Category: Economy - Page 24 - African News Today

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 f...

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...

LAGESC Displaces Street Traders, Hawkers in Iyana-Ipaja, Ikeja, Dopemu, Others

29Aug

By Debo OmilaniNo Comments

Economy, Environment, Lagos News, News, Nigeria

LAGESC Displaces Street Traders, Hawkers in Iyana-Ipaja, Ikeja, Dopemu, Others

...Vows to ensure strict enforcement of law prohibiting street trading. Officers of the Lagos State Environmental Sanitation Corps (LAGESC) have embarked on an enforcement raid aimed at displacing and immobilising street traders and hawkers around Iyana-Ipaja, Ikeja and Dopemu axis where roads were obstructed. The operation sanctioned by the new Corps Marshall, Akinpelu Gbemisola, a retired Commissioner of Police, was led by Deputy Corps Marshal (Operations), Mr Kazeem Ganiyu and also accompanied by the Deputy Corps Marshal (Staff and Discipline), Alhaji Adeleke Adeesan, traversed the Iyana Ipaja axis of the state. The officers dislodged traders around Dopemu road to Alaagba Garage, Old Iyana-Ipaja road, Iyana-Ipaja roundabout bus stop, Akowonjo road, Egbeda bus stop, Dopemu road in...

Ikeja Electric Introduces E-Bills To Enhance Customer Experience

28Aug

By Debo OmilaniNo Comments

Economy, Lagos News, News, Nigeria

Ikeja Electric Introduces E-Bills To Enhance Customer Experience

Ikeja Electric distribution company has introduced its electronic billing (e-billing) platform, which enables customers to receive electricity bills promptly and conveniently, via channels such as SMS, USSD, email, IE Bill portal and IE mobile Application. This contained in a statement issued on Wednesday in Lagos by the Head, Corporate Communications for Ikeja Electric, Felix Ofulue, saying the e-billing initiative is in continuation of Ikeja Electric’s desire to leverage innovation and technology to improve customer experience. According to him, It is designed to deliver electronic bills directly to the customer thereby eradicating challenges such as misplaced bills or delayed delivery and other issues which are associated with distribution of physical bills. He explained that t...

Our PPP Initiative Yielding Results, Says Ogun State Gov.

20Aug

By Debo OmilaniNo Comments

Economy, News, Nigeria

Our PPP Initiative Yielding Results, Says Ogun State Gov.

Ogun State Governor, Prince Dapo Abiodun on Tuesday reiterated that his government Public Private Partnership initiative is already yielding results as large number of investors have started trooping to the State to explore business opportunities. The State Governor, Prince Dapo Abiodun, made this statement known when he received the Chief Executive Officers of S&W and Sigma Limited who paid him a courtesy call.in his office at Oke-Mosan, Abeokuta. The team had Mafia Charles and Adeshina Olaitan for Zigma Limited, while S&W Corporation, had Orji Orlo Imoh and it's president, Jung Woo Jin and has partnered with companies like Daewoo and Samsung in the past. Abiodun, said the Public Private Partnership was initiated by his administration, to enable corporate entities and go...

Nigeria’s Impending Debt Default: A looming African Disaster

15Aug

By adminNo Comments

Economy, Finance, News, Nigeria

Nigeria’s Impending Debt Default: A looming African Disaster

In 2018, a BusinessDay editorial sounded the alarm about the prodigious growth of Nigeria’s debt profile at a time when government revenues were either flat or shrinking. In a response very typical of the present administration, the Debt Management Office fired off a dismissive rejoinder questioning BusinessDay’s financial knowledge and insisting that all is well because Nigeria’s 19 percent debt-to-GDP ratio is significantly lower than that of countries like the USA, which owes 104 percent of its GDP. What the shallow window dressing attempt failed to account for was that in a country like Nigeria whose economy is largely divorced from government revenues courtesy of oil receipts, it makes little sense to base any borrowing decision on the debt-to-GDP ratio. According to data from Heri...