Sunday 19th September 2021,
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Browsing the "Economy" Category

Dangers of youth unemployment

Dangers of youth unemployment

Recent prosecution and conviction of 33 youth members involved in cybercrimes, coupled with grave statistics of youth unemployment in the country point emphatically to the dangers, unless the concerned authorities purge themselves of the lethargy that has been their bane [...]

September 18, 2021 Employment
Buhari seeks NASS approval to borrow another $4bn, €710m

Buhari seeks NASS approval to borrow another $4bn, €710m

President Muhammadu Buhari is seeking the approval of the National Assembly to borrow another $4 billion ($4,054,476,863) and €710 million loan from bilateral and multilateral organisations to fund the deficit in the 2021 budget. The president, in a letter to [...]

September 15, 2021 Finance
LASAA holds conference, exhibition for stakeholders

LASAA holds conference, exhibition for stakeholders

Lagos State Signage and Advertisement Agency (LASAA) has announced plans to host the 2021 Out-of-Home Advertising Conference and Exhibition for stakeholders between September 23 and 24, 2021 at the Eko Hotel and Suites on Victoria Island in Lagos. The highly [...]

September 14, 2021 Economy
Buhari - ‘Igbos in charge of Nigeria’s economy’

Buhari – ‘Igbos in charge of Nigeria’s economy’

President Muhammadu Buhari on Friday praised the Igbos’ “enterprising” spirit, saying that it is evidenced they are “in charge of Nigeria’s economy”. Mr Buhari stated this in a thank you message to the people and government of Imo State which he posted [...]

September 12, 2021 Economy
Kano Government Floats New Transport Authority

Kano Government Floats New Transport Authority

Kano State government on Friday announced a new Road Transport Authority to regulate and manage the entire transport system in the state. Kano State governor, Dr. Abdullahi Umar Ganduje, who spoke during the flag-off of a National Council of Trans­portation [...]

September 12, 2021 Transportation
Buhari urges striking doctors to return to work

Buhari urges striking doctors to return to work

President Muhammadu Buhari Friday has called on health workers to return to their duty posts. He also urged others contemplating strikes to opt for settlement of issues by negotiation, no matter how long it takes. The president made the appeal [...]

September 11, 2021 Employment
Buhari appoints Ahmed as new NAEC chairman

Buhari appoints Ahmed as new NAEC chairman

President Muhammadu Buhari has appointed Yusuf Ahmed as the Chief Executive Officer (CEO) of Nigeria Atomic Energy Commission (NAEC) for an initial period of three years. The appointment was confirmed in a statement signed by Director of Information for the [...]

September 11, 2021 Key sectors
Naira in another record fall at black market

Naira in another record fall at black market

Naira fell significantly against the U.S. dollar at the black market on Thursday as the currency exchanged hands with the greenback currency at N540.00, the lowest rate ever traded at the segment. This translates to a N5.00 or 0.94 per cent [...]

September 10, 2021 Finance
Buhari Government Approves 5G Deployment In Nigeria

Buhari Government Approves 5G Deployment In Nigeria

The Federal Executive Council has approved the National Policy on Fifth Generation (5G) Networks in Nigeria. The 5G Policy, aimed at catering for the country’s digital economy, was approved at the Council meeting on Wednesday, following the presentation by the [...]

September 9, 2021 Economy, Technology
Nigeria’s gypsum powder production to rise by 2,000 tonnes

Nigeria’s gypsum powder production to rise by 2,000 tonnes

BUA Group is set to commence the construction of a 2,000tonnes/day Plaster of Paris (Gypsum Powder) production plant. This was made known during the signing of an agreement between BUA and MMM Erba Makina of Turkey – one of the [...]

September 8, 2021 Business, Economy
Electricity Deficit: Nigerians Are Using 22 Million Generators

Electricity Deficit: Nigerians Are Using 22 Million Generators

The electricity challenge confronting the country appears to have attained a worrisome dimension as there is an estimated 22 million small generators in households use and MSMEs in Nigeria. Operations Director/Executive Director, Selattyn Energy Plc, Mr. Effiong Okon, stated this during [...]

September 7, 2021 Power
Naira Falls To All-time Low Of 527 Naira To A Dollar

Naira Falls To All-time Low Of 527 Naira To A Dollar

The naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market. The local currency, which has been on a downward trend in recent weeks, fell to 524 against the greenback [...]

September 1, 2021 Finance
Nigeria’s GDP growth stunted by insecurity

Nigeria’s GDP growth stunted by insecurity

Nigeria’s latest impressive economic growth would have been better if the country had been more secure, the finance minister, Zainab Ahmed, has said. Mrs Ahmed said save for the country’s spate of insecurity that has affected growth in agriculture, the [...]

August 31, 2021 Economy
CBN To Launch E-Naira Soon, Drafts Guidelines

CBN To Launch E-Naira Soon, Drafts Guidelines

The CBN recently sent a presentation to Nigerian banks about the eNaira project, revealing more details about its design and operational module. As seen by Nairametrics, the presentation described how the new currency would be designed and operated. In fact, the [...]

August 31, 2021 Finance
NNPC posts first profit of N287 billion after 44 years

NNPC posts first profit of N287 billion after 44 years

Known for loss making in the past 44 years of its existence, the Nigerian National Petroleum Corporation (NNPC) has declared a N287 billion profit after tax (PAT). Although the audited report, which produced the figure is yet to be released, [...]

August 27, 2021 Business
South Africa’s unemployment rate is now highest in the world

South Africa’s unemployment rate is now highest in the world

South Africa’s unemployment rate surged to the highest on a global list of 82 countries monitored by Bloomberg. The jobless rate rose to 34.4% in the second quarter from 32.6% in the three months through March, Statistics South Africa said [...]

August 25, 2021 Employment
‘Nigeria building alliance to stop defunding of oil projects’

‘Nigeria building alliance to stop defunding of oil projects’

Nigeria’s Vice President, Yemi Osinbajo has disclosed that the country is forming a coalition with other affected countries in order to stop attempted moves to halt funding of fossil fuel. Mounting pressure towards zero-emission has been drying up investment for [...]

August 25, 2021 Oil & Gas
Nigeria’s electricity companies and their perpetual loss-making

Nigeria’s electricity companies and their perpetual loss-making

Almost all of Nigeria’s 11 electricity distribution companies reported huge losses in seven straight years, a distressing scorecard that highlights the struggles of a sector that has failed to meet the power needs of Nigerians nearly a decade after the [...]

August 24, 2021 Power
Traffic robbery and youth unemployment

Traffic robbery and youth unemployment

For many residents of Lagos, traffic robbery is so common that news of it hardly seizes attention. This is a pity, for the real and potential victims; a shame on the three levels of government that are constitutionally required to [...]

August 21, 2021 Employment, Security, Societal issues
Russia’s Top Oil Company Seeks To Expand Operations In Nigeria

Russia’s Top Oil Company Seeks To Expand Operations In Nigeria

Russia’s second-largest oil company, privately controlled Lukoil, has said it is planning to expand its operations in Nigeria. Ivan Ramanovsky, the company’s Vice President in charge of West Africa, Europe and America disclosed this during a visit of the Nigerian [...]

August 21, 2021 Business, Economy, Oil & Gas
T-Mobile says 40 million affected by data breach

T-Mobile says 40 million affected by data breach

T-Mobile said Wednesday that hackers may have obtained sensitive personal information on more than 40 million current and past customers of the US wireless carrier. The stolen data included social security and driver’s license numbers, which could be used for [...]

August 19, 2021 Technology
Buhari sets up steering committee on Petroleum Industry Act

Buhari sets up steering committee on Petroleum Industry Act

President Muhammadu Buhari has approved a steering committee to oversee the process of implementation of the newly signed Petroleum Industry Act (PIA). The steering committee is headed by the Minister of State, Petroleum Resources, Timipre Sylva. The president, who announced [...]

August 19, 2021 Oil & Gas
IEA sees COVID blow to oil demand in 2021

IEA sees COVID blow to oil demand in 2021

The outlook for global oil markets darkened on Thursday after the International Energy Agency (IEA) said that slowing demand for crude in the wake of restrictions imposed to curb the fast-spreading Delta variant is colliding with a recent increase in [...]

August 13, 2021 Economy, Oil & Gas
Transaction Advisers For $6.2 Bilion Eurobond Issuance

Transaction Advisers For $6.2 Bilion Eurobond Issuance

The federal government has appointed Transaction Advisers for a $6.2 billion Eurobond Issuance set for part-funding of its estimated N5.2 trillion deficit in the 2021 Budget. According to the Debt management Office (DMO), the Federal Executive Council (FEC), at its [...]

August 6, 2021 Business
LASG to divert traffic at Marina for rail project

LASG to divert traffic at Marina for rail project

The Lagos State Government has announced plans to divert traffic on the National Theatre and Marina axis for the next seven months for works on the Blue Line rail project. The Commissioner for Transportation, Dr Frederic Oladeinde, who made the [...]

August 4, 2021 Economy, Key sectors
Women make only 6.8% of Nigeria’s extractive sector workforce

Women make 6.8% of Nigeria’s extractive sector

Women make up a measly 6.8 per cent of Nigeria’s extractive industry, leaving the sector overwhelmingly in the hands of men, a report by a government watchdog says. The figure is a blow to the country’s effort to improve gender [...]

August 4, 2021 Employment
‘Households in 17 states unable to pay for airtime’

‘Households in 17 states unable to pay for airtime’

Households in 17 of 33 states in Nigeria are experiencing more difficulty paying for airtime, while in the other 16, Internet data was a trickier expense to meet, a recent survey has revealed. North Central, North West and South West [...]

July 29, 2021 Technology
Biden admin to unveil new push for US-Africa business ties

Biden admin to unveil new push for US-Africa business ties

The Biden administration on Tuesday will announce a new push to expand business ties between US companies and Africa, with a focus on building needed digital, health and physical infrastructure on the continent, a senior United States official said. US [...]

July 28, 2021 Economy
Naira falls after CBN stops forex sales to BDCs

Naira falls after CBN stops forex sales to BDCs

Naira fell marginally against the U.S dollar at the parallel market on Tuesday, after the Central Bank of Nigeria (CBN) announced that it has ended the sales of forex to Bureau De Change operators. The bank said the parallel market [...]

July 28, 2021 Finance
Power Generation Improves To 4,823.60MW

Power Generation Improves To 4,823.60MW

After several weeks of poor performance, power generation in Nigeria picked up at the weekend, reaching 4,823.60 mega watts on Saturday. Data from the National System Operator, an independent unit in the Transmission Company of Nigeria, TCN, showed that it [...]

July 20, 2021 Power