Tuesday 15th June 2021,
Hope for Nigeria

Browsing the "Economy" Category

Child labour on the rise for the first time since 2000

Child labour on the rise for the first time since 2000

Child labour has increased to 160 million – the first rise in two decades – and that number could swell by millions more because of the effects of the coronavirus pandemic, the UN said on Thursday. A report by the [...]

June 10, 2021 Economy
Nigeria To Sell Electricity To Four West African Countries

Nigeria To Sell Electricity To Four West African Countries

Nigeria is in talks with four West African countries expected to buy unused electricity from it.  The deal will be done through a planned $570 million Northcore Power Transmission Line. The acting Managing Director of the Transmission Company of Nigeria [...]

June 10, 2021 Power
IGP: Existing Tinted Car Permits Remain Valid

IGP: Existing Tinted Car Permits Remain Valid

The Inspector-General of Police, Usman Alkali Baba, has said that all existing vehicle tinted glass permits which were duly issued by the Nigeria Police Force remain valid. This is an update on the order by the IGP which, a few [...]

June 10, 2021 Transportation
70% of govt agencies host data abroad

70% of govt agencies host data abroad

With as much as $220 million investments in about 11 data centre operations in Nigeria, utilisation of this huge infrastructure is still below 30 per cent in the country. The Hopefornigeriaonline gathered that a data centre requires between $10 million [...]

June 8, 2021 Technology
Police Arrest Two Transborder Cattle Rustlers

Police Arrest Two Transborder Cattle Rustlers

Two suspected Transborder cattle rustlers have been arrested by the police in Adamawa State. The police have also recovered 83 heads of cattle from the arrested suspects, a 32-year-old Njidda Ardo and one Julde Ali, 30-year-old; both from Rumirgo village [...]

June 4, 2021 Agriculture, Crime
Buhari’s lust for loans amid rising debts

Buhari’s lust for loans amid rising debts

The recent approval of two fresh foreign loans of $1.5 billion and €995 million respectively, by the Senate, has raised a lot of concerns among many stakeholders in the country. Many have considered it a very bad move in the [...]

May 31, 2021 Finance
£4.2 million Ibori loot paid to Delta govt

£4.2 million Ibori loot paid to Delta govt

The £4.2 million recovered from the former governor of Delta State, James Ibori, has been paid to the Delta State Government, the Accountant General of the Federation, Ahmed Idris, said on Tuesday. The fund, which the federal government recently received from [...]

May 26, 2021 Finance
IPOB hires another lobbying firm in fresh N300M deal

IPOB hires another lobbying firm in fresh N300M deal

The leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu, has engaged a new American lobbying firm to help the group win the support of the U.S. government. The one-year deal is slated to run for 12 months and [...]

May 25, 2021 Economy
‘Food production to increase with ban on open grazing’

Food production to increase with ban on open grazing

Nigerian farmers and agricultural scientists have expressed optimism that food production will receive a boost as the southern governors have declared a ban on open cattle grazing in the regions. For decades, open grazing of cattle has led to violent [...]

May 24, 2021 Agriculture, Food
Amidst COVID-19 challenges, Nigeria’s economy grows again

Amidst COVID-19 challenges, Nigeria’s economy grows again

Nigeria’s economy grew 0.51 per cent in the first quarter of 2021, a report published by the statistics office on Sunday shows. The latest report highlighted two consecutive quarters of growth following the negative growth rates recorded in the second [...]

May 24, 2021 Economy
ICPC: Foreign countries should refund stolen funds with interest

ICPC: Foreign countries should refund stolen funds

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoy, has canvassed the payment of interests on stolen funds by benefiting foreign nations as part of measures to redress the menace of Illicit Financial Flows (IFFs). The [...]

May 21, 2021 Finance
Nigeria’s national air carrier to begin operation in 2022

Nigeria’s national air carrier to begin operation in 2022

Nigeria will begin the operation of a new national air carrier in the first quarter of 2022, the Minister of Aviation, Hadi Sirika, announced Wednesday. Mr Sirika said this while speaking to journalists after the Federal Executive Council presided by Vice President [...]

May 20, 2021 Business
Paris summit mobilises finance, vaccines for Africa

Paris summit mobilises finance, vaccines for Africa

A Paris summit Tuesday promised to help Africa overcome the coronavirus pandemic with a “New Deal” using global financial firepower to replenish depleted coffers and ramp up a sluggish vaccine rollout. The summit, which brought together African leaders and global [...]

May 19, 2021 Finance
Buhari seeks fresh N2.3tr loan to fund 2021 budget

Buhari seeks fresh N2.3tr loan to fund 2021 budget

UNDP ex-consultant cautions President against sinking Nigeria President Muhammadu Buhari, yesterday, wrote the National Assembly for approval to borrow fresh $6.183 billion (N2.343 trillion) to fund the 2021 budget deficit of N5.602 trillion. Titled “Request for the resolution of the [...]

May 19, 2021 Economy
Nigeria’s inflation falls the first time in 21 months

Nigeria’s inflation falls the first time in 21 months

Nigeria’s inflation rate reduced by 0.05 per cent in April compared to what obtained in March, the National Bureau of Statistics said in a report Monday. The bureau said while inflation rate stood at 18.17 per cent in March, it reduced to [...]

May 18, 2021 Economy
Owoh: Currency printing is Finance Ministry’s responsibility

Owoh: Currency printing is Finance Ministry’s responsibility

Godwin Owoh, a professor of applied economics and expert in central banking, in an interview with GEOFF IYATSE, speaks on the economic distortion caused by unrestrained Ways & Means (W&M) financing, the Central Bank of Nigeria (CBN) supervision and other [...]

May 17, 2021 Finance
FG Clueless On Economic Revival

FG Clueless On Economic Revival

Bauchi Governor Bala Mohammed has said the Federal Government has lost ideas on how to address the various economic challenge bedeviling the nation. Mohammed, who spoke on Thursday at the Government House shortly after performing the Eid prayers to mark [...]

May 15, 2021 Economy
Climate harm puts brakes on buying Teslas with bitcoin

Climate harm puts brakes on buying Teslas with bitcoin

Tesla hit the brakes Wednesday on letting people pay for electric cars with bitcoin, saying the computing-intense mining process of creating new cryptocurrency spews climate-harming emissions. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and [...]

May 13, 2021 Finance
Nigeria’s electricity grid collapses again

Nigeria’s electricity grid collapses again

The Transmission Company of Nigeria (TCN) says the national grid experienced a total system collapse on Wednesday resulting in blackout in some parts of the country. The TCN confirmed the development in a statement by its General Manager, Public Affairs, Ndidi Mbah. [...]

May 13, 2021 Power
Reps panel threatens to summon Buhari

Reps panel threatens to summon Buhari

The House of Representatives Committee on Petroleum (Upstream) has given the Nigerian National Petroleum Corporation (NNPC) 14 days ultimatum to appear before it. Should the NNPC fail to appear, the committee said, it will summon the Minister of Petroleum, President Muhammadu Buhari. [...]

May 7, 2021 Oil & Gas
Indonesia economy shrinks for fourth straight quarter

Indonesia economy shrinks for fourth straight quarter

Indonesia’s economy shrank for the fourth consecutive quarter in January-March, data showed Wednesday, as the country’s leaders struggle to overcome a recession wrought by the coronavirus pandemic. The 0.74 percent on-year contraction was a big improvement on the 2.19 percent [...]

May 5, 2021 Economy, International
Africa should develop its own electric vehicle agenda

Africa should develop its own electric vehicle agenda

The future of transportation appears to be electric. More and more people across the globe are opting for electric vehicles and the industry is undeniably on a positive trajectory. According to the International Energy Agency, the number of electric cars, [...]

May 4, 2021 Africa, Transportation
Why FG Can’t Continue Fuel Subsidy

Timipre Sylva: Why FG Can’t Continue Fuel Subsidy

The Federal Government has insisted that Nigerians should brace up for an increment in the pump price of petrol, in the light of the current economic situation in the country. The Minister of State for Petroleum Resources, Chief Timipre Sylva, [...]

May 1, 2021 Oil & Gas
CBN queries First Bank for appointing new MD

CBN queries First Bank for appointing new MD

The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval. The query is contained in a letter dated April 28, 2021, signed [...]

April 29, 2021 Finance
Nigerian politicians own 800 properties worth $400m

Nigerian politicians own 800 properties worth $400m

Matthew Page, an associate fellow of London-based Chatham House, an international affairs think tank, has advised investigators to focus on real estate and education sectors, when tracking illicit financial flows and money laundering. He gave the advice in a paper [...]

April 28, 2021 Real Estate
Fayemi Imports 227 Pregnant Cows From US

Fayemi Imports 227 Pregnant Cows From US

Governor Kayode Fayemi says his administration has imported more than 200 pregnant cows from the United States of America. Ekiti-owned Ikun Dairy Farm will manage the pregnant cows in Ikun-Ekiti. The farm is to serve as a prototype for the [...]

April 28, 2021 Agriculture
EFCC cautions Nigerians against Bitcoin, forex trading

EFCC cautions Nigerians against Bitcoin, forex trading

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against what it described as any investment that promises returns that looks too good to be true. “Though risk-taking is considered by some as the oxygen that drives investment decisions, [...]

April 27, 2021 Finance
Petrol pump price hike and dangers ahead

Petrol pump price hike and dangers ahead

The Federal Government can no longer continue to shy away from frontally confronting the absurdities inherent in the country’s downstream petroleum sector that has witnessed galloping prices in the midst of huge and endless government subsidy. It is a grave [...]

April 26, 2021 Oil & Gas
How State Govts Cheat Oil-Producing Communities

How State Govts Cheat Oil-Producing Communities

Since Nigeria’s Fourth Republic began in 1999, the eight oil and gas producing states have received over N9 trillion under the derivation principle sanctioned by the nation’s constitution. The constitution stipulates payment of 13 per cent of oil revenue from [...]

April 24, 2021 Oil & Gas
NEC backs finance minister, says no money printed

NEC backs finance minister, says no money printed

The National Economic Council (NEC) has denied the federal government printed money to boost allocations to states in March, brushing aside explanations by the central bank governor that the bank was within its rights to do so. The government had [...]

April 23, 2021 Finance