Category: Economy - Page 17 - African News Today

23Sep

By Chinedu IbeakanmaNo Comments

Cost of Living, Covid-19, Economy, Finance, Nigeria

CBN Disburses N3.5tr COVID-19 Intervention Cash

The Central Bank of Nigeria (CBN) says it has disbursed N3.5 trillion to various sectors of the economy to assist in cushioning the effects of the Coronavirus pandemic. The Apex bank says it will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs). CBN Governor Godwin Emefiele who stated this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja also gave a breakdown of how the funds were disbursed. The breakdown is as follows: Real Sector (N216.87 billion); COVID-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health Care Support (N44.47 bi...

22Sep

By Chinedu IbeakanmaNo Comments

Economy, Employment, Nigeria, Youths

774,000 FG Jobs: States Get Extension

Some states that have been unable to complete the recruitment process of artisans for the 774,000 Special Public Works (SPW) programme of the Federal Government have been granted one week extension. Minister of State for Labour and Employment Festus Keyamo said the October 1 commencement of the programme is still on course. Keyamo said on Monday that “There was a board meeting of the National Directorate of Employment (NDE) chaired by me. We looked at the situation and said in deserving cases we may extend for a few days, for some states that have not submitted their final lists. “We are still looking at October 1 to begin nationwide. There are one or two internal issues in terms of logistics we are dealing with, but we will overcome that. “We are lining those who w...

Buhari, Ghana President Meet in Aso Villa

21Sep

By Chinedu IbeakanmaNo Comments

Economy, Ghana, News, Nigeria

Buhari, Ghana President Meet in Aso Villa

President Muhammadu Buhari received the President of Ghana, Nana Akufo-Addo in a closed-door meeting yesterday night at the Aso Rock Presidential Villa, Abuja. The Personal Assistant to the President on New Media, Bashir Ahmad who disclosed this on his Twitter handle at about 11:36pm did not state the reason for the The meeting was made public at about 11:36pm on Sunday by Personal Assistant to the President on New Media, Bashir Ahmad, on his Twitter handle did not disclose the reason for the meeting between the tow West African leaders. Although there are indications that the meeting might be related to the recent diplomatic row between Nigeria and Ghana. Nigerian traders doing business in Ghana were recently reported to have faced stringent regulations from Ghanaian au...

Osinbajo and a Facebook Vice President to Hold informal Chat Today

18Sep

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria, Youths

Osinbajo and a Facebook Vice President to Hold informal Chat Today

Vice President Yemi Osinbajo and Facebook’s Vice President, Policy and Communication, Nick Clegg will today, Friday, September 18 hold a virtual informal chat. In a Statement released by Facebook on Thursday, the chat is billed to hold as part of the activities earmarked for the United Nations General Assembly (UNGA). The 75th session of the U.N General Assembly started on Tuesday with the dedication of a moment of silence to the unprecedented Coronavirus pandemic. The General Assembly is billed to close on September 22. According to the statement issued on the informal chat, Facebook said the chat will be moderated by Omowale David-Ashiru, Vice President, Global Operations at Andela. The chat will also explore the growth of digital economy while highlighting the role of...

Osinbajo Assures Justice for Nigerian Traders in Ghana

18Sep

By Chinedu IbeakanmaNo Comments

Economy, Ghana, News, Nigeria

Osinbajo Assures Justice for Nigerian Traders in Ghana

Vice-President Yemi Osinbajo has stated that Nigerian traders in Ghana affected by the stringent business regulations by the Ghana government will get justice. Osinbajo who stated this yesterday Tuesday 16, September while meeting with representatives of the Nigerian community in Ghana added that bureaucracy is part of the reasons there has been a delay in resolving the issue. He however added that the discussions between the two countries was reaching a fruitful point and soon, all parties will be informed of the resolutions. A statement issued by the Senior Special Assistant to the President on Media and Publicity in the Office of the Vice-President, Mr. Laolu Akande, said the meeting was held at the official residence of the Nigerian High Commissioner in Ghana. The statement...

16Sep

By Obiajulu Joel NwoluNo Comments

Economy, Employment, Finance, News, Nigeria

NESG Vs CBN Faceoff: Prospects for SMEs

Most Nigerians were startled and bemused by the recent revelations by the Nigerian Economic Summit Group (NESG), against Nigeria’s apex Bank, Central Bank of Nigeria. The NESG is a non-profit private sector organisation setup in 1966 with a mandate “to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy”. It issued a 15-point statement jointly signed by its Chairman, Mr Asue Igbodalo and the Chief Executive Officer, Mr Laoye Jaiyeola where it made some damning accusations on the integrity of the CBN to stimulate the ailing Nigerian economy to thrive under the COVID-19 pandemic. It concerns bothered on issues such as transparency and efficiency of agricultural intervention under the anchor borrowers programme; foreign e...

Economy Will be Revatalised Soon, Buhari Promises Nigerians

16Sep

By Obiajulu Joel NwoluNo Comments

Covid-19, Economy, Finance, News, Nigeria

Economy Will be Revatalised Soon, Buhari Promises Nigerians

President Muhammadu Buhari has expressed optimism that the Nigerian economy would bounce back strongly, given the well-planned policy responses to the economic challenges which are fall out of the COVID-19 pandemic. He said his administration had implemented appropriate policies geared towards steadily addressing the challenges created by the pandemic. President Buhari disclosed this while speaking at the 13th annual banking and finance conference in Abuja themed: “Facilitating Sustainable Future: The Role of Banking and Finance.” He said, “So far, government has implemented a wide range of fiscal, prudential and monetary measures that squarely address four key necessities to ensure sufficient liquidity to support government programmes for saving lives and livelihoods, maintain st...

CBN Urges Nigerian Banks to Increase Agric Sector Lending to 10%

16Sep

By Obiajulu Joel NwoluNo Comments

Agriculture, Covid-19, Economy, Finance, News, Nigeria

CBN Urges Nigerian Banks to Increase Agric Sector Lending to 10%

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has asked banks in Nigeria to consider increasing the percentage of loans available to the agriculture sector to 10 percent by 2024. Emefiele advocated for a spike in the current four per cent. This comes on the heels of optimism by Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed that the Nigeria economy will bounce back strongly within the near term with the right policy responses to the multidimensional crises occasioned by the COVID-19 pandemic. The CBN governor while delivering an address at the opening ceremony of the 13th Annual Banking and Finance Conference said the sum of N69 billion had so far been disbursed to over N140,000 beneficiaries from the N100 billion CBN COVID-19 support...

Obasanjo is Nigeria’s Divider-in-Chief – Presidency

13Sep

By adminNo Comments

Economy, News, Nigeria, Press Statement

Obasanjo is Nigeria’s Divider-in-Chief – Presidency

In his most recent statement former President Olusegun Obasanjo attempts to divide the nation while President Muhammadu Buhari continues to promote nation building and the unity of Nigeria. The difference is clear. From the lofty heights of Commander-in-Chief, General Obasanjo has descended to the lowly level of Divider-in-Chief (to adapt the coinage of Time). Before responding further to the unfair attacks on President Buhari and his administration by the former President, it is important that we categorically state that contrary to the assertions by a few analysts, the recent speech in which President Buhari advised West African Presidents against tenure elongation beyond constitutional limits has been consistent with his long held views on the need to adhere to the rule of law. ...

Deconstructing The Buhari Administration’s Lies on Subsidy by Reno Omokri

13Sep

By adminNo Comments

Corruption, Economy, Finance, News, Nigeria, Petroleum

Deconstructing The Buhari Administration’s Lies on Subsidy by Reno Omokri

There is no more unmistakable evidence for the dishonesty, dubiousness and downright gangsterism of the Buhari administration than the fuel subsidy heist that they have pulled in Nigeria. The Buhari administration is so dishonest and corrupt in their handling of the downstream sector of the oil and gas industry. And this is fact, not opinion. Let us now consider some facts. The government said they removed subsidy in June 2020 (although some officials say it was in March). In June 2020, the Naira traded officially at ₦360 to $1 before it was devalued to ₦380 on August 6, 2020. This is a 6% devaluation. There have not been any significant changes in the price of crude oil between June and today. The price differential per barrel is $4. As of June 2020,...