Category: Economy - Page 23 - African News Today

Liberia Set to Reopen Airport and Hotels in Two Weeks

8Jun

By Obiajulu Joel NwoluNo Comments

Africa, Covid-19, Economy, Liberia, News

Liberia Set to Reopen Airport and Hotels in Two Weeks

International airport and hotels in Liberia are billed to reopen on June 21, 2020. The decision was disclosed by President George Manneh Weah who says the country is winning the battle against coronavirus. An initial state of emergency scheduled to end on June 9 will not be extended. Liberia has so far recorded 345 cases of Covid-19, as well as 30 deaths. The full weight of the virus remains in doubt. Sources say the country has carried out low number of tests to fully grasp the level of prevalence. Accordingly to President Weah, curfew time has been amended to 9pm from 6pm while schools are to remain closed. Source: BBC

Nigeria Secures $288.5m African Development Bank Loan

8Jun

By Obiajulu Joel NwoluNo Comments

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

Nigeria Secures $288.5m African Development Bank Loan

Nigerian has gotten approval for $288.5m loan from African Development Bank (AfDB) to cushion the impact of coronavirus and the drop in the price of crude oil. Africa’s largest economy – Nigeria, has been battling with growing cases of COVID-19 with an infection rate of 12,233 cases and 342 deaths. Coupled with the dwindling price of oil, the country has seen her finances stretched. The minister of finance, Zainab Shamsuna Ahmed had warned that Nigeria’s economy could take a hit from the pandemic. The country has been battling with the adverse effect of the pandemic, low oil price and effect of lockdown which held sway till recent relaxation. Read also: FG lost N557bn to MDAs in five years —Report The loan will reinforce government’s capacity to upscale surveillance and react t...

Opinion: Nigerian Values – Food For Thought

14Apr

By Ndidi UwechueNo Comments

Economy, Features, Nigeria

Opinion: Nigerian Values – Food For Thought

14th April 2020 Life seems to be much about FOOD in Nigeria. There is regular talk about how to get food for oneself or for the children. People worry about not getting “three square meals” a day. Nigerians talk about the “national cake”. Young women look for a man to marry who can put food on the table. There is a great sense of satisfaction when food has been obtained or eaten. A good day is a day when food has been eaten. Taking it further, politicians use food to either bribe people for votes, or to keep aggrieved citizens quiet. “Just give them food and it will all be ok”. Moreover, when a group is agitating for some kind of civil or human rights, we hear things said such as, “They must be hungry”. The rights or issues being addressed are disregarded, sadly, even by th...

Lagos inaugurates FADAMA Food Market in Badagry

21Feb

By Debo OmilaniNo Comments

Agriculture, Economy, Lagos News, Nigeria

Lagos inaugurates FADAMA Food Market in Badagry

Lagos State Government today inaugurated a new Food Market at Agbalata, in Badagry Local Government in order to structure agricultural produce marketing for traceability and quality assurance. The Special Adviser to the Governor on Agriculture, Ms. Abisola Olusanya, who inaugurated the market, explained that the new FADAMA Food Market would also promote availability of wholesome food to the populace at affordable prices as well as create farmgate price advantage through the elimination of middlemen. She noted that the market which was a product of a collaborative effort with multilateral Agencies, especially the World Bank and the Federal Government, would also reduce post-harvest losses whilst giving optimum returns to farmers for their efforts. Acco...

Lagos to give Agric Estates, Farm Settlements Facelift – Sanwo-Olu

13Feb

By Debo OmilaniNo Comments

Agriculture, Economy, Lagos News, News, Nigeria

Lagos to give Agric Estates, Farm Settlements Facelift – Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu has reiterated the commitment of the State Government towards changing the face of the various agricultural estates and farm settlements in the State in order to boost production and encourage youth participation in agriculture. Sanwo-Olu, who disclosed this on Thursday at the maiden edition of the Ecobank Agribusiness Summit held in Lagos, noted that efforts have already started towards achieving this goal through the recently concluded appraisal of the current state of the estates. He reiterated that the State Government is focussed on enhancing its competitive and comparative advantage in agricultural value chains towards the attainment of self-sufficiency in food production and moving from the current 18% to 40% by 2025...

Opinion: Endless Borrowing Will Lead to Endless Sorrowing by Atiku Abubakar

19Dec

By adminNo Comments

Economy, News, Nigeria

Opinion: Endless Borrowing Will Lead to Endless Sorrowing by Atiku Abubakar

John Quincy Adams once said “there are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” He may have very well been referring to Nigeria of the last three years. Barely two weeks ago, I warned during my Founder’s Day lecture at the American University of Nigeria, Yola, that Nigeria had taken almost as much foreign debt in the last three years, as she had taken in the thirty years before 2015 combined. Now that is frightening. And very true. Frightening, not just because of the amount, but because after such unprecedented borrowing, we have emerged as the world headquarters for extreme poverty and the global capital for out of school children. It begs the question: what were the funds used for? I have said it time and again. The business of governm...

Education, Healthcare top Lagos’ N1.1trillion 2020 budget

8Nov

By Debo OmilaniNo Comments

Economy, Education, Lagos News, News, Nigeria

Education, Healthcare top Lagos’ N1.1trillion 2020 budget

... Sanwo-Olu earmarks 62 per cent for capital spending With a proposed fiscal plan of N115 billion for public infrastructure, Lagos State, next year, will be a massive construction site. Governor Babajide Sanwo-Olu, on Friday, presented the Year 2020 Budget proposal to the House of Assembly, unveiling his administration’s plan to accelerate the growth of the State’s economy by proposing aggressive investments in critical priority areas - physical infrastructure, environment, human capital and security. Sanwo-Olu announced that the State expenditure of N1.168 trillion will be funded from a projected Internally Generated Revenue (IGR) of N1.071 trillion while the budget deficit, put at N97.53 billion, will be financed through internal and external loans, just as he noted that the...

Nigeria: Northern Borders Still Open for Business – Gani Adams

25Oct

By adminNo Comments

Africa, Economy, News, Nigeria, Security

Nigeria: Northern Borders Still Open for Business – Gani Adams

Aare Onakakanfo of Yorubaland, Iba Gani Abiodun Ige Adams, has urged the Federal government to fix the Lagos – Badagry road, saying such move will boost the Nigerian economy and further expose the tourism potentials of Badagry as a whole. Speaking during the 2019 edition of the Olokun Festival in Badagry, Adams expressed worry over the closure of the Nigeria – Benin border,insisting that the closure of the border was suspicious, with huge implications on the entire Southwest. “The road leading to Badagry town and its environs are in deplorable stage and nobody even cares.For the past seven years, this town had been abandoned with little facilities I have said it severally that this road is bad.The road has become death traps for commuters plying the road daily. For instance, travelin...

Employees in Lagos are Stressed, Burned Out and Exhausted because of ‘Hellish Traffic’

14Oct

By adminNo Comments

Economy, Employment, Lagos News, News, Nigeria, Transportation

Employees in Lagos are Stressed, Burned Out and Exhausted because of ‘Hellish Traffic’

On 2nd August 2019, CNN published an article describing the state of traffic in Lagos, Nigeria and how that it was causing employees to burn out. A few months after that publication, things appear to have gone from worse to worst with the persistent rains. You can read the post below: "Lagos traffic is so snarled and gridlocked that a recent trip from the airport to Ajah, on Lagos Island -- a journey shorter than 50 kilometers -- took me eight hours. That was two hours longer than my flight from Istanbul to Nigeria. "Welcome to traffic and travel Lagos-style, where the roads are clogged and millions of commuters are choked with frustration about the daily hassle in Nigeria's commercial capital and Africa's fifth largest economy. "Disgruntled commuter Yinka Ogunnubi is a typical e...

Nigeria: EFCC Operatives Arrests 18 Suspected Internet Fraudsters In Lagos

27Sep

By Debo OmilaniNo Comments

Corruption, Crime, Economy, Lagos News, News, Nigeria, Security

Nigeria: EFCC Operatives Arrests 18 Suspected Internet Fraudsters In Lagos

The Economic and Financial Crimes Commission, EFCC, on Friday arrested 18 (Eighteen) suspected internet fraudsters in Alagbado area of Lagos State. The suspects are: Abass Mukhtar, Enitan Adekunle, Olakunle Araoyinbo, Korede Adetule, Christmas Gabriel, Christmas Yole, Christmas Emmanuel and Harrison Obayogbono. Others are: Victor Kenneth, Adewale Musibau, Oluwajuwon Shofuyi, Idris Abdulazeez, Oyeku Adeoye, Omilana Adeleke, Okeke Chucks, Peters Olamide, Abayomi Jones and Usman Olalekan. The suspects were arrested during a sting operation of EFCC Lagos Zonal Office in the early hours at three different locations in the Alagbado area of Lagos State, following intelligence reports received by the Commission from concerned members of the public about their alleged involvement in the c...