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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 ...

Ondo governor suspends NURTW, RTEAN, orders unions to vacate motor parks

Ondo State Government has suspended both the National Union of Road transport workers, NURTW, and the Road Transport Employers’ Association of Nigeria, RTEAN in the state. The Senior Special Assistant to the governor on special duties and strategy, Dr Doyin Odebowale, said that the suspension was with immediate effect. Odebowale attributed the suspension to recent leadership crisis within the two unions He directed the leadership of both unions to vacate motor parks across the eighteen local government areas of the state and to stop collecting dues from taxi drivers and other motorists across the state. Odebowale also directed taxi drivers to revert to the old price of N50 per drop across the state. He explained that new tickets would be purchased directly from the state government and no ...

WTO: We need to build capacity for international competitiveness – LCCI

Lagos Chamber of Commerce & Industry The Lagos Chamber of Commerce and Industry (LCCI) has posited that for Nigeria to take advantage of opportunities offered by the World Trade Organisation (WTO) under the leadership of Dr. Ngozi Okonjo-Iweala, it was important to build capacity for international competitiveness of our products and services. The Chamber also emphasised the need to address trade facilitation issues, especially around port processes, ports infrastructures, international trade documentation, foreign exchange policies, trade policies and industrial policies. The Director General of the chamber, Muda Yusuf, made the disclosure following the appointment of Okonjo-Iweala as the DG of the WTO, saying her emergence comes at a time when the global trading system is faced with n...

Benue governor: Quit notice to Bishop Kukah a recipe for disintegration

Benue State Governor Samuel Ortom has warned that the quit notice by a muslim group demanding the Catholic Bishop of Sokoto Diocese, Bishop Mathew Kukah to tender an unreserved apology over his Christmas Day message or leave Sokoto State, is capable of causing the disintegration of the country. The Governor however enjoined all Nigerians, irrespective of religious and political inclinations, to uphold unity, peace and dialogue as panacea for the myriad of problems confronting the country. Reacting to the statement, the Governor who spoke through his Chief Press Secretary Terver Akase said the group’s statement was a contradiction of provisions of the Constitution which gives Nigerians the right to live freely in any part of the country. Ortom added that the statement of the group directing...