Saturday 16th February 2019,
Hope for Nigeria

Browsing the "Economy" Category

Buhari arrives in Lagos for campaign

Buhari vows to probe $16 billion power sector expenditure

President Muhammadu Buhari yesterday vowed to probe the $16 billion invested in the power sector by his predecessor in office, Chief Olusegun Obasanjo. He pledged that every kobo would be recovered and anyone found wanting exposed. Speaking during an All [...]

February 14, 2019 Power
Babachir Lawal

Babachir Lawal, others plead not guilty to fraud charges

The Economic and Financial Crimes Commission on Tuesday arraigned the immediate-past Secretary to the Government of the Federation, Mr Babachir Lawal, and four others on fraud charges. The five defendants, including Lawal, pleaded not guilty to all the 10 counts [...]

February 13, 2019 Economy

Investors gain N253.7bn as market capitalisation hits N12tn

Investors in the nation’s stock market gained N253.7bn on Tuesday as the market capitalisation of equities listed on the Nigerian Stock Exchange rose above the N12tn mark. Equities listed on the NSE extended their gaining streak to the eighth consecutive [...]

February 13, 2019 Economy
Economy grew by 1.93% in 2018 – NBS

Economy grew by 1.93% in 2018 – NBS

The National Bureau of Statistics on Tuesday released the Gross Domestic Product report for the fourth quarter of 2018, with the economy recording a growth rate of 2.38 per cent year-on-year. The 2.38 per cent growth rate in the GDP [...]

February 13, 2019 Economy
nigeria's small businesses

Nigeria’s small businesses suffer N48 trillion funding gap

The numerous intervention schemes notwithstanding, the Central Bank of Nigeria (CBN) has put the existing financing gap in the small business segment of the economy at $158 billion (N48 trillion).According to the apex bank, the quest for inclusive economic growth [...]

February 12, 2019 Business
Nigeria loses out as operators shun local ship registry

Customs duty: Nigeria loses out as operators shun local ship registry

Prohibitive customs duty has been identified as the reason why Nigeria has not been able to benefit from earnings in vessel registration. Nigerian flagged ships are required to pay 15 per cent customs duty while the foreign flagged ones attract [...]

February 4, 2019 Oil & Gas
FG denies plot to shut down internet access over polls

FG denies plot to shut down internet access over polls

The Federal Government has denied the allegation making the rounds in the media that it had connived with the Independent National Electoral Commission (INEC) to work with Internet Service Providers (ISPs) in the country to shut down Internet access during [...]

February 2, 2019 Telecomms
30 fuel vessels, others stuck on Lagos high sea

30 fuel vessels, others stuck on Lagos high sea

The Nigerian Customs Service (NCS) cumbersome documentation process may have delayed about 25 vessels currently stuck on the Lagos high sea, laden with petroleum products, and other goods waiting to berth and discharge the products for domestic consumption. The latest [...]

February 1, 2019 Oil & Gas
Air Peace

Air Peace aborts Lagos-bound flight over bomb scare

A Lagos-bound Air Peace flight was forced to return to the Nnamdi Azikiwe International Airport, Abuja, on Wednesday, following safety concerns over an explosive on board the aircraft. The Corporate Communications Manager of the carrier, Mr Chris Iwarah, said the [...]

January 31, 2019 Transportation
Ambode: Group wants Lagos Assembly’s N28.8bn running cost probed

Ambode: Group wants Lagos Assembly’s N28.8bn running cost probed

A civil rights organisation, Legislative Probity and Accountability, has given the Lagos House of Assembly five days ultimatum within which to account for the N28.8bn said to have been collected as running cost under the leadership of Mudashiru Obasa. The [...]

January 30, 2019 Economy

Okonjo-Iweala declares:‘I’m ready to be World Bank President!’

Nigeria’s former Finance Minister and ex Vice President of the World Bank, Ngozi Okonjo-Iweala, says she’s ready to assume the number one position of the Bretton Woods institution. Mr. Jim Yong Kim, who was reappointed World Bank President for a [...]

January 25, 2019 Employment
minimum wage

Minimum wage not enough to live on —NLC president

President of the Nigeria Labour Congress, Ayuba Wabba, has lamented that minimum wage can barely provide basic necessities of life for workers in many parts of the world, noting that one per cent of the world population now controls half [...]

January 23, 2019 Employment, General

Facebook partners Nigerian hubs to promote entrepreneurship

Facebook says it is unveiling a new incubation programme, in partnership with its Nigerian satellite hubs to help local start-ups and upcoming entrepreneurs realise their business goals. Facebook Developer Programme Manager Kendra Nnachi said in a statement on Wednesday in [...]

January 23, 2019 Telecomms

Whatsapp reportedly crashes worldwide except in Nigeria

WhatsApp users in the country on Wednesday rejoiced that the messaging app did not crash on Tuesday contrary to what was experienced in some parts of the world. It would be recalled that several users worldwide, both on Android and [...]

January 23, 2019 Telecomms

Don’t Renew BEDC License – Oba Of Benin Tells Buhari

The Benin Monarch, Oba Ewuare II, has asked President Muhammadu Buhari not to renew the license of the Benin Electricity Distribution Company (BEDC) for its inability to provide electricity. Oba Ewuare II appealed to Buhari to support Governor’s Godwin Obaseki’s [...]

January 18, 2019 Power

Minimum wage: FG to send proposal to NEC Thursday

The Federal Government is set to present the N30,000 new National Minimum Wage proposal to the National Economic Council on Thursday (tomorrow) for further consultations. This was the key resolution of an extraordinary meeting of the Federal Executive Council, which [...]

January 16, 2019 Employment

Oil prices to hover around $65-70 through 2023, says survey

Oil prices are expected to oscillate close to current levels well into the next decade, averaging around $65-70 per barrel through 2023, according to an annual survey of energy professionals conducted by Reuters. Despite the recent slump in oil prices, [...]

January 16, 2019 Oil & Gas

CBN To Compensate 500,000 Rice Farmers Affected By Flood

The Rice Farmers Association of Nigeria (RIFAN) said the Central Bank of Nigeria (CBN) has approved compensation for over 550,000, rice farmers affected by the 2018 flood disaster. RIFAN national president, Alhaji Aminu Goronyo, on Tuesday in Abuja told News [...]

January 16, 2019 Economy
Gencos threaten to shut down power plants

Gencos threaten to shut down power plants

Electricity generation companies in the country have said they will be forced to shut down their power plants if the challenges facing them are not addressed. The Association of Power Generation Companies, the umbrella body for the Gencos, said on [...]

January 15, 2019 Power

Nigeria’s maritime sector now attractive to investors, says FG

Secretary to the Government of the Federation (SGF), Boss Mustapha, has disclosed that the Federal Government has repositioned the Nigerian maritime industry for the country’s economic growth. He said such development had also made the sector attractive to local and [...]

January 14, 2019 Business

No budgetary provision for 3,050MW Mambila project –Fashola

There is no budgetary provision for the construction of the 3,050 megawatts Mambila hydropower project, the Federal Government declared on Sunday. The government said the claims that the loan negotiations for the project had stalled since 2017 because of an [...]

January 14, 2019 Power

TCN announces planned power outage in Lagos, Ogun

The Transmission Company of Nigeria (TCN) has announced a planned power outage in some parts of Lagos and Ogun States on Jan. 13 and Jan. 15, between 8:00am and 5:00pm. Ms Ndidi Mbah, the General Manager, Public Affairs Unit, TCN, [...]

January 12, 2019 Power

Buhari not our owner –Keystone Bank

Keystone Bank Limited has denied allegations that President Muhammadu Buhari has a stake in the bank. The bank, on Tuesday, stated, “The fact of the ownership of Keystone Bank by the Asset Management Corporation of Nigeria was never in doubt. [...]

January 9, 2019 Business
No provision for dredging ports outside Lagos, says Manufacturers Association of Nigeria (MAN)

Budget: No provision for dredging ports outside Lagos, says Manufacturers Association of Nigeria (MAN)

The Manufacturers Association of Nigeria (MAN) has pointed out that there is no mention in the 2019 budget of the need to dredge the various ports outside Lagos to decongest the Tin Can Island and Wharf ports. The Manufacturers Association [...]

January 1, 2019 Economy

Saraki: It’s Criminal to Say Nigerians Consume Over 50m Litres of PMS Daily

Less than two months before the 2019 presidential election, the Senate President, Dr Bukola Saraki, has taken a swipe at the All Progressives Congress (APC)-led federal government, accusing it of lying to Nigerians that the country consumes 50 million litres [...]

December 30, 2018 Oil & Gas
Abacha Loot

We Transferred Recovered $322m Abacha Loot To 300,000 Poor Homes — FG

Abacha Loot: The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, has explained how the $322m recovered from late Gen. Sani Abacha’s family is being utilised by the Muhammadu Buhari administration. Shehu, in a statement obtained [...]

December 29, 2018 Economy
LAKE Rice availability

Yuletide: Lagos assures residents of LAKE Rice availability

The Lagos State Government has assured residents of the availability of LAKE Rice during the Christmas and New Year festive periods. The Commissioner for Agriculture, Mr Oluwatoyin Suarau, said the home-grown rice had been available for purchase since Saturday, December [...]

December 24, 2018 Economy
FG to release N4bn

FG to release N4bn for professors, Perm Secs’ pensions

The Federal Government is set to release N4bn to kick-start the payment of full salaries as minimum pensions for some categories of retirees under the Contributory Pension Scheme as mandated by the Pension Reform Act 2014, NIKE POPOOLA writes Some [...]

December 24, 2018 Employment

Woman sells own pants, makes N28m a year

A woman has revealed she earns around £60,000 (about N28m) a year selling her worn pants and uses the money to look after stray cats, who visit her home. Raven Nix, 33, from Bristol, sells her worn undies for £20 [...]

December 22, 2018 Business

Maiduguri residents protest against uninterrupted electricity supply

Residents of Maiduguri, capital of Borno State, said that their 24-hour-electricity supply be cut short immediately. According to them, the constant power supply has caused a huge increase in charges. They are demanding that the Yola Electricity Distribution Company reduce [...]

December 22, 2018 Power