BUSSINESS

Osinbajo – Nigeria Needs Domestic Savings To tackle Infrastructure Needs

Osinbajo – Nigeria Needs Domestic Savings To tackle Infrastructure Needs

BUSSINESS
The Federal Government on Thursday stressed the need for mobilisation of domestic savings and foreign capital to finance the country’s needs in infrastructure, agriculture, housing SMEs and other services. Prof. Yemi Osinbajo, Nigeria’s Vice President, who stated this in a keynote address delivered at the 2019 FMDQ Nigerian Capital Markets Conference in Lagos, said that Nigeria required more domestic savings capital to grow, develop and attain its potential. “We need to mobilise domestic savings and capital as well as attract the necessary foreign capital to finance our needs in the areas of infrastructure, agriculture, mining, industry, housing, SMEs, “he said. Other sectors where he said such development was also needed include information and communicatio
JUST IN: FG Declares Monday Public Holiday

JUST IN: FG Declares Monday Public Holiday

BUSSINESS
The Federal Government of Nigeria has declared Monday as Public Holiday to mark the 2019 Eid-ul-Mawlud in commemoration of the birthday of the Holy Prophet Muhammad. Mr Mohammed Manga, Director Press and Public Relations of the Ministry of Interior, announced this in a statement on Thursday in Abuja. He said the Minister of Interior, Ogbeni Rauf Aregbesola, congratulated the Muslim faithful on the occasion and enjoined them to live within the virtues and teachings of the Prophet. According to him, imbibing the Prophet’s virtues of love, courage and perseverance would guarantee peace and security in the country. Aregbesola expressed confidence that the challenges confronting Nigeria at the moment would soon be over. He urged all Nigerians to remain focused and dete
Border Closure: Nigerian Govt Gives Conditions To Reopen Land Borders

Border Closure: Nigerian Govt Gives Conditions To Reopen Land Borders

BUSSINESS
The federal government has given conditions that ECOWAS member states must adhere to before reopening its land borders. Geoffrey Onyeama, foreign affairs minister, gave the conditions during the meeting of inter ministerial committee on the temporary partial closure of land borders held in Abuja on Monday. He said that the conditions were spelt out by the country’s inter-ministerial committee to protect the nation’s economy. Geoffrey Onyeama, Some of the conditions are: Any import coming from outside an ECOWAS region and imported into an ECOWAS member state must maintain its original packaging.They must be escorted from the port directly to the designated entry point in the Nigerian border, presented to the Nigerian customs with their original packaging. C
Chevron Set to dump Nigerian Oil Fields, Opts For USA

Chevron Set to dump Nigerian Oil Fields, Opts For USA

BUSSINESS
Chevron is reportedly making plans to sell some of its Nigerian oil assets and focus on growing its shale production in the United States. Reuters reports that the action is part of a decision reached to reshape the company’s portfolio. Discussions are reportedly taking place directly between the company and potential buyers while Chevron is not planning to launch a tender process for the assets at this stage. “Chevron joins rivals including Exxon Mobil and Royal Dutch Shell in drive-by foreign oil companies to reduce their footprint in Africa’s largest oil producer which has been mired in political and security instability in recent years,” the report read. “The San Ramon, the California-based company, Nigeria’s third-largest oil producer, is looking for buy
BREAKING: Buhari Sends Fresh List Of NDDC Board To Senate For Confirmation

BREAKING: Buhari Sends Fresh List Of NDDC Board To Senate For Confirmation

BUSSINESS
President Muhammadu Buhari has sent list of nominees for the Board of Niger Delta Development Commission (NDDC) to the Senate. This was disclosed in a letter read by the President of the Senate, Senator Ahmad Lawan during plenary on Tuesday. Buhari also requested for the screening and confirmation of the board members. The NDDC’s Board nominees include the Chairman, Dr. Pius Odubu (Edo); Managing Director, Bernard O. Okumagba (Delta); Executive Director Projects, Engr. Otobong Ndem (Akwa Ibom); Executive Director Finance and Admin, Maxwell Okoh (Bayelsa); Delta State representative, Prophet Jones Erue; Chief Victor Ekhatar (Edo); Dr. Joy Yimebe Nunieh (Rivers); and Nwogu Nwogu Abi’s. Others are Theodore A. Allison (Bayelsa); Victor Antai (Akwa Ibom); Maurice Effi
FFK Commends Buhari Over Bilateral Talk With Russian President

FFK Commends Buhari Over Bilateral Talk With Russian President

BUSSINESS
Femi Fani-Kayode, former Aviation Minister, on Thursday reacted to President Muhammadu Buhari’s meeting with his Russian counterpart, Vladimir Putin. Fani-Kayode commended Buhari for holding a meeting with Putin which is aimed at building stronger ties between both countries. In a tweet, the former Minister, who is a staunch critic of Buhari, stated that Russia was a strong and dependable ally, hence Nigeria’s association was commendable. He tweeted: “I am glad that Nigeria and Russia are getting closer & I am delighted at the fact that @MBuhari is in Sotchi right now to build stronger ties. Unlike others, Vladimir Putin and the Russians are strong and dependable allies who do not abandon their friends in their time of need.” DAILY POST reports that Buhari a
Border closure not a sustainable solution to smuggling, says Manufacturers Association of Nigeria (MAN)

Border closure not a sustainable solution to smuggling, says Manufacturers Association of Nigeria (MAN)

BUSSINESS
Nigeria’s borders with neighbouring countries have been shut since August with President Muhammadu Buhari saying the action was taken to curb smuggling. There have been various reactions to the action. In this interview with TheCable, Mansur Ahmed, an executive director at Dangote Group and president of the Manufacturers Association of Nigeria (MAN), shares his opinion on the border closure as it affects manufacturers. TheCable: We are at the Nigerian Economic Summit Group (NESG) to deliberate on how to move Nigeria forward. How do you suggest we go about it? Ahmed: First of all, I think recognizing that if we are to transform this economy, we must industrialise and that industrialisation must be driven by the private sector. Government’s role should be to prov
30k minimum wage: TUC warns Nigerian govt over deadline as strike looms

30k minimum wage: TUC warns Nigerian govt over deadline as strike looms

BUSSINESS
The President of Trade Union Congress, Quadri Olaleye, on Friday, said that the Federal Government has asked for an extension of ultimatum from organised labour, in order to stop the looming strike over minimum wage. The Federal Government and the Joint National Public Service Negotiating Council, which is representing labour unions in the negotiation for the total implementation of the new minimum wage, will meet on Tuesday after the first phase of negotiation collapsed, due to percentage differences. However, labour had already issued an October 16, 2019 ultimatum for government to accept its demands on the consequential adjustment in workers’ salary. Olaleye said that apart from fixing a date for a meeting on Tuesday, FG had made several attempts to ensure that t
List Of Ministries With The Highest Allocation For The 2020 Budget, Fashola And Amaechi The Luckiest.

List Of Ministries With The Highest Allocation For The 2020 Budget, Fashola And Amaechi The Luckiest.

BUSSINESS
On Tuesday, President Muhammadu Buhari presented a budget of N10.729 trillion to the joint session of the National Assembly for approval for the 2020 fiscal year. The 2020 Budget was read by the President, and it was clear that some ministries had witnessed huge changes in their budget, in comparison to 2019 budget. Below is the Budget, with its respective allocations: working and Housing -N262bnTransportation – N123bnUBEC – N112bnDefence – N100bnAgriculture – N83bnWater -N82bnNiger Delta – N81bnEducation – N48bnHealth – N46bnNEDC – N38bnSIP – N30bnFCT – N28bn
We Dare President Buhari To Make Presidency’s Allocation Public In The 2020 Budget

We Dare President Buhari To Make Presidency’s Allocation Public In The 2020 Budget

BUSSINESS
The Peoples Democratic Party (PDP) claims that the N10.7 trillion 2020 budget presented by President Muhammadu Buhari to the National Assembly will further impoverish Nigerians and mortgage the future of the nation. The party in a communique on Tuesday through its spokesman, Kola Ologbondiyan, urged the legislature to redirect the fiscal proposal to serve the interest of majority of Nigerians. According to the opposition party, the core of the budget remains “hazy, showing streaks of padding, fraudulent duplication, replete with false performance indices, deceptive projections and inexplicable expenditure assertions which create openings for continued looting of our national patrimony by leaders of the All Progressives Congress (APC) and persons close to the Presiden
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