Category: Economy

Alternative energy: AfDB to invest $600m in Africa

The African Development Bank says it has freed up $600 for investment in renewable energy in Africa. The President, African Development Bank, Dr Akinwumi Adesina, who disclosed this in his keynote speech at the UK-Africa Investment Summit, said, “Huge opportunities exist for investment in renewable energy, especially for hydropower, wind, solar, thermal and geothermal. “But… Read More »

Category: Economy

Nigerian, UK investors sign N153.4bn commercial deals

United Kingdom investors have signed commercial deals worth £324m (over N153.4bn) with Nigerian investors. The deals were sealed during the inaugural UK-Africa Investment summit which was attended by 21 African countries, African leaders, UK and African businesses, international institutions and young entrepreneurs in London. At the summit, the British Prime Minister, Boris Johnson, expressed commitment… Read More »

Category: Economy

Kogi: Ajaokuta Steel Mill To Begin Full Production In 2022

The Ajaokuta Steel Company will start full production in 2022, according to the Minister of Mines and Steel Olamilekan Adegbite. Concise News reports that Adegbite said this in Lagos on Tuesday as he spoke with the press about developments in the country’s mines and steel sector. According to him, the Russian Government via the Russian… Read More »

Category: Economy

20 food items, pads, others get VAT exemption

About 20 basic food items, locally manufactured sanitary towels, pads and tuition fees relating to nursery, primary, secondary and tertiary education have been added to the exemption list of goods and services on the VAT under the Finance Law. The President, Major General Muhammadu Buhari (retd.), recently signed the law. A statement by Senior Special… Read More »

Category: Economy

Buhari inaugurates Lagos-Ibadan railway in May, says Amaechi

The Minister of Transportation, Rotimi Amaechi, on Tuesday, said the President, Major General Muhammadu Buhari (retd.), could inaugurate the Lagos-Ibadan railway in May. Amaechi, who said this on a live television programme monitored in Abuja, noted that the Federal Ministry of Transportation had been working hard to see that the project was set for inauguration… Read More »

Category: Economy

Buhari approves committees for N2tn Mambilla power plant

The President, Major General Muhammadu Buhari (retd.), has approved the constitution of two committees for the Mambilla Hydroelectric Power Project in Taraba State. He approved the Inter-ministerial Steering Committee and Project Delivery Committee for the N2tn power project. The Minister of Power, Sale Mamman, is to chair the inter-ministerial steering committee, while the director in… Read More »

Category: Economy

Crude oil, gas exports increase by 53% –NNPC

The Nigerian National Petroleum Corporation on Sunday announced that crude oil and gas export sales increased by 52.84 per cent to $355.93m in September 2019. NNPC’s crude oil and gas exports in September were $123.06m higher than the $232.87m recorded in August 2019. The oil firm disclosed this in its latest Monthly Financial and Operations… Read More »

Category: Economy

Hyundai to set up car plant in Nigeria

Hyundai Engineering Company Limited said on Tuesday that it was on the verge of setting up a car plant in Nigeria. The South Korean firm also said it would invest in the rehabilitation of the country’s petroleum refineries. President/Chief Executive Officer of Hyundai Engineering, Mr Chang Hag Kim, stated these during a visit to the… Read More »

Category: Economy

Why Bank Of Agriculture Is Still In Distress – Minister

The Minister of Agriculture and Rural Development, Malam Sabo Nanono, has said that the Bank of Agriculture (BOA) is still in distress because no concrete effort was made to recapitalise it in spite of pronouncements in the past. Concise News reports that Nanono disclosed this while speaking with NAN in Abuja. He said it was… Read More »

Category: Economy

Dangote refinery’ll help Nigeria save $10bn forex — Minister

The Minister for Finance, Budget and National Planning, Mrs Zainab Ahmed, said on Sunday that the refinery being built by Dangote refinery in Lagos would help the country save $10bn foreign exchange when completed. Ahmed, who stated this during a visit to the site of the Dangote refinery, petrochemicals and fertiliser projects at Ibeju Lekki,… Read More »