Tuesday 18th December 2018,
Hope for Nigeria

Browsing the "Economy" Category

Qatar Airways confirms talks with Nigerian government on national carrier

Government’s plan for a national carrier, decades after the demise of the Nigerian Airways, will be a pipe dream unless it is ready to invest massively in airport infrastructure. Board chairman of the International Air Transport Association (IATA) and chief [...]

December 18, 2018 Business

Nigeria to export unutilised power to West African countries

Nigeria is to export the excess quantum of electricity that is unutilised in the country to other West African countries. The Transmission Company of Nigeria said the export would raise the quantum of electricity exported from Nigeria to the West [...]

December 18, 2018 Economy

NUPENG strike: Buhari, Senate c’ttee meet to avert fuel scarcity

PRESIDENT Muhammadu Buhari, weekend, met behind closed doors with Chairman, Senate Committee on Petroleum, Downstream, Kabir Marafa, on measure taken to avert fuel scarcity during the festive season, following the threat by Nigeria Union of Petroleum and Natural Gas Workers, [...]

December 17, 2018 Oil & Gas

Workers to shutdown NASS on Monday

Workers of the National Assembly are to commence a four-day warning strike on Monday in continuation of their protest to demand better welfare. The workers on the platform of Parliamentary Staff Association of Nigeria (PASAN), National Assembly chapter, took the [...]

December 16, 2018 Employment

Traffic worsens on Lagos-Ibadan Expressway

The gridlock along the Lagos-Ibadan Expressway continued on Saturday as commuters lamented the situation which left them stranded in the early hours of the day. Road users have for the past four days been enduring the gridlock caused by ongoing [...]

December 16, 2018 Transportation

Revealed: How Buhari got N260,000 bank loan to build first house as Head of State

Details of how President Muhammadu Buhari applied and got bank loan of N260, 000 to build his first and only house in Kaduna, have emerged, with some Nigerians questioning whether his Spartan life of 1984 when he served as head [...]

December 15, 2018 Economy

Nigeria’s Balance of Payments deteriorates to $4.5b – CBN

The Central Bank of Nigeria (CBN) yesterday said that the Nigeria’s Balance of Payments deteriorated to  deficit of $4.5 billion  in the third quarter of the year (Q3’18) from $503 million surplus  in the second quarter of the year (Q2’18). [...]

December 15, 2018 Oil & Gas

South-East economy looks forward to 2nd Niger Bridge

THE Nigeria Sovereign Investment Authority, NSIA, has rolled-out the commercial and economic trajectories of its investment action on the second Niger Bridge, linking South East economic region to South West and Lagos.   The Managing Director, Mr. Uche Orji, said [...]

December 14, 2018 Economy

Nigeria’s first gold refinery to be completed June 2019

Nigeria’s first gold refinery to be completed June 2019 A Nigerian firm, Kian Smith Trade & Co Limited, on Thursday, broke ground on the nation’s first gold refinery, saying the project would be completed by the end of the first [...]

December 14, 2018 Business

JUST IN: Fuel depot owners suspend shutdown operations

Barely five hours after it announced the directive to its members to shut down their depots by midnight on Sunday, the Depot and Petroleum Products Marketers Association of Nigeria has suspended the shutdown of operations. The suspension was conveyed in [...]

December 10, 2018 Oil & Gas

Food import discipline saves Nigeria $21bn – Buhari

President Muhammadu Buhari yesterday said that he was excited with the amount of savings made by the country from cutting import on food and other consumables. The President said Nigeria has saved a total of $21 billion in curbing excessive [...]

December 10, 2018 Economy

Nigeria subsidises petrol consumption for other African countries

The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries. This development is being justified by the [...]

November 29, 2018 Oil & Gas

Nigeria’s economy is bleak, says World Bank

The World Bank has said that Nigeria’s Gross Domestic Product (GDP) growth is expected to hover slightly below two per cent in 2018, largely driven by non-oil industry and services. Its “Economic Update” issued in Abuja yesterday indicates that Nigeria, [...]

November 29, 2018 Economy

Ikeja Electric launches Academy to deepen safety culture

Ikeja Electric Plc (IE) says it has launched a professional Quality Health, Safety and Environment Academy (QHSE) tagged: “i-Empower” to deepen the culture of safety among its employees. Mr Felix Ofulue, the Head, Corporate Communications Unit, said in Lagos on [...]

November 25, 2018 Power

Customs seizes 27 trucks of rice, 21 vehicles worth N2.9b

The Nigeria Customs Service (NCS), Seme Border Command, yesterday announced the seizure of contrabands worth over N2.9 billion. They included 27 trailer loads of foreign parboiled rice smuggled into the country through neighboring Benin Republic. Displaying the seized items to [...]

November 22, 2018 Economy

Amosun presents N402.6b budget to Ogun assembly

Governor Ibikunle Amosun of Ogun State yesterday presented the 2019 budget estimate of N402.63 billion to the House of Assembly. This represents 17 per cent increase of last year’s estimate, which was N345.4 billion. Education got the lion’s share of [...]

November 22, 2018 Business

Government assures of resuscitating economy to boost job creation

Minister of Budget and National Planning, Udoma Udo Udoma has said that the Federal Government is making good progress in its efforts to revive and resuscitate the economy. The minister, who admitted that the economy is not yet sufficiently diversified, [...]

November 20, 2018 Employment

‘Power sector loses N1.287b daily’

Nigerian power sector said it lost approximately N1.287 billion on Saturday due to insufficient gas supply, distribution and transmission infrastructure.On the same day, average energy sent out was 4,157 megawatts/hour, which was down by 89.19MW from the previous day. This [...]

November 19, 2018 Power

Salary: Ondo workers threaten to begin strike on Tuesday

The organised labour unions in Ondo State have threatened to commence strike on Tuesday (tomorrow)  if the government failed to pay the backlog of their salary arrears. The workers asked Governor Rotimi Akeredolu to pay the backlog from the N20bn [...]

November 12, 2018 Employment

Edo, Kwara governors call for improved revenue generation to meet up new minimum wage

As Nigerians await a new minimum wage, Kwara State Governor, Abdufatah Ahmed has implored state governors to increase revenue generation in their respective states to meet up with the new minimum wage. The governor made this call in Abuja during [...]

November 10, 2018 Economy

Dangote Group’s revenue’ll hit $30bn by 2020 ― Dangote

The President, Dangote Group, Aliko Dangote, has said the revenue of his group of companies will hit $30bn by 2020, The Cable reported on Thursday. The multibillionaire, while speaking at the Africa Investment Forum in Johannesburg, South Africa, noted that the progress [...]

November 9, 2018 Economy

FG invests N72 billion in distribution of 2000MW, others

Although, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in [...]

November 9, 2018 Power

Atiku charges Buhari to implement N30, 000 minimum wage

Standard-bearer of the Peoples Democratic Party (PDP), Atiku Abubakar, has charged President Muhammadu Buhari to be faithful to Nigerian workers by paying the agreed N30, 000 new minimum wage. Atiku Presidential Campaign Organisation made the call in a statement in [...]

November 8, 2018 Economy

Attendant, supervisor lead bandits to rob Lagos petrol station

The supervisor of Skeptar Petrol Station, Daniel Freedom, 20, and a fuel attendant, Mike Charles, 20, have been arrested by operatives of the Lagos State Police Command for allegedly robbing the petrol filling station where they both work in the [...]

November 6, 2018 Oil & Gas

Panic buying as Nigerians prepare for labour strike

Nigerians yesterday were caught up in panic buying as they anticipated the industrial action by the organised labour.A visit to some filling stations in the Abuja metropolis showed many motorists trooping in to buy fuel. Banking halls were also filled [...]

November 6, 2018 Economy

Dockworkers action to shut 34 vessels out of Lagos ports

About 34 vessels expected at seaports across the country, particularly in Lagos, may be impeded by dockworkers’ strike. This was contained in the Shipping Position issued yesterday by the Nigerian Ports Authority (NPA). It revealed that many of the vessels [...]

November 6, 2018 Oil & Gas

Gas production leaps as NNPC records 1,858 vandalised pipelines

A total of 230.35 billion cubic feet (Bcf) of natural gas was produced in the country in July this year, averaging a daily production of 7,678.17 million standard cubic feet (mmscfd), the Nigerian National Petroleum Corporation (NNPC) has disclosed. The [...]

November 5, 2018 Oil & Gas

ASUU begins strike, labour mobilises for tomorrow

ASUU begins strike: As its tomorrow’s deadline for strike draws close, organised labour did not attend the conciliatory meeting with the Federal Government’s team in Abuja yesterday. It said it was not invited. In a related development, the Academic Staff [...]

November 5, 2018 Economy

PDP promises to return fuel pump price to N87 per litre

The Peoples Democratic Party (PDP) yesterday promised to return the pump price of petrol from N145 to N87 per litre if its presidential candidate, Atiku Abubakar, is elected next year. The party said it had gathered from high-level engagements with [...]

November 2, 2018 Economy

NITDA: Cybercriminals defraud Nigerians

The National Information Technology Development Agency has said, Cybercriminals are now using a variety of ways, like swapping of mobile phone SIM cards, to defraud Nigerians of their hard earned money. In a statement made available to our correspondent in [...]

October 24, 2018 Technology