Category: Economy - Page 10 - African News Today

Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra

25Aug

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria

Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra

Vice President Yemi Osinbajo on Tuesday inaugurated an ultra-modern industrial shoe-making hub equipped with modern technology at Nkwelle Ezunaka Village in Anambra. In a speech at the event, Mr. Osinbajo described the complex as a “one-stop-shop digital leather and industrial hub”. He said the complex had the capacity to produce shoes that would compare favourably with those produced in Europe. According to the vice president, the project represents the nerve centre of the Micro Small and Medium Scale Enterprises in Nigeria He said the Federal Government was fully committed to improving commercial and economic environment and willing to complete all its ongoing projects in the South-East. The complex was jointly equipped by the federal government in conjunction with Anambra...

Obasanjo Decries Nigeria’s Rising Debts, Low FDI

22Aug

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria

Obasanjo Decries Nigeria’s Rising Debts, Low FDI

Former President Olusegun Obasanjo has expressed worry over the way states and the Federal Government are accumulating debts as well as over the low foreign direct investment into the country. Obasanjo spoke on Thursday in Abeokuta, Ogun State, when he hosted some members of the National Working Committee of the Peoples Democratic Party, led by its Chairman, Prince Uche Secondus, at the Olusegun Obasanjo Presidential Library. At the meeting, Obasanjo was said to have expressed worry about the way the country had been busy accruing debts by borrowing money all over the world. While in office, the former president visited the country’s creditors and was able to get debt forgiveness for the country. However, since assuming office six years ago, the regime of the President, Major G...

19Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Dips To 517 Against Dollar

The naira has continued its recent crash, dipping further against the dollar at the parallel market on Wednesday to exchange at 517/$ after maintaining a 515/$ valuation in recent days. The local currency fell to 517 against the US currency at the parallel market on Wednesday. At the Investors and Exporters’ window, the naira weakened by 0.06 per cent to close at 411.75/$ on Wednesday, according to FMDQ Group. The naira had strengthened to 506/$ on August 4 after plunging to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change. It had been hovering around 508/$ and 510/$ in recent days. The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announc...

FG owes CBN N15.51tn, borrows N14.86tn under Buhari

18Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

FG owes CBN N15.51tn, borrows N14.86tn under Buhari

The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances has skyrocketed to N15.51tn, rising by 2,286 per cent in six years, data collated from the CBN have shown. The N15.51tn owed by the Federal Government to the central bank is not part of the country’s total public debt stock, which stood at N33.11tn as of March 2021, according to the Debt Management Office. The public debt stock comprises the debts of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory. Ways and Means Advances is a loan facility used by the central bank to finance the government in periods of temporary budget shortfalls subject to limits imposed by law. According to Section 38 of the CBN Act, 2007, the bank may grant...

Buhari Spends N41bn on Presidential Fleet Despite Promise To Cut Cost

15Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, Nigeria, Transportation

Buhari Spends N41bn on Presidential Fleet Despite Promise To Cut Cost

The President Muhammadu Buhari administration has so far expended N41.9bn to maintain the Presidential Air Fleet contrary to the promise Buhari made during the 2015 presidential election campaigns to reduce waste in governance by downsizing the presidential fleet. As of October 2016, when the Presidency last made a public inventory of the PAF, the fleet included 10 aircraft, namely one Boeing Business Jet (or Air Force One) 737, one Gulfstream G550, one Gulfstream G500, one Hawker 4000, two Falcon 7X, two AgustaWestland AW139 helicopters, and two AgustaWestland AW101 helicopters. By the Presidency’s own admission, Buhari’s promise to sell some of the aircraft in the fleet was aimed at minimising the cost of governance. In October 2016, the Senior Special Assistant to the President...

Nigeria Static For 40 Years – Sanusi Lamido

15Aug

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria

Nigeria Static For 40 Years – Sanusi Lamido

Erstwhile Governor of the Central Bank of Nigeria, Alhaji Sanusi Lamido, has said that Nigeria had not made any progress since 1981. Sanusi, who disclosed this in Kaduna at a colloquium to mark his 60th birthday, maintained that the government must make the economy grow for the sake of ordinary Nigerians. According to him, in the last 40 years, the Nigerian economy hadn’t made any meaningful progress. The former banker explained that Nigeria’s GDP per capita on purchasing power parity had gone through a cycle where it grew and plummeted to nearly the amount it was 40 years ago. He said, “In 1980, Nigeria’s GDP per capita on purchasing power parity basis was $2,180. In 2014, it appreciated by 50 per cent to $3,099. According to the World Bank, where were we in 2019? $2,229. At t...

13Aug

By Chinedu IbeakanmaNo Comments

Economy, Lagos News, News, Nigeria

Lagos Reopens Ladipo Market

Lagos State Government, through the state Waste Management Authority, LAWMA, has reopened the popular Ladipo auto spare parts market in Mushin area of the state. Recall that the market was shut last month after several warnings and notices for sundry environmental infractions, including improper waste disposal and several unhygienic practices. The market was subsequently reopened for business by LAWMA, after substantial compliance with rules and regulations, to sustain clean and hygienic environment in the market. The Managing Director of LAWMA, Mr. Ibrahim Odumboni, through, Head of Public Affairs, Hakeem Akinleye, who disclosed this, said that the market was reopened having met the demands set for the resumption of business activities there. He revealed that the leadership of...

Naira Appreciates to 512/1$, Banks Sell Dollar For N412

3Aug

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Naira Appreciates to 512/1$, Banks Sell Dollar For N412

The naira strengthened against the dollar at the parallel market on Monday as deposit money banks set up foreign exchange teller points for customers in accordance with the Central Bank of Nigeria, CBN, directive. The naira appreciated to 512 against the greenback at the parallel market from the 515/$1 at which it closed on Friday. It, however, fell by 0.02 per cent to 411.50/$1 at the Investors and Exporters’ window, with a forex turnover of $121.08m, according to FMDQ Group. The local currency had last week plunged to an all-time high of 525 against the dollar at the parallel market following the stoppage of the supply of foreign exchange to Bureau de Change by the CBN. The CBN Governor, Mr Godwin Emefiele, had on Tuesday, at the end of the Monetary Policy Committee meeting, ...

FCMB Appoints Yemisi Edun As Managing Director

13Jul

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

FCMB Appoints Yemisi Edun As Managing Director

The board of directors of FCMB Group Plc has appointed Yemisi Edun as the managing director of First City Monument Bank Limited. A statement on Tuesday said the announcement was subsequent to the end of service of the bank’s former Managing Director, Adam Nuru. The bank said the board had earlier reviewed media allegations made in late 2020 against the former managing director and did not establish any contravention of its policies. “The board of directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavour,” the statement said. FCMB stated that prior to her appointment, Edun was the executive director/chief financial officer of the bank and previously served as the acting managing director. It stated, “With a work ex...

BREAKING: Buhari Seeks Approval for N894bn Supplementary Budget

29Jun

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

BREAKING: Buhari Seeks Approval for N894bn Supplementary Budget

President Muhammadu Buhari has written the House of Representatives to seek approval of N894.842bn supplementary budget to fund the purchase of COVID-19 drugs and weapons for the Armed Forces. In a letter addressed to Speaker Femi Gbajabiamila read at Tuesday plenary, the President said the supplementary budget is limited to some critical needs, stressing other needs will be contained in the 2022 budget. The President indicated the 2022 Appropriation Bill will be presented to the National Assembly in September. The President said COVID-19 drugs will be procured from the supplementary budget as the Federal Government intends to vaccinate about 70 percent of eligible Nigerians before the end of 2022. Details shortly…