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Nigeria Has Borrowed More Money In The Last Three Years

Nigeria Has Borrowed More Money In The Last Three Years

October 16, 2019 3:32 am

• Economy, population growing at different directions

At current debt levels of over ₦25 trillion, it means that Nigeria has borrowed in three years more than it borrowed in 30 years previously, and the country to remain peaceful and get the economy working better, it must return to the basics of federalism, as the foundation of her national enterprise.

A former Chief Executive Officer, Nigeria Economic Summit Group (NESG), Prof. Anya O. Anya, who stated this, noted that the political challenge is how to operationalise Chapter II of the Constitution, as the fundamental objectives and directive principles of state …

IMF Backs CBN’s Monetary Policy To Grow Economy

IMF Backs CBN’s Monetary Policy To Grow Economy

October 16, 2019 2:16 am

•Restates need for reforms to boost low per capita income
•WEO says GDP growth to remain lacklustre in 2019

The International Monetary Fund (IMF) yesterday reiterated its support for the ongoing tight monetary policy stance that had been adopted by the Central Bank of Nigeria (CBN) in the past few years.

The Chief Economist and Director of Research Department, IMF, Gita Gopinath, said this while responding to a reporter’s question, during a media briefing on the October 2019 World Economic Outlook (WEO), at the ongoing IMF/World Bank Annual Meetings in Washington DC.

She said the development bank supported the CBN’s …

IMF Foresees ‘Lacklustre’ GDP Growth For Nigeria In 2019

IMF Foresees ‘Lacklustre’ GDP Growth For Nigeria In 2019

October 15, 2019 2:52 pm

The International Monetary Fund (IMF) has projected that Nigeria’s Gross Domestic Product (GDP) growth will remain lacklustre in 2019.

The fund stated this in its World Economic Outlook (WEO) for October 2019, released on the sidelines of the ongoing IMF/World Bank Annual Meetings in Washington DC.

GDP growth in Nigeria stood at 1.94 percent as of the second quarter of 2019.

“Growth in low-income developing countries remains robust, though growth performance is more heterogeneous within this group. Robust growth is expected for non-commodity exporters, such as Vietnam and Bangladesh, while the performance of commodity exporters, such as Nigeria, is …

IPMAN Demand Inclusion In Operation White, Other Committee

IPMAN Demand Inclusion In Operation White, Other Committee

October 15, 2019 1:52 pm

The Independent Marketers Association of Nigeria IPMAN has called for all-inclusive and expanded membership of operation white inter-agency committee on downstream automation with full recognition of independent marketers in the membership.

IPMAN Chairman, Kano unit, comprises Kano, Katsina, Jigawa, Bauchi and Yobe, Alh. Bashir DanMallam made the demand on Tuesday while addressing journalists in Kano.

DanMallam who applauded the recent launch of the automation of the downstream sector by Federal government and inauguration of the interagency committee in Lagos regretted the noninclusion of some major stakeholders, including IPMAN.

The IPMAN boss who stressed the importance of automation of the sector …

Oil Benchmark Lowered Over Expected Crude Glut - Zainab

Oil Benchmark Lowered Over Expected Crude Glut – Zainab

October 15, 2019 1:32 pm

•Defence, education, police lead in sectoral allocations
•Crude price slumps below $60 over US, China trade deal

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government adopted a lower oil benchmark price of $57 per barrel for the 2020 budget as against the $60 per barrel in the 2019 budget because of the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

Zainab, at a budget breakdown yesterday in Abuja, said there were strong indications of an oversupplied oil market in 2020, adding that all …

FG Records Over $9.29bn Investment Inflow In Third Quarter

FG Records Over $9.29bn Investment Inflow In Third Quarter

October 15, 2019 6:32 am

Over $9.29 billion worth investments came into the nation’s economy in the third quarter (Q3) of 2019, according to the Nigerian Investment Promotion Commission (NIPC’s) July to September 2019, Newsletter.

Broken down, NIPC said a total of 13 projects across four states and offshore Nigeria were announced by investors from four countries.

The investments, however, fall short by a whopping $63.79billion year-on-year to Q3 2018, which recorded about $73.08 billion inflows into the country.

Specifically, some of the investments included the Aiteo Eastern Exploration and Production Company over $5 billion in crude exploration; and Sterling Oil Exploration and Energy Production …

Travelstart Launches Cabo Verde Airlines to Nigeria Market

Travelstart Launches Cabo Verde Airlines to Nigeria Market

October 14, 2019 3:03 pm

A new airline, Cabo Verde Airlines, is set to arrive on the tarmac of Nigeria. The airline, which is the national carrier of Cape Verde, will fly from Praia and land in Lagos as from December 10, 2019.

Cape Verde is a visa-free destination but had previously proven difficult for Nigerians to fly too. A four-hour distance from Lagos, flight times before the entrant of the new airline, could be as long as 20+ hours.

A statement by Travelstart Nigeria quoted its Country Manager, Philip Akesson, as saying: “We are so excited to facilitate the launch of the Airlines …

Oil, Iran Top Agenda As Putin Visits Saudi Arabia

Oil, Iran Top Agenda As Putin Visits Saudi Arabia

October 14, 2019 2:19 pm

Russian President Vladimir Putin arrived in Saudi Arabia on Monday, where he was set to seal oil agreements and try to use his influence to defuse tensions boiling in the Gulf.

King Salman and his son, Crown Prince Mohammed bin Salman, welcomed Putin and Russian Foreign Minister Sergei Lavrov at Al-Yamama Palace in Riyadh with full military honours.

Putin’s visit follows attacks on Saudi oil installations that Riyadh and Washington have blamed on Moscow ally Tehran.

Oil will be “the main topic of discussion”, Russian political analyst Fydor Lukyanov said, as a deal between the Organization of the Petroleum Exporting …

British Pound Resumes Drop At Start Of Key Brexit Week

British Pound Resumes Drop At Start Of Key Brexit Week

October 14, 2019 11:32 am

The British pound slid against the euro and dollar Monday, the start of a pivotal week for Britain and the European Union to strike a Brexit deal.

European stock markets also retreated as weak Chinese data offset a partial trade deal between China and the United States, analysts said.

Asian investors had earlier Monday saluted the trade deal, sending regional equity markets rallying, though observers were skeptical about the overall significance of the agreement.

Official data meanwhile showed Chinese imports and exports fell more than forecast in September, as US tariffs and cooling demand at home and abroad hit trade …

Niger Republic bans rice exportation to Nigeria

Niger Republic bans rice exportation to Nigeria

October 14, 2019 11:07 am

The Republic of Niger has banned the exportation of rice to Nigeria in any form, the comptroller-general of Nigeria Customs Service Hameed Ali said on Monday.

Ali while speaking to journalists in Abuja said the Niger Republic took the decision because Nigeria had closed its borders.

“Goods that are on the prohibition list in Nigeria, such as rice, used clothes, poultry products and vegetable oil should not be exported to the country,” Ali said.

“As a result of this border closure, Niger Republic has already circulated an order banning the exportation of rice in any form to Nigeria.”

Nigeria had …

Finance Minister Leads Nigerian Team to IMF And World Bank

Finance Minister Leads Nigerian Team to IMF And World Bank

October 14, 2019 7:29 am

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed is leading Nigeria’s delegation to the 2019 annual meetings of the International Monetary Fund (IMF) and World Bank billed to commence today in Washington DC, United States of America.

The week-long events, which run between October 14 and 20, will attract global players from the public and private sectors where issues ranging from economy, finance, trade, environment, climate change and other global socio-economic challenges are discussed.

The Nigerian delegation at the global event also features top government functionaries, including the Governor of the Central Bank of Nigeria (CBN), …

NLNG Spends $30bn On Gas Plants In Bonny Island – MD

NLNG Spends $30bn On Gas Plants In Bonny Island – MD

October 13, 2019 2:52 pm

The Nigerian Liquefied Natural Gas Company (NLNG) has invested over 30 billion US dollars (₦10.8 trillion) to build gas facilities and other infrastructures in Bonny Island, Rivers, an official said.

Mr Tony Attah, Managing Director of NLNG disclosed this on Sunday at the end of week-long activities marking the company’s 20/30 Anniversary Celebration.

The News Agency of Nigeria (NAN) reports that NLNG used the occasion to celebrate its 20 years of operation in Bonny and 30 years of incorporation as a company.

The NLNG, Attah said, invested parts of the huge sum to build gas plants, known as Train 1, …

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