Category: Economy

Imo, Abia Govts. Partner On Agriculture

…AS IHEDIOHA MOVES TO RESUSCITATE ADAPALM Imo State Government says it will partner with its Abia State counterpart in the development of agriculture in the South Eastern part of Nigeria. Governor of Imo State, His Excellency, Rt. Hon. Emeka Ihedioha gave the hint during the flag-off of the 2019 farming season, held at the International… Read More »

Category: Economy

External debt rises by $15.3bn under Buhari

The nation’s external debt stock rose by 148 per cent in almost four years of the President Muhammadu Buhari administration, data from the Debt Management Office showed. The external debt soared to $25.61bn on March 31, 2019 from $10.32bn on June 30, 2015, according to the DMO. Eurobonds worth $10.87bn accounted for the largest chunk… Read More »

Category: Economy

$652m needed to reactivate, complete Ajaokuta steel plant –Audit

An audit conducted by Nigerian and Ukrainian experts showed that a total of $652m is required to reactivate and complete the Ajaokuta steel plant, The PUNCH has learnt. According to the information sourced from the company’s website in Abuja on Monday, the audit was conducted in April 2018 by Nigerian engineers, technicians, and other professionals… Read More »

Category: Economy

Ogun, NEMA distribute relief materials to rainstorm victims

The Ogun State Emergency Management Agency in collaboration with the National Emergency Management Agency has distributed relief materials to people affected by rainstorm in the state. The state government said it was part of efforts to ease the plight of victims of rainstorm in Abigi, Ogun Waterside Local Government. The Director, Ogun SEMA, Mr Olu-Folarin… Read More »

Category: Economy

No plan to increase fuel price –NNPC

The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did… Read More »

Category: Economy

Power supply worsens despite N5tn investments – Report

The power situation in Nigeria has continued to worsen over the years despite the substantial investments in the sector by past and present administrations in the country, a new report has said. NOIPolls Limited said in its ‘Power Poll Q2 2019 Report’ released on Wednesday that the quarterly average cumulative hours of power supply dropped… Read More »

Category: Economy

Power distributors owe service providers N263bn

Power distribution companies owe service providers, including the Transmission Company of Nigeria, a total of N263bn, our correspondent has learnt. The service providers in the power sector are the Nigerian Electricity Regulatory Commission, the Nigerian Bulk Electricity Trading Plc, the Transmission Service Provider, the System Operator and the Market Operator. The TSP, SO and MO… Read More »

Category: Economy

Nigeria seeks fair trade as Buhari signs AfCFTA

Nigeria became the 53rd country to join the African Continental Free Trade Area on Sunday after President Muhammadu Buhari signed the AfCFTA Agreement in Niamey, Niger Republic. The Republic of Benin also joined the group, bringing to 54, the total of African countries out of 55 that had endorsed the AfCFTA agreement. Only Eritrea is… Read More »

Category: Economy

My govt’s performance in power supply not good enough –Buhari

President Muhammadu Buhari admitted on Wednesday that the performance of his administration in the power sector was “not good enough”, saying that this called for more efforts by Electricity Distribution Companies to provide the needed resources and technical expertise. He stated that the Federal Government would play its own part by improving the transmission of… Read More »

Category: Economy

Oil plunges to $62 despite OPEC’s output cut extension

The international oil benchmark, Brent crude, plunged to $62 per barrel on Tuesday despite a nine-month extension of production cuts by the Organisation of Petroleum Exporting Countries and its allies. Bloomberg reported that oil had its worst reaction to an OPEC meeting in more than four years, with prices sliding just after the cartel agreed… Read More »