Products
Petrol pump price: DPR monitors Lagos filling stations
The Department of Petroleum Resources (DPR) says it has intensified surveillance of filling stations in Lagos State to ensure compliance with the approved pump price band for Premium Motor Spirit (PMS). Mr Ayorinde Cardoso, Zonal Operations Controller, DPR, Lagos, made this known after an inspection visit to some petrol stations located in Ikoyi, Victoria Island and Lekki areas of the state. Newsmen report that the Federal Government had on March 12 denied the increment of petrol to N212 per litre and had directed marketers to revert to the old price regime. Cardoso said the seven petrol stations inspected were selling fuel to customers between N162 to N165 per litre which was the approved price band. “This surveillance visit is part of our regular function and we are coming out today to c...
Price of garri soars in Enugu
ArewaLife Price of cassava flakes popularly called garri and regularly consumed by Nigerians have continued to increase in Enugu State, according to newsmen. NAN correspondent, who conducted a market survey in Enugu on Friday, reported that the price of the staple food has increased by 20 per cent between January and March, 2021. NAN reports that a 4.5 liter bucket of the food item now sells for between N1,100 and N1,400 as against between N900 and N1,000 sold in January, depending on the type. A visit to some markets in the state capital showed that a 4.5 liter paint bucket of white garri sold for N900 in January now went for between N1,100 and N1200. At the Ogbete, Garki and New Markets, a paint bucket of white garri is sold for N1,100 while the yellow garri of the same bucket goes for N...
DMO: Nigerian roads financed with Sukuk not repaying debt as planned
File Photo The Debt Management Office (DMO) has decried the country’s debt service to revenue ratio, describing it as a major issue of concern. Patience Oniha, the Director-General of DMO, said this in Abuja on Thursday at the fifth Budget Seminar (webinar) organised by the Securities and Exchange Commission (SEC). The theme of the budget seminar was, “Financing Nigeria’s Budget and Infrastructure Deficit through the Capital Market.” Oniha stressed the need for infrastructure built with borrowed funds to generate revenue to service the debts. According to her, “We have done the Sukuk, for instance, but the government is the one servicing the debt of those Sukuk. “They (the debts) are not being serviced with revenue from those sources (infrastructure). “I think that when we are talking abou...
AfDB approves $1.3 million grant for female financial inclusion research in Africa
The African Development Bank (AfDB) has approved two grants worth $1.3 million for research aimed at increasing women’s access to a range of digital financial services on the continent. In a statement on Monday, AfDB said the grants will be disbursed by Africa digital financial inclusion facility (ADFI), a blended finance vehicle supported by the bank. The grants will be disbursed to two fintech firms, Pula Advisors Kenya and M-KOPA Kenya. AfDB said Pula Advisors will use the $1 million for research of social and economic factors that impact women farmers’ access to microinsurance in Kenya, Nigeria and Zambia while M-KOPA will use the $300,000 funding for research involving 500 women and men in Kenya’s Kisumu, Eldoret and Machakos counties. It said findings from the research will inform th...
AfDB approves $1.3 million grants for women’s access to digital finance
The African Development Bank (AfDB) has approved two grants of $1.3 million for research aimed to increase African women’s access to a range of digital financial services, including loans and micro-insurance. According to a statement from the AfDB on Monday, the grants for $1 million and $300,000 respectively, will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI). ADFI is a pan-African initiative designed to accelerate digital financial inclusion throughout Africa. It is a blended finance facility of AfDB with two financial technology firms; Pula Advisors Kenya Ltd. and M-KOPA Kenya Ltd. Pula Advisors will use the $1 million for research of social, cultural and economic factors that impact women farmers’ access to micro-insurance in Kenya, Nigeria and Zambia. Mor...
NIHORT trains 25 tomato farmers in Niger to reduce post-harvest losses, unemployment
The National Institute of Horticultural Research (NIHORT), Ibadan, Oyo State, has commenced a 2-day training for unemployed youths and women, on value addition for tomato farmers. The training is taking place at the headquarters of The National Cereals Research Institute (NCRI), Badeggi, in Niger state. Speaking at the opening ceremony on Wednesday, the Chairman of the Governing Board of the Institute, Maj.-Gen. Mohammed Abdullahi-Garba (rtd), said that the training was organized to build the capacity of the people. He described tomato as an important economic and food security crop consumed around the world. “Tomato is undoubtedly one of the most important vegetables grown in Nigeria and the commodity is capable of impacting positively on Nigeria’s agricultural economic development. “The ...
IPMAN advises Nigerian to stop panic buying of petrol
AHA Taxis The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised Nigerians to stop panic buying and stocking of Premium Motor Spirit, popularly known as petrol. Alhaji Suleiman Yakubu, the National Public Relations Officer of IPMAN, gave the advice in an interview with newsmen on Sunday in Abuja. Yakubu fielded questions on the long fuel queues recorded at some filling stations in Abuja. He decried the panic purchases and long queues witnessed in various filling stations across the nation’s federal capital. Yakubu however said that crude oil price has gone up and it has affected the price products. He assured Nigerians that normal supply of petroleum products would soon be restored since loading have commenced at various deports. “We want to assure the buyers that g...
NAFDAC busts alleged illegal maize flour production facility in Yobe
The National Agency for Food and Drug Administration and Control (NAFDAC) says it has busted an alleged illegal maize flour production outfit in Potiskum town of Yobe. This is contained in a statement signed by Mr Nasiru Mato, Assistant Director, in charge of the North East Zonal office of the agency and issued in Abuja on Saturday. Mato said the facility which was using a single store space for processing of maize into flour came under regulatory scrutiny when a team of officials of the agency stormed the premises. He said the maize milling and packaging outfit was operating without adherence to set quality standards and good manufacturing practice.According to Mato, the operation is a gross violation of NAFDAC Act Cap No. 1 Laws of the Federation of Nigeria (2004), hence the sanction. He...
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...
Nigerian senate investigates syringe manufacture, importation
The Senate has directed its committees on Health, Trade and Investment and Customs to investigate the manufacture, importation and policy guidelines for syringe and needles in the country. Consequently, the committee is to invite the Federal Ministry of Health, Trade and Investment, Nigeria Customs Service (NCS) and manufacturers of syringe and needles as the committee carries out the investigation. These resolutions were sequel to a motion sponsored by Sen. Ibrahim Oloriegbe (APC-Kwara) and cosponsored by Sen. Sadiq Suleiman (APC-Kwara) during plenary on Thursday. The upper chamber also directed the ministry of health to provide explanation on the policy for the procurement and utilisation of syringe and needles by federally-owned, state and private hospitals and agencies of the ministry....
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
NOA advises Nigerians to disregard conspiracy theories about coronavirus vaccine
File Photo The National Orientation Agency (NOA) has advised Nigerians to disregard conspiracy theories about COVID-19 vaccines and the various rumours being attributed to them. Director-General of NOA, Garba Abari, gave the advice in a statement, made available to newsmen in Abuja on Monday. Abari, while responding to insinuations of the possible use of the vaccines as population control and DNA altering measure, debunked the idea. He said that no vaccine would be allowed into Nigeria or administered to Nigerians without the approval of appropriate authorities. “Whatever vaccine coming into the country must be thoroughly tested and approved by relevant Nigerian authorities,’’ he said. He said the National Agency for Food and Drug Administration and Control (NAFDAC) as the agency responsib...
