Friday 19th October 2018,
Hope for Nigeria

Browsing the "Economy" Category

Compel FG to probe $12.7bn stolen oil, Falana tells oil workers

Human rights activist  and Lagos lawyer, Mr. Femi Falana, SAN, yesterday, eclared that $12.7 billion worth of crude oil was  allegedly stolen from Nigeria between 2011 and 2014, even as he called on the Petroleum and Natural Gas Senior Staff [...]

October 19, 2018 Oil & Gas

Nigeria extends crude-for-product swaps until June 2019

Nigeria’s state oil firm NNPC has extended its crude-for-product swap contracts, the country’s main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said. Despite having a refining capacity of about 445,000 [...]

October 19, 2018 Oil & Gas

Assent PIGB to save oil sector, journalists urge Buhari

Journalists across the federation at the weekend called on President Muhammadu Buhari to sign the Petroleum Industry Governance Bill (PIGB) into law to engender necessary reforms in the oil and gas sector. In a 10-point communiqué issued at the end [...]

October 15, 2018 Oil & Gas

Airlines lose over N400 million to MMA2 closure

Local airlines yesterday recorded losses in excess of N400 million over the closure of Murtala Muhammed Airport II (MMA2) and disruption of flight activities on Wednesday. The picketing by aviation workers, which enters day three this morning, has heightened fears [...]

October 12, 2018 Economy

Airport workers’ strike bites harder

The strike at the Murtala Muhammed Airport 2 (MMA2), Lagos, enters its second day and the bite has forced airline operators to make alternative arrangements to fly passengers. Aviation unions continued their picketing of the terminal on Thursday. The airlines [...]

October 11, 2018 Employment

Airlines fear huge losses as unions shut MMA2 Terminal

At least five airlines are now counting their losses over workers’ unions’ shutdown of the Murtala Muhammed Airport II (MMA2) Terminal in Lagos. The unions, under the aegis of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), the [...]

October 11, 2018 Transportation

We can eradicate poverty by spending N1trn on poor Nigerians — Osinbajo

ABUJA—VICE President Yemi Osinbajo has said spending N1 trillion to bail out the poor in Nigerian annually is capable of making significant difference in the country’s economy. Osinbajo, who stated this yesterday at the 9th Presidential Quarterly Business Forum at [...]

October 9, 2018 Economy

New modular 5,000bpd refinery, 300MW plant to boost Nigeria’s energy capacity

Nigeria is set to add at least 5,000 barrels of oil per day and 300MW to its energy capacity with the entrance of Waltersmith Refining and Petrochemical Company’s 5,000 barrels of oil per day modular refinery situated at the Ibigwe [...]

October 9, 2018 Oil & Gas

FG’s collateral-free loan excites Kaduna traders

Some traders at the Abubakar Gumi Central Market, Kaduna State, have commended the Vice President, Prof. Yemi Osinbajo, for the collateral-free loan tagged TraderMoni, to boost their businesses. Osinbajo was in the state to launch the state’s edition of the [...]

October 5, 2018 Economy

‘Poor corporate governance ruined Nigeria Air, 40 other airlines’

Major stakeholders in the aviation sector yesterday dissected the failure of local airlines like Nigeria Air, blaming poor corporate governance and management structure as the dominant causes of fatality in this clime. The experts, who spoke at the quarterly breakfast [...]

October 5, 2018 Transportation

Nigeria’s economic growth drops in 2018 – World Bank

The World Bank has said the projected growth of Nigeria’s economy in 2018 would drop from 2.1 per cent it had estimated for the country in April to 1.9 per cent.   It stated this in its October 2018 ‘Africa [...]

October 4, 2018 Economy

Nigeria, others to benefit from €2.6b European Union funds for growth

Nigeria is among some African countries to benefit from the €2.6 billion European Fund for Sustainable Development (EFSD). The EFSD will contain two ‘blending’ facilities/ platforms, which will provide grants to improve the conditions under which public institutions and the [...]

October 4, 2018 Economy

Nigerians decry digital services of banks

Nigerians decry digital services of banks: A Five-month survey on banks in Nigeria has revealed customers’ dissatisfaction with some of the digital services rendered by them.Conducted by Agusto&Co and unveiled to journalists in Lagos yesterday, the study indicated that platforms [...]

October 4, 2018 Business

NCC raids Lagos in fight against sale of pre-registered SIMs

NCC raids Lagos: The Nigerian communications Commission (NCC), has warned Mobile Network Operators (MNOs) against hiring agents that will put them into trouble through the peddling of pre-registered Subscriber Identification Modules (SIM) cards. NCC gave this warning in Lagos, at [...]

October 2, 2018 Technology

Kogi lecturer slumps, dies over non-payment of salary

Tragedy struck yesterday when a lecturer with the Kogi State Polytechnic, Lokoja, Mr. Yakubu Nataala, reportedly slumped and died at his Kogi Poly quarters’ residence in Lokoja, the state capital. It was gathered that the deceased might have died due [...]

October 2, 2018 Employment

Unending struggle for new minimum wage

The contestation that has characterised the 2018 negotiation of a new national new minimum wage for the country is unprecedented. From the initial contact between labour and government in 2016, when the present wage floor was due for renegotiation to [...]

October 2, 2018 Economy

Full compliance in Bayelsa as public schools, banks shut down

Activities at government offices and schools were grounded yesterday as the nationwide strike embarked upon by the Labour entered its second day in Yenagoa, the Bayelsa State capital. Banks and other government enterprise were not left out, with only pupils [...]

September 29, 2018 Economy

Passengers stranded as labour disrupts flight operations

Passengers yesterday were stranded at the Lagos airports as members of the organised labour paralysed fight operations over inability of the Federal Government to come up with a new national minimum wage for workers. Labour officials, who arrived at Airpeace [...]

September 29, 2018 Transportation

Government offices, companies closed in Kwara, Ondo, Rivers, Katsina

Government offices, including courts and public schools, as well as companies were yesterday shut in many states across the country in compliance with the Nigeria Labour Congress (NLC) directive on the strike. The organised labour began its strike midnight, Wednesday, [...]

September 28, 2018 Economy

Oil marketers urge government to pay alleged N650 billion debt

The Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs) have raised the alarm over a N650 billion allegedly owed them by Federal Government in subsidy arrears, saying its [...]

September 28, 2018 Oil & Gas

Looming population explosion to affect Nigeria adversely by 2050, U.S. warns

The United State government yesterday warned that Nigeria’s projected 40 million population by 2050 would put pressure on the nation’s economy and worsen the prevalent poverty in the land. The U.S. Deputy Chief of Mission in Nigeria, David Young, who [...]

September 28, 2018 Economy

Labour urges Nigerians to stockpile necessities as nationwide strike looms

With twenty-four to the deadline given by organised labour to the Federal Government to announce a new national minimum of N65,000, the movement has urged Nigerians to stockpile food and other necessities given what it described as government’s “known intransigence [...]

September 25, 2018 Economy

FIRS gets N13 billion from defaulting taxpayers

Less than a month into the unveiling of its account substitution policy of defaulting taxpayers, the Federal Inland Revenue Service (FIRS) has announced the collection of N12.66 billion revenue. The Executive Chairman, Tunde Fowler, disclosed this at the weekend when [...]

September 24, 2018 Economy

Investors commit $46b to 42 projects in nine states, FCT

The national economy got $45.7 billion investments in 12 sectors from January to June this year, the Nigerian Investment Promotion Commission (NIPC) has stated. In its latest report released at the weekend in Abuja, the agency noted that the sum [...]

September 24, 2018 Economy

Nigeria Air to cost nation N180b yearly

Except for its indefinite suspension last Wednesday, the national carrier, Nigeria Air, was to cost Nigeria at least N180b yearly for the next 10 years, operators have said. Local airlines operators, who are privy to the actual business design, as [...]

September 23, 2018 Transportation

Polaris Bank takes over Skye Bank with N786b fresh capital

From Monday, September 24, all branches of Skye Bank Plc would wear a new identity, known as Polaris Bank Limited, as the latest take over of distressed financial institution in the country. The development, which has been under the direct [...]

September 22, 2018 Business

Benue workers dread Ortom’s committee to disburse N14.9 billion

Concerned Benue workers have expressed fears over the setting up of committee for the disbursement of N14.9 billion Paris Club Refund accruing to the state, noting that similar exercises in the past ended up in a sham. Some of the [...]

September 22, 2018 Economy

You must face trial for alleged N1.7bn theft, Judge tells FirstNation MD

Justice Mojisola Dada of the Ikeja Special Offences Court has ordered that Kayode Odukoya must face trial over an alleged N1.7billion theft charge proffered against him by the Economic and Financial Crimes Commission (EFCC). Odukoya is the Managing Director of [...]

September 22, 2018 Economy

Nigeria’s foreign debt stands at $22.08bn, local N3.48trn

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s foreign debt stands at $22.08billion. The bureau’s ‘Nigerian Domestic and Foreign Debt’ Q2 2018 report released in Abuja, said the country’s domestic debt stood at N3.48trillion. According to the bureau, [...]

September 22, 2018 Economy

Nigeria’s foreign debt rises by 17% H1’18 to $22.1bn

The National Bureau of Statistics (NBS), yesterday, said that Nigeria’s foreign debt at the end of the first half of 2018 (H1’18) stood at $22.08 billion. This represents a 17 percent rise over the $18.9 billion recorded at the end [...]

September 21, 2018 Economy