Nigerian Economy
Lai Mohammed: My only regret as minister
Nigeria’s Minister of Information and Culture, Lai Mohammed, has said his only regret as a minister is that some Nigerians have failed to appreciate that the administration of President Muhammadu Buhari is doing so much with little resources. Mr Mohammed stated this at a Special Forum of the News Agency of Nigeria (NAN) in Abuja. He said with dwindling resources, no government in the history of Nigeria has implemented programmes alleviating poverty among women and vulnerable groups as well as created jobs for the youth as the Buhari administration had done. The minister said his regret was that some Nigerians have failed to appreciate the efforts of the government but keep celebrating negative developments. “My regret in this government is that Nigerians have failed to appreciate that the ...
Justice Tsoho: Why court froze #EndSARS promoters’ bank accounts
The Chief Judge of the Federal High Court, Justice John Tsoho, on Tuesday said that contrary to the belief in some quarters that the court intentionally froze the accounts of #Endsars promoters, it only played its part as an interpreter of the law. The CJ noted that the Central Bank of Nigeria had approached the court to ask for an order freezing certain accounts of corporate bodies and names of individuals over suspicion bordering on alleged money laundering. He however stated that the CBN did not attach any names to the applications. Justice Tsoho, spoke at the opening of the 2020/2021 legal year, Abuja on Tuesday. He noted that CBN’s request came about three months before the ENDSARS protest. The CJ was reacting to the speech by the chairman of the Nigerian Bar Association (NBA), Olumid...
Maritime workers to begin warning strike Monday
File Photo The Maritime Workers Union of Nigeria (MWUN) is to embark on a three-day warning strike from Dec. 7, to protest the deplorable state of access roads to seaports in Lagos State. In a communique it issued on Saturday in Lagos, MWUN said that the situation was no longer tolerable. The communique was signed by the President-General of the union, Mr Adewale Adeyanju, and the Secretary General, Mr Felix Akingboye. It was issued after MWUN’s National Executive Council (NEC) meeting in Lagos. According to the communique, the union had at various occasions drawn the attention of the relevant authorities to the bad roads. It said that the poor state of the access roads had made articulated vehicles to block them, putting other road users through pains of losing man-hours and facing risks ...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
Minister: Broadband subscriptions increased by 4,061,731 in October
Home Telecom Broadband penetration in Nigeria increased to 45.43 per cent by the end of October 2020, the Federal Government announced on Wednesday. Minister of Communications and Digital Economy, Isa Pantami, said the rise was due to an increase of 4,061,731 broadband subscriptions between September and October 2020. He said the implementation of the National Digital Economy Policy led to the rise in broadband subscriptions across the country during the review month. Pantami, who disclosed this in a statement issued in Abuja by his Technical Assistant, Information Technology, Femi Adeluyi, observed that the Nigerian National Broadband Plan 2020-2025 had impacted significantly on broadband penetration. The minister noted that the plan was implemented alongside the harmonisation of Right-of...
Kebbi begins free registration for youth investment fund
Kebbi State Government has commenced the free registration exercise of Nigerian Youth Investment Fund (NYIF) for youths across the 21 local government areas of the state. The state Commissioner for Youth and Sports Development, Alhaji Gidado Kaliel, who inaugurated the exercise on Wednesday in Birnin Kebbi, urged the youths to come out enmass to utilize the opportunity for their progress. He said,”I want to urge the youths in the state to make use of this opportunity and take the advantage of this scheme. “It is for your benefit. I also want to urge those of you who are not youths but you have youths in your houses to please, tell them to come out for this registration. “There is no cost for it, it is free. They can access money from N250,000 to N3 million. This is one of the initiatives o...
Lagos Assembly urges Governor Sanwo-Olu to create MSMEs hubs
Pool Photo Lagos State House of Assembly has called on the Governor, Babajide Sanwo-Olu, to create Micro, Small, and Medium Enterprises, MSMEs, hubs in the three senatorial districts in the state. The call was part of the Motion entitled; “Call on the State Government to Establish Micro, Small and Medium Enterprises MSMEs, Commercial Hubs In All The Senatorial Districts of Lagos State,” raised by a member representing Kosofe Constituency 1, Mr. Ganiyu Okanlawon, during yesterday plenary. Moving the motion, Okanlawon opined that, life will become bearable if MSMEs grow, stating that the idea of SMEs as conceived by China brought about growth in the nation’s economy. According to him, establishing commercial hubs in places including Epe, Ibeju Lekki among others would grow the economy of t...
Senator Tinubu: Amotekun will be a pet if everyone is engaged
A former governor of Lagos State and National Leader of the All Progressives Congress, APC, Asiwaju Bola Tinubu, has called for a review of the country’s revenue formula, saying Amotekun security outfit in the S/West will be a pet if everyone is engaged. Tinubu, who spoke in Akure while inaugurating the Ondo Revenue House constructed by Governor Rotimi Akeredolu of Ondo State, described the present revenue formula in the country as cumbersome. While commending the efforts of Akeredolu at improving the Internally Generated Revenue profile of the state, the former governor said the potential of each state in the South, West must be harnessed in order to solve many other problems. According to him “You can equally use the synergy with the Odua investment to collaborate, not only on Amotekun C...
Okwesilieze Nwodo: Igbo elites have turned down Nnamdi Kanu’s rhetoric’s to achieve restructured Nigeria
The former National Chairman of the People’s Democratic Party, PDP, Dr. Okwesilieze Nwodo, yesterday, said Igbo elites have been trying to tune down the rhetorics of Nnamdi Kanu to achieve a restructured Nigeria. The post Okwesilieze Nwodo: Igbo elites have turned down Nnamdi Kanu’s rhetoric’s to achieve restructured Nigeria appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Petrol price hike a move to end subsidy regime – expert
AHA Taxis Nigeria’s first professor of the Capital Market and former Imo State Finance Commissioner, Prof Uche Uwaleke, on Wednesday described the hike in petrol price from N123.50k/litre to a price band of N140.80 to N143.80 as an indication that the Federal Government was ready to gradually exit the fuel subsidy regime. The Petroleum Products Pricing and Regulatory Agency (PPPRA), in a memo to oil marketers on Wednesday, said that the upward review of petrol price stemmed from existing market realities which were taken into consideration before the new pump price was released. Prof Uwaleke told newsmen that exiting the subsidy regime was necessary in view of plummeting government revenue and the pressure on government finances occasioned by COVID-19. ‘Fortunately for the Nigerian economy...
Nigerian stocks down by N1.14 trillion in first half
Nigerian stocks closed the first half down with average loss of 8.80 per cent, equivalent to net capital depreciation of N1.14 trillion as investors struggled with a threesome of domestic macroeconomic uncertainties, global decline in crude oil price and trade wars and the ravaging COVID-19 pandemic. Benchmark indices at the Nigerian Stock Exchange (NSE), which are generally regarded as sovereign equity indices for Nigeria, showed that Nigerian stocks swiveled through steep decline in first quarter and a major recovery in early months of the second quarter, closing the six-month period with net loss of N1.14 trillion. The All Share Index (ASI), a common value-based index that tracks all share prices at the Exchange, closed first half at 24,479.22 points as against 26,842.07 points recorded...
World Bank: Nigeria faces worst recession in 40 years
The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday. The World Bank, in a new report, titled ‘Nigeria in times of COVID-19: Laying foundations for a strong recovery,’ estimated that Nigeria’s economy would likely contract by 3.2 per cent this year. “This projection assumes that the spread of COVID-19 in Nigeria is contained by the third quarter of 2020,” it said. The bank said if the spread of the virus became more severe, the economy could contract further. It said, “Before COVID-19, the Nigerian economy was expected to grow by 2.1 per cent in 2020, which means that the pandemic has led to a reduction in growth by more than five percentage poin...
