Category: Top Stories

World Bank cuts Nigeria’s growth forecast to 2.0%

admin

The World Bank has reviewed downward Nigeria’s economic growth forecast for this year to 2.0 per cent from its earlier projection of 2.1per cent in April. The bank, which stated this in its October Africa’s Pulse report, released yesterday, also projected that the country’s economy would expand by 2.1 per cent in 2020 and 2021, which are 0.1 and 0.3 percentage points lower than its April forecasts, respectively. According to the World Bank, multiple exchange rates, foreign exchange restrictions, high inflation, and low non-oil revenues among other obstacles, will ensure…

Read More

Stakeholders seek sustainable fertiliser financing

admin

Key stakeholders in West Africa’s fertiliser sector are calling for more action to support the industry, which is central to the continent’s agricultural revolution. The call came out of the first West Africa Fertiliser Financing Forum, organized by the African Fertiliser Financing Mechanism and partners, and held at the African Development Bank (AfDB) in Abidjan recently. A major outcome of the forum was the signing of a Memorandum of Understanding between the West Africa Fertiliser Association and the Economic Community of West African States (ECOWAS). The agreement aims to strengthen the…

Read More

Forex restriction: Dairy product import drops by 25.19%

 Dorothy Ewah

Following the Central Bank of Nigeria (CBN) restriction on foreign exchange for importation of certain products, Nigeria has witnessed a 25.19 per cent drop in importation of dairy products from New Zealand and three other countries.   New Telegraph reports that Nigeria imported N211billion ($578. 97million) worth of the product between 2017 and 2018.   Findings by New Telegraph revealed that the sharp drop had to do with CBN’s policy on foreign exchange restriction on the product, as statistics by International Trade Statistics (ITS) show that the country imported $331.19…

Read More

Sessi: Buhari’s fight against corruption is mere window dressing

admin

  Comrade Agnes Funmi Sessi is the Chairman, Nigeria Labour Congress (NLC), Lagos State Council. In this interview with Sunday Ojeme, she speaks on the raging minimum wage controversy, corruption in the system and uncertain future for Nigerian youths   Almost three years after the technical committee on new minimum wage finished its assignment and government too accepted the report, implementation has become impossible. When do we expect an end to the logjam?   You know most of the time, the sincerity of government is always put to question. If…

Read More

NLC seeks collaboration to rid Lagos of sex workers

admin

REORIENTATION There is need to educate, reabsorb, counsel as well as empower them through vocational training to enable them live a more decent life     Following the shocking appearance of sex workers during the last Workers’ Day rally in Lagos, organised labour, under the aegis of Nigeria Labour Congress (NLC), Lagos State Council, is taking steps to collaborate with Lagos State Government, non-governmental organisations and other relevant agencies to re-orientate the sex workers and gradually rid the state of the ignoble profession.   Disclosing this to Newsfieldglobal, the Chairman…

Read More

Labour tasks FG’s economic team on diversification

admin

  As Nigeria marks her 59th Independence anniversary, organised labour under the aegis of Trade Union Congress [TUC] has advised the newly created Economic team to work towards diversifying the economy for growth.   Lamenting the backwardness the country had been through in the last 59 years compared with countries like China and India, the labour centre in a statement signed by its President, Comrade Quadri Olaleye, and Secretary General, Comrade (Barr.) Musa-Lawal Ozigi, mni, advised the team to work to diversify the economy so the teaming youths can be…

Read More

Oil blocs: NNPC, Agip firm up pact to end litigations

admin

  The Nigerian National Petroleum Corporation (NNPC) last weekend firmed up agreement with the Nigeria Agip Oil Company (NAOC) to end all litigations, which had over the years rocked Oil Mining Leases (OMLs) 60, 61, 62 and 63 and inhibited growth of the assets. The corporation, which declared this in a document obtained by New Telegraph, maintained that the step was taken to expeditiously grow Federal Government’s revenue and in turn boost the nation’s reserve base. Group Managing Director of the NNPC, Mallam Mele Kyari, who confirmed this, also said…

Read More

Vacant houses: Stakeholders fault planned tax imposition

admin

  Stakeholders in the housing sector have asked the Federal Government to ignore proposal by the visiting UN Rapperteur, urging it to impose taxes on all vacant houses in major cities across the country. According to them, the basis for such proposal is faulty and amount to double losses to owners, while making  life difficult for accommodation seeking residents, who would be made  to  pay more rents. The United Nations Special Rapporteur on Rights to Adequate Housing, Ms Leilani Farha, who was on a 10-day fact finding visit to Lagos …

Read More

UK, others offer $350m for Africa’s solar energy

admin

  France, The Netherlands and the United Kingdom have committed $350 million to invest in solar energy in Africa and electricity storage, Afrik21 reported at the weeknd. It is a strategic investment at a time Africa is relying on renewable energy to provide access to electricity for its population. Countries in sub-Saharan Africa will benefit from new funds to improve electricity supply. It is a $350 million commitment from France, The Netherlands and the United Kingdom. The latter will provide the greatest effort. The Dutch Government plans to invest $44…

Read More

OML 25: Nigeria suffers 35,000 barrels loss to dispute

admin

  The Federal Government at the weekend declared that 35,000 barrels of crude production were lost daily to the disputed oil mining lease (OML) 25 between NNPC’s Joint Venture partner, Shell Petroleum Development Company (SPDC) and Belema Oil. The Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, declared this during their stakeholders’ visit to host communities and facilities of OML 25 in Kula Kingdom of Asari-Toru Local Government of Rivers State on Saturday. The…

Read More