Business articles

Falana: In three years, Nigeria lost $200bn from shady oil deals

Falana: In three years, Nigeria lost $200bn from shady oil deals

Femi Falana, lawyer and human rights activist, says within a three year period, Nigeria lost an estimated $200 billion from “shady deals” in the oil and gas sector. Falana made the disclosure on Thursday in Abuja, while speaking at a training on anti-corruption monitoring and reporting, organised by the Anti-corruption Situation Room of the Human

Bill Gates: Execution process of Buhari’s economic plan doesn’t reflect needs of Nigerians

Bill Gates, co-chairman of the Bill and Melinda Gates Foundation, says the execution process of the economic and recovery growth plan (ERGP) does not reflect the needs of Nigerians. The ERGP is a medium-term document launched by President Muhammadu Buhari administration in 2017 to restore the nation’s economic status after it was hit by its

We won’t spend money on Ajaokuta again – FG

The Federal Government on Thursday said it would not repeat the mistake of the former President Olusegun Obasanjo’s administration on the Ajaokuta Steel Complex in Kogi State. The Minister of Mines and Steel Development, Dr. Kayode Fayemi, who stated this at a press conference in Abuja, also said the present administration would not spend any

IMF proffers options to sustain Nigeria’s economic recovery

The International Monetary Fund on Wednesday proffered options to sustain Nigeria’s economic recovery, warning that despite exiting recession recently, the country’s economy remained vulnerable to shocks. After contracting for five consecutive quarters since January 2016, the National Bureau of Statistics said in its second quarter 2017 gross domestic product (GDP) report that the country’s economy

Rice Production: Audu Ogbeh’s reported claim is untrue – Thailand Ambassador

Wattana Kunwongse, Thailand’s ambassador to Nigeria, has faulted a claim reportedly made by the Minister of Agriculture and Rural Development, Audu Ogbeh, that Thailand accused Nigeria of being responsible for the collapse of its seven rice mills following the drastic fall in rice importation from the country. The ambassador, in a letter sent to PREMIUM

IMF says Nigerians getting poorer, calls for ‘urgent and coherent’ economic policies

The International Monetary Fund (IMF) says Nigerians are getting poorer and that “coherent and comprehensive” economic reforms are urgently needed in the country. The gross domestic product report released by the National Bureau of Statistics (NBS) on Tuesday showed that the economy recorded a growth of 0.83 percent in 2017. The Bretton Wood institution said

Wike decries actions of street traders

Rivers State governor, Mr Nyesom Wike, has decried the manner street traders deface newly constructed roads across Port Harcourt metropolis. Governor Wike spoke, Tuesday, after stopping some traders that defaced parts of Nkpogu roundabout on Garrison-Trans-Amadi-Elelenwo Road under construction by his administration. The governor appealed to the traders to use existing markets to sell their

Rewane says Buhari scored an own goal, equalised ‘and then took credit for a draw’

Bismark Rewane, renowned Nigerian economist, says President Muhammadu Buhari has only repaired the damage he did to the economy. The Buhari administration has often listed Nigeria’s exit from its worst recession since 1987 as a key achievement. It also celebrated exchange rate stability — after allowing the naira to devalue from N197/$1 to N360/$1 following

SEC targets increased level of financial inclusion by 2020

The Securities and Exchange Commission (SEC) has said that it aims to achieve increased level of financial inclusion of Nigerians by the year 2020. Acting Director General of the SEC, Dr. Abdul Zubair stated this during a financial inclusion sensitization campaign held in Karshi, Abuja weekend. Represented by Director Market Development Department of the Commission,