Economy
NACC seeks quick visa facilitation for members
The Nigerian-American Chamber of Commerce (NACC) has urged the American Embassy in Nigeria to do everything possible to facilitate the Visa processing for members of the bilateral Chamber especially when it involves business trips for national growth and development. The National President of the Chamber, Otunba Toyin Akomolafe, who spoke at the NACC’s 60th Anniversary Public virtual Lecture in Lagos, said this is imperative given the enormous benefits inherent in the natural resources of both countries to be harnessed by mutual benefit. “Given the wobbling economy all over the world occasioned by the global pandemic, it’s expedient for embassies especially the American Embassy in Nigeria to fastrack VISAs and other protocol involved for trade experts going to America for the sole purpose ...
Djibouti president set to extend 22-year rule
Djibouti’s President Ismail Omar Guelleh is expected to extend his two-decade rule of the tiny Horn of Africa nation as the country heads to the polls Friday. Guelleh, 73, is facing political newcomer Zakaria Ismail Farah, his only rival after traditional opposition parties decided to boycott the election. A businessman specialised in the importation of cleaning products, Farah, 56, is seen by observers as unlikely to pose a significant challenge to the strongman who has been in power for 22 years. Djibouti is a largely desert country strategically situated on one of the world’s busiest trade routes and at the crossroads between Africa and the Arabian peninsula, a short distance from war-torn Yemen. Under Guelleh, the country has exploited this geographical advantage, investing heavily in ...
CPN president: Digital technologies efficient in sustaining social, economic development
The President and Chairman of the Council of Computer Professionals (Registration Council of Nigeria), Professor Charles Uwadia, has disclosed that digital technologies have proven to be efficient in sustaining social and economic developments. According to him, during the COVID-19 pandemic, digital technologies played an indispensable role in sustaining social and economic activities. He said though challenges and risks also emerged in the course of embracing various digital innovations but its applicability were proven to be efficient. Uwadia, who spoke at a virtual press conference, to unveil activities lined up for the forthcoming 2020 IT Professionals’ Assembly, with the theme, “Harnessing Digital Technologies for Social and Economic Recovery”, said the assembly which is the 15th edit...
Easter: Abuja airport records high traffic
The Nnamdi Azikiwe International Airport, Abuja, on Friday witnessed increased traffic due to huge number of passengers travelling to different parts of the country to celebrate Easter. According to NAN reports, flights from Abuja to other routes were fully booked before Thursday. Also, booking and check-in counters of many airlines were crowded with travelers rushing to board their flights. Many of the airline officials who spoke with NAN in separate interviews said there was upsurge in traffic, but ticket fare still remained same. The Max Air Station Manager, Kehinde Ogunyale, said that more people had chosen to fly home for the Easter celebration than the previous years. Ogunyele further said that Max Air also possibly experienced unique increase in passengers due to reduction in flight...
UN projects Nigeria’s GDP to expand by 1.5 percent
Nigeria’s gross domestic product (GDP) is projected to expand by 1.5 per cent this year, after a contraction of 3.5 per cent in 2020, a United Nations (UN) report said on Wednesday. In the latest World Economic Situation and Prospects report, the UN noted, that tighter foreign exchange (forex) liquidity, mounting inflationary pressures and subdued domestic demand clouded the medium-term outlook. Although last year, the global economy shrank by 4.3 per cent, this year’s projected recovery of 4.7 per cent will barely offset the losses of 2020, according to the report. The World Economic Situation and Prospects 2021 is a report produced by the UN Department of Economic and Social Affairs (DESA), in partnership with the UN Conference on Trade and Development (UNCTAD), and the five UN regional ...
ECWA: Terrorists tactically taking over Northern Nigeria
The Evangelical Church Winning All (ECWA) has raised the alarm, saying terrorist groups are tactically expanding their activities and making incursions into other parts of the North. Addressing a press conference in Jos on Wednesday on the insecurity ravaging the country, ECWA President, Dr. Stephen Panya, said “Boko Haram and ISWAP have destroyed tens of thousands of lives and displaced hundreds of thousands of Nigerians and many Christians and Christian communities have been deliberately targeted and destroyed. “It is clear that these terrorist groups are gradually but tactically expanding their activities and making incursions into other parts of the north and even beyond, and the apparent lack of unity in the fight against these terrorist groups, and the inability of government to deal...
DPR: Market forces should determine gas prices
File Photo The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the economy and to use gas as the fuel for economic transformation. According to him, the levers include availability, accessibility, a...
OPEC: Gas is vital to Nigeria’s future
The Organisation of Petroleum Exporting Countries (OPEC) says gas remains vital to Nigeria’s future in the global oil and gas sector. The OPEC Secretary General, Mohammad Barkindo, disclosed this on Monday in Abuja, at the pre-summit conference on “Decade of Gas”. He said that the move of the country to develop its huge gas deposit was a step in the right direction. “Gas is vital to Nigeria’s future, as is oil, and both will be fuels of choice globally for the foreseeable future and instrumental in facilitating the energy transition,” he said. The secretary-general said that the ‘Decade of Gas’ from 2021 to 2030 was likely to place Nigeria at the forefront of the vital global industry. Barkindo commended President Muhammadu Buhari’s effort as Head of Nigeria’s Delegation to OPEC, in the or...
Presidency: President Buhari never promised to make N1 equal $1
The Presidency has said that there was not a time when President Muhammadu Buhari promised to make N1 equivalent to $1. The Special Adviser to the President on Media and Publicity, Femi Adesina, said this on a Channels Television programme, Sunday Politics, on Sunday. Adesina, who also addressed complaints about the economy by Nigerians, including former Vice President Atiku Abubakar, said of the often quoted promise by Buhari to make N1 exchange for $1: “It does not exist, it is fake, it is false, it is apocryphal, it doesn’t exist.” He further told Channels Television that the Minister of Information and Culture, Alhaji Lai Mohammed, has debunked the claim several times and challenged anyone with clips and publications of the President promising such to make them available. On the critic...
NANS flays ‘commercialisation’ of tertiary institutions
The National Association of Nigerian Students (NANS), has decried an alleged clandestine move to commercialise public tertiary institutions stressing that it might deprive many the access to quality education. The NANS National President, Com Sunday Asefon, said this on Thursday at the Lagos State University (LASU), while speaking on the decadence of the Nigerian educational system. Asefon in a statement entitled : ‘Need to Perceive Education As a Social Service’ , and made available to newsmen in Ado Ekiti, on Friday, said any developing nation that views education from the prism of commercialisation would fail in giving the youth the right attitude to life. The students leader described education as a veritable weapon to rid the society of ignorance, criminality, and building of future l...
British premier says no reason to change coronavirus unlocking plans
British Prime Minister Boris Johnson on Saturday said he saw nothing in the COVID-19 data to change his plans for a piecemeal easing of lockdown in England, with the next major steps due to take place next month. Johnson said he looked forward to getting his hair cut and having a pint of beer in the garden of a pub, among the activities permitted if stage two of his unlocking plan proceeds on April 12. All non-essential shops are also due to reopen from that date. On Monday, there will be a smaller change, allowing groups of 6 to meet up outside. Foreign travel will be banned until at least May 17, which is also the earliest date indoor hospitality and performance venues might re-open. Although Johnson has outlined dates at which he plans to ease restrictions, he has been clear that it is ...
Kim Jong Un: North Korea facing its ‘worst-ever situation’
Kim Jong Un says North Korea is facing its “worst-ever situation” and called on “grassroots” members of the ruling Workers’ Party to be more proactive and responsible in carrying out the country’s new five-year economic plan. The comments, reported by state media on Wednesday, came as experts warn Kim is facing perhaps his toughest moment as he approaches a decade in rule, with North Korea’s coronavirus lockdown unleashing further shock on its sanctions-battered economy. North Korea’s official Korean Central News Agency said Kim made the comments during an opening speech at a meeting of the Workers’ Party’s cell secretaries on Tuesday. “Improving the people’s living standards … even in the worst-ever situation in which we have to overcome unprecedentedly numerous challenges depends on the ...