line along with a deep seaport and an industrial park in Port Harcourt are estimated to cost N80 billion. It […]
Seplat CEO projects $17bn oil revenue shortfall for Nigeria in 2020
Samson EchenimJune 12, 2020
Nigeria’s oil receipts in 2020 are expected to drop by as much as $17 billion, Austin Avuru, the chief executive officer of Seplat Petroleum Development Company, has projected. His projection comes amid the current struggle for survival by companies operating in the upstream sector of the Nigerian oil and gas industry. Speaking on Nigeria’s oil and gas […]
Excitement rules Cross River over N18.39bn FG refunds, amid state’s financial strain
Ben EguzozieJune 4, 2020
Ben Eguzozie, in Port Harcourt Cross River people and their governor, Ben Ayade, appear quite excited over N18.39 billion approved by an inter-ministerial committee to be refunded the ‘weakest sister’ of oil region states. Comments from the state’s governor, Ayade and other state officials are that of excitement and a relief from mounting financial strain […]
N4.563trn budget deficit pushes Nigeria closer to recession
Omobayo AzeezJune 2, 2020
By Omobayo Azeez The Nigerian economy is fast showing signs of shrinking and plunging into recession as deficit for financing of federal government’s revised N10.509 trillion 2020 budget rises to N4.563 trillion from N1.847 trillion earlier projected. This means that of the appropriated total expenditure of government in the year, only N5.943 trillion equivalent to […]