President Muhammadu Buhari said Thursday in Abuja his administration will continue to implement policies that will make Nigeria’s economy, which is already looking good, better. Speaking at an audience with Mr Jesper Kamp, the new Ambassador of the Kingdom of Denmark to Nigeria, President Buhari said Nigeria welcomes further strengthening of relations with countries, especially…
ECONOMY
Statistics is the ‘new oil’ our leaders must exploit, says ECA’s Chinganya
“Statistics is the new oil that our leaders must, henceforth, harness to engineer business processes on the continent,” said Oliver Chinganya, Director of the African Centre for Statistics (ACS) at the Economic Commission for Africa (ECA). Mr. Chinganya deplored the fact that when it comes to funding for statistics, “we see more promises than action…
China determined to build an open world economy – Xi tells UN Chief
China is still determined to reform and wants to work with all parties to build an open world economy, Chinese President Xi Jinping said on Sunday, reiterating Beijing’s message amid a bitter trade war with Washington. Meeting UN Secretary-General António Guterres in Beijing ahead of a major China-Africa summit, Xi made no direct mention of…
ECA brings experts, govt officials to discuss South African economy
The ECA office for Southern Africa will organize the Twenty-Fourth Session of the Intergovernmental Committee of Experts (ICE) of Southern Africa on the theme “Blue Economy, Inclusive Industrialization and Economic Development in Southern Africa” from the 18th – 21st September 2018 at the Le Méridien Hotel, Pointe aux Piments, Mauritius. The 24th ICE of Southern Africa will…
How swings in oil prices affect Nigerian economy
On the face of it, there is nothing exceptional about Nigeria’s current economic crisis; it is simply the manifestation of years of the State’s dependence on revenue from the volatile commodity that is crude oil; a persistently unhealthy domestic business environment; external trade shocks; wilful dysfunction between fiscal and monetary policies; weak institutions and the…
Buhari assures Niger Delta on review of 13% derivation
President Muhammadu Buhari Friday in Abuja said his administration will look into the constitutional 13 per cent derivation benefit to the Niger Delta region to ensure even spread of developmental projects that meet the needs of the people. Receiving Isoko Traditional Rulers and personalities led by His Majesty Ovrawah, Omogha 1, Odiologbo of Oleh, at…
IMF raises concerns over Nigeria’s revenue shortfall, low lending
The International Monetary Fund, IMF, in its latest review of Nigeria, raised some concerns about Nigeria’s revenue shortfalls and low private sector lending. According to the Fund, Nigeria’s recovery from the 2015/2016 recession was supported by higher oil prices and short-term portfolio inflows. The Fund has also raised its forecast for Nigeria’s growth rate in…
Nigeria can industrialised without viable aluminium, steel sector – Dogara
..advocates for mechanisation, subsidies to farmers for agricultural revolution. Speaker of the House of Representatives, Yakubu Dogara, has again called on the executive to give priority to steel development in Nigeria, saying it is the bedrock of the development of the country. He argued that the country keeps losing revenue through importation of steel, even…
Integration important for Africa’s growth, prosperity, says Egyptian minister
The High Level Policy Dialogue on Development in Africa started in Cairo Tuesday with Egypt’s Planning, Follow-up and Administrative Reform Minister, Hala ElSaid Younes stressing the importance of an integrated Africa. In remarks to officially open the meeting, Ms. Younes said Egypt has always been interested in an integrated and prosperous Africa. “We must remember…
Prisons Capital Budget hits over N16bn – Ja’afaru Ahmed
… Says Awareness Campaign Responsible The Nigeria Prison Service(NPS) has said that its capital budget allocation has ballooned from a paltry N4billion in 2015 to N14 billion in 2016 and now N16.6 billion in 2017 which will still be maintained in the 2018 budget. The Controller General of Prisons(CGP) Mr. Ja’afaru Ahmed disclosed this when…