Monday 20th February 2017,
Hope for Nigeria

Browsing the "Economy" Category

SEE Nigeria’s Total Debt As Of December 31, 2016

SEE Nigeria’s Total Debt As Of December 31, 2016

The Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo said Nigeria’s total debt as at December 31, 2016 was 57.39 billion dollars (N17.36 trillion). He made this known when defending the agency’s 2017 budget before the Senate Committee [...]

February 17, 2017 Economy
Nigerians are in for more pain

More Pain, Hunger For Nigerians As Inflation Hits 18.72%

Nigerians are in for more pain and hunger as inflation appears unabated with sharp increase in the prices of major food items across the country. A report from the National Bureau of Statistics (NBS), yesterday, indicated that the inflation rate, [...]

February 16, 2017 Economy
Politicians, NNPC Staff Allegedly Forged Buhari’s Signature To Sell $19m Crude In China.

Politicians, NNPC Staff Allegedly Forged Buhari’s Signature To Sell $19m Crude In China.

A member of the House of Representatives, Mr Ehiozuwa Agbonayinma, has alleged that certain politicians in connivance with some staff of the Nigerian National Petroleum Corporation (NNPC) forged President Muhammadu Buhari’s signature in order to illegally sell crude oil from [...]

February 15, 2017 Economy
Niger Delta

FG To Work With Illegal Oil Refiners Rather Than Destroying – Osinbajo

The much sought peace in the Niger Delta may not be far from realisation, as the Federal Government has made a u-turn by deciding to work with illegal oil refiners, instead of destroying their refineries. Speaking, Tuesday, during a visit [...]

February 15, 2017 Oil & Gas
US To Invest $1b Into Nigeria’s Power Sector

US To Invest $1b Into Nigeria’s Power Sector

Power Africa, an initiative by the US government to light up Africa, on Tuesday said it was planning to invest about one billion dollars on the power sector in Nigeria, the programme’s coordinator, Mr Andrew Herscowitz said. Herscowitz announced this [...]

February 15, 2017 Business
High Cost Of Food: FG Blames Police, Army, Customs, Others

High Cost Of Food: FG Blames Police, Army, Customs, Others

THE Federal Government of Nigeria yesterday attributed the ending high cost of food items across Nigeria to extortion of money from from truck drivers convey who farm produce to various urban centres by men of the Nigeria Police Force, their [...]

February 10, 2017 Economy
Nelson Ashinze

Ashinze, 9 Year-Old Designer To Get FG Support

The Minister of State for Industry Trade and Investment, Mrs Aisha Abubakar, says the Federal Government will support  nine-year-old Nelson Ashinze to realise his potential as a designer. Abubakar made the pledge during the presentation of Ashinze’s brand of designs, [...]

January 31, 2017 Finance
bank branch operating in darkness

Customers Complain Over Branches Blackout, Mobile Money Services Failure

THE last thing any bank customer expects in this age is a bank branch operating in darkness. That was the experience of a bank customer as reflected in one of the complaints below. Some of the complaints also show that [...]

January 30, 2017 Economy
World Bank Projects Price Hike In Commodities This 2017

World Bank Projects Price Hike In Commodities This 2017

A World Bank report has projected a surge in industrial commodities prices in 2017, with crude oil price forecasted at an average of $55 per barrel, about 26 per cent rise from 2016 levels. In its January 2017 Commodity Markets [...]

January 28, 2017 Economy
Bell Helicopters

Customs Seize Two Helicopters From Unknown Importer

The Murtala Muhammed International Airport Command of Nigerian Customs Service (NCS) has seized two civil models Bell Helicopters brought into the country by unknown importers. The Service immediately handed over the helicopters to the Nigerian Air Force for use in [...]

January 28, 2017 Transportation

Fashola In N166billion Road And Bridge Scandal.

The Bureau of Public Procurement (BPP) has queried the Minister of Works, Power and Housing, Babatunde Fashola over the award of 10 road and bridge contracts worth N166 billion. The BPP said the minister and his ministry violated the laws [...]

January 25, 2017 General, Government and politics, Transportation

Microsoft Warns Users Against The Use Of Windows 7

Microsoft yesterday encouraged business users to make the switch to a newer version of the operating system, claiming Windows 7 is no longer “fit” to be used in businesses. Th firm said Windows 7 “does not meet the requirements of [...]

January 18, 2017 Technology
Nigerian Liquefied Natural Gas (NLNG)

Cooking Gas Price Set To Crash As NLNG Discharges 13,000 Tonnes Of LPG

The skyrocketing price of cooking gas, which hit an all time high of N5,000 from N3,200 is to crash with the delivery of 13,000 tonnes of LPG by the Nigerian Liquefied Natural Gas (NLNG) Limited, in Lagos jetty at the [...]

January 17, 2017 Oil & Gas
Aliko Dangote

Dangote Aims 3,000 Jobs With Truck Assembly Plant

Aliko Dangote, Nigerian entrepreneur, aims to create 3,000 jobs with the establishment of a truck assembly plant in Ikeja, Lagos. The plant is the result of a partnership between the Dangote group and Sinotruck, a Chinese heavy-duty truck company. “The [...]

January 17, 2017 Business

BREAKING: Efforts To Save The Naira Have Crumbled. – IMF.

The International Monetary Fund (IMF) says efforts to save the Nigerian currency, the Naira by rationing foreign exchange have gradually crumbled and added that the challenges around foreign exchange in Nigeria have pushed inflation to double digits in Africa’s largest economy. [...]

January 15, 2017 Economy, Finance, International
Mrs Ada Ugo-Ndali

N1.7 Billion Subsidy Fraud: Oil Magnate Slumps In Court

Oil magnate Mrs Ada Ugo-Ndali slumped in the dock yesterday shortly before she was convicted of a N1.7 billion subsidy fraud by a Lagos high court sitting in Ikeja. Justice Lateefat Okunnu of a Lagos high court sitting in Ikeja [...]

January 14, 2017 Economy
cooking gas

Abuja Residents Queue Up To Buy Cooking Gas [Photos]

After queuing to buy petrol, kerosene and in some cases Diesel, Nigerians in Abuja are now queuing up to buy cooking gas.       The price of the essential commodity has skyrocketed from N3000 to N5,500 in the last [...]

January 14, 2017 Economy
National Electricity Regulatory Commission

Senate Rejects U.S. Based Professor As Electricity Commission Boss

The Senate has rejected the nomination of an American-based Nigerian professor, Akintunde Akinwande, as the head of the National Electricity Regulatory Commission. Mr. Akinwande was rejected for his failure to attend confirmation hearing. The decision was announced Tuesday. Other nominees [...]

January 11, 2017 Power
5 Tips On How To Impress Potential Employers

5 Tips On How To Impress Potential Employers

5 Tips On How To Impress Potential Employers: If you’re in the process of looking for a new job, you probably understand how important it is to impress potential employers in whatever way you can. However, when it comes to [...]

January 11, 2017 Employment
Nigeria’s aviation industry

Buhari Sacks Heads Of Nigerian Aviation Agencies

Four heads of agencies and colleges in Nigeria’s aviation industry have been sacked, according to a government statement. Those relieved of their jobs are the Managing Director of Nigerian Airspace Management Agency, NAMA, Emma Anasi; and the Director General of [...]

January 10, 2017 Employment

25 Items Banned From Being Imported To Nigeria (FULL LIST)

There are at least 25 items that have been banned from being imported into Nigeria. The list, circulated by the Finance Ministry on Friday, includes soaps, spaghetti and used fridges. The ban on the items was put in place by [...]

January 7, 2017 Economy
Diezani Alison-Madueke

Diezani, Former Petroleum Minister Forfeits $153.3 Million To Nigeria

Former Nigerian oil minister, Diezani Alison-Madueke, temporarily forfeited $153.3 million to the Nigerian government on Friday, the News Agency of Nigeria has reported. This was sequel to an order by a Federal High Court in Lagos. The seized money, according [...]

January 7, 2017 Oil & Gas

2017 BUDGET: Millions Of Naira To Be Spent On Buhari’s Kitchen (See Amount List)

2017 BUDGET: President Muhamadu Buhari's government has budgeted a whooping sum one 100million plus for its kitchen utensils and food in the state house Aso Rock. The report specifically highlighted that N100, 820,300 is to be spent on the purchase [...]

January 3, 2017 Economy

Nigerian Kids Celebrating CHRISTMAS Drinking Beer

A group of children have been pictured celebrating Christmas in a grand style, somewhere in Benue State.     The above photo is currently making rounds online The above little children were spotted celebrating Christmas in their own “special” way somewhere [...]

December 30, 2016 Economy

Bank Says: There Is No Money To Pay Customers

The British experiment called Nigeria has finally collapsed and there is no sign of it being redeemed. Can you imagine that during this Christmas season when Nigerians as well as BIAFRANS, need their money deposited in Nigerian banks, Nigerian banks [...]

December 30, 2016 Economy
MASSOB Says: We Are Dying Of Hunger, Even At Christmas We Could Not Afford To Cook, We Want To Leave Nigeria

MASSOB Says: We Are Dying Of Hunger, Even At Christmas We Could Not Afford To Cook, We Want To Leave Nigeria

The Cross River State chapter of the Movement for the Actualisation of Sovereign State of Biafra, MASSOB, has claimed that people are dying as a result of hunger. In a statement issued in Calabar on Tuesday by its Public Relations [...]

December 29, 2016 Economy

2017 Budget: Presidency plans to spend N6.5bn on cars, animals, kitchen equipment, others

The Presidency has proposed a N6.5 billion capital expenditure with which to buy cars, kitchen equipment, feed the animals in the Villa zoo, and rehabilitate office, as well as, residential buildings.   Buhari Specifically, N100.8 million has been earmarked for [...]

December 25, 2016 Finance
Beat Tomato Rice

Customs Intercepts 102 Bags Of Plastic Rice, Beat Tomato Brand, In Lagos

The Federal Operations Unit, Ikeja, of the Nigeria Customs Service has intercepted 102 bags of plastic rice branded “Beat Tomato Rice” with no date of manufacture. The Customs Area Controller of F.O.U. Comptroller Mohammed Haruna, on Tuesday, December 20, 2016 [...]

December 22, 2016 Economy

Nigeria To Close Abuja Airport for 6 Weeks

  Abuja Airport: The Minister of State for Aviation, Hadi Sirika, says the Nnamdi Azikiwe International Airport, Abuja, will be closed for six weeks in February and March 2017 for total repairs on the runway. Mr. Sirika told journalists in [...]

December 21, 2016 Transportation

Passengers Stranded as Protesting Workers Shutdown Nigeria’s Largest Airline, Arik

There is currently an ongoing protest at the domestic terminal of the Murtala Muhammed airport in Lagos as workers shutdown operations. The staff of Nigeria’s largest airline, Arik, who are currently staging a protest, have reportedly shutdown its operations at [...]

December 20, 2016 Transportation

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