Economy News

FG plans rail, road link for Jos dry port

Ihesiulo Grace 18 January 2017 0

To ensure the smooth take-off of the Jos Inland Container Depot (ICD) otherwise known as a dry port, the Federal Government has announced plans to establish a direct rail link and dual carriageway network from the airport and Jos town to the facility. To this end, a Federal Government

Business Economy News

Lexus unveils its all-new LS 500 flagship sedan

Ihesiulo Grace 12 January 2017 0

Lexus is hoping to shoulder its way into the super luxury segment where BMW’s 7 Series and Merc’s S-Class currently rule the roost, with an all-new version of its flagship sedan, the LS 500. This fifth generation of the giant Japanese limo is taking a unique approach, however, with a pure focus on quality, comfort […]

Economy News

Autonomous vehicle market to reach $35bn in 3 years

Ihesiulo Grace 12 January 2017 0

The advanced emirates-global-sale-assistance systems (ADAS) and the autonomous vehicle (AV) market will reach a total global value of $35 billion in 2020, before a fourfold increase to reach $144 billion in revenues by 2025. This is according to a Juniper research report titled, Autonomous Vehicles and ADAS: Adoption, Regulation and Business Models 2016-2025, which found

Business Economy News

New Gulf gets attitude with R-line pack

Ihesiulo Grace 12 January 2017 0

Volkswagen has revealed an R-Line package for its face-lifted Golf range in Germany, offering some of the racy styles that would associate with an R badge. The revised Golf is due in South Africa in the second quarter and although the R-Line pack has yet to be confirmed for the market, the fact that a […]

Economy News

Public health, local government workers lament unpaid salary arears

Ihesiulo Grace 23 December 2016 0

Less than 48 hours to Christmas, thousands of public health and local government workers in Cross River state are still being owed over four months’ salaries. Investigations conducted by our correspondent in Calabar revealed that some workers were owed salaries ranging from August-December 2016. Our findings also revealed that the state government has paid her […]

Business Economy

Nigeria may lose fuel market to Ghana, says DPR

Ihesiulo Grace 24 November 2016 0

Nigeria risks losing its fuel market in West Africa to Ghana, if it does not revive its four refineries and build new ones, Department of Petroleum Resources (DPR) Director Mordecai Danteni Ladan has said. At the Worldstage Economic Summit in Lagos, he said it was high time Nigeria refurbished its refineries and built more to […]

Business Economy

Oil prices rise to highest this month on hopes of OPEC deal

Ihesiulo Grace 22 November 2016 0

Oil prices rose on Tuesday to their highest this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and scepticism to strike a deal that materially reduces crude output. Some warned a failure by the Organization of the Petroleum Exporting Countries to reach agreement at a Nov. 30 meeting, […]

Economy Top Stories

Turkish investments in Nigeria exceed N240bn – Envoy

Ihesiulo Grace 27 October 2016 0

The Turkish Ambassa­dor to Nigeria, Mr. Ha­kan Cakil, has affirmed that Nigeria remains his country’s strategic partner in sub-Saharan Africa for the past 50 years. He dismissed as spuri­ous allegations that 50 Nigerian students are being detained in Turkey following the post-failed coup crackdown. Cakil, who is 15 months old in Abuja as the country’s […]

Business Economy

Shell confirms sale of 16 assets worth $500m

Ihesiulo Grace 24 October 2016 0

Royal Dutch Shell, weekend, confirmed plans to sell over 16 assets each worth more than $500 million. Though the report had no mention of what location or country which its assets is up for sale, but explained that the move is part of its vast $30 billion three-year asset sales programme. According to Reuters, its […]

Business Economy

Declare state of emergency in manufacturing – MAN tells Buhari

Ihesiulo Grace 24 October 2016 0

The Manufacturers Association of Nigeria (MAN) has advised President Muhammadu Buhari to declare a state of emergency in the sector to save it from total collapse. Its President, Dr. Frank Jacobs, said there was an urgent need to pay attention to the sector to avoid its imminent collapse and attendant consequences on the economy. He […]

Business Economy Top Stories

Businesses hopeful as Naira extends gains at forex market

Ihesiulo Grace 14 October 2016 0

Some business persons in Lagos on Thursday expressed hope that the economy would soon rebound as the Nigerian currency continues to appreciate in all the major segments of the forex market. In separate interviews with the News Agency of Nigeria in Lagos, they called on their fellow business persons to exercise patience and act to […]

Business Economy Top Stories

FG okays $500m industrial port for Modandola Group

Ihesiulo Grace 14 October 2016 0

The federal government has approved the development of a $500 million industrial port, which is to be executed by the Modandola Group. The Federal Executive Council had on October 12, 2016 approved the proposal for the development of a multipurpose terminal along Badagry Creek, Apapa. The port, which is capable of berthing 50,000 DWT vessels […]

Economy News

Adeosun charges accounting officers on prudent spending

Ihesiulo Grace 14 October 2016 0

Finance Minister, Mrs. Kemi Adeosun, has advised accounting officers of Federal Government establishments to be circumspect in spending funds allocated to them. She said to avoid sanctions for financial recklessness in spending recurrent votes, accounting officers should become their own auditors. The minister said the advice was necessary because a new spending template

Economy News Top Stories

Recession: FG targets N19bn savings from travels, sitting allowances

Ihesiulo Grace 13 October 2016 0

As part of measures to tackle the challenges of recession, the Federal Government is implementing cost cutting measures that would save about N19bn in expenses previously made on travels and sitting allowances. Minister of Finance, Mrs. Kemi Adeosun, disclosed this while speaking at a Cost Management Workshop for Permanent Secretaries and CEOs of Ministries, Departments

Business Economy

Rice price’ll fall by Nov. — FG

Ihesiulo Grace 11 October 2016 0

The Federal Government on Monday declared that the price of rice would start to fall from November this year. It stated that more Nigerians had returned to their various farms, adding that at the next harvesting season next month, the price of rice would start to crash. This came as the government said that the […]

Economy Top Stories

Disagreement between Emefiele and Adeosun. CBN and Finance Ministry.

Ihesiulo Grace 11 October 2016 0

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said there is no disharmony between the bank and Ministry of Finance. Speaking at a press briefing in Washington DC, United States, Emefiele said both the monetary and fiscal authorities were working hand-in-hand to get the much desired growth needed to get Nigeria […]

Banking Economy Top Stories

Emefiele promises review of forex policy to stimulate real sector

Ihesiulo Grace 11 October 2016 0

Nigeria’s prostrate industrial sector may soon get some fresh impetus as the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has promised to review some aspects of the bank’s flexible exchange rate policy to allow more manufacturers and other end users more access to foreign exchange, after nearly two years of embargo […]

Economy Top Stories

Economic growth depends on patronage of Nigeria-made products — Buhari

Ihesiulo Grace 11 October 2016 0

President Muhammadu Buhari has said his greatest desire is to guide Nigeria to become an export-led economy. According to him, there is no way to achieve this without building the right economic foundation of patronising made-in-Nigeria goods and services. The President, who made the remarks at the 22nd Nigerian Economic Summit in Abuja on Monday, […]

Economy Top Stories

Economic crises can be avoided with suitable contingencies – Soludo.

Ihesiulo Grace 10 October 2016 0

Professor Chukuma Soludo at the IMF/World Bank 2016 Annual Meetings in Washington, D.C. spoke to journalists on issues affecting most Commonwealth countries including Nigeria. Though, he would not want to make specific comments on Nigeria, he said that aligning monetary and fiscal policies toward set goals is key if Nigeria is to achieve economic diversification. […]

Economy Top Stories

President Buhari Says He Is Committed To Diversification Of The Economy.

Ihesiulo Grace 10 October 2016 0

President Muhammadu Buhari says Nigeria has no other choice at the moment than to diversify its economy to break its reliance on oil. The president said this while declaring open the 22nd Nigeria Economic Summit in Abuja. “I am so delighted that you have chosen as your theme Made-in-Nigeria, which lies at the heart of […]