Economy

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major
Economy, News, Nigeria

Nigeria: Angry Youths Disrupt Oil Production As Akwa Ibom Crisis Takes Toll On American Oil Major

The unfolding political crisis in Akwa Ibom State, one of the big oil states in Southern Nigeria that has been relatively very peaceful till the advent of a seeming czarist regime in 2007, could trigger off some dangerous economic consequences for Nigeria if not contained urgently. Though what is playing out in the state is being stoked by a few political demi-gods masking as the face of the All Progressives Congress (APC), President Muhammadu Buhari’s party, the crisis has no ideological basis other than incurable personal greed for accumulation of the common patrimony. From 1999 when the current democracy came into, political gangsterism was alien to the peoples of Akwa Ibom. But a club and dagger politics was foisted on the state when Obong Victor Attah left office in 2007. The po...
Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta
Economy, News, Nigeria, Security

Nigeria: As Buhari Engages Big Oil Firms On PIGB, Concerns Are Growing In Niger Delta

Ahead of the 2019 general elections coming up in a matter of weeks, there are disturbing concerns in the Niger Delta, Nigeria's main oil and gas basin, as the restive circles are considering to return to the creeks to halt continued oil production if Abuja fails to play ball. Before now, President Muhammadu Buhari's administration was said to be locked in a backstage consultation with oil industry operators in the country on the new Petroleum Industry Governance Bill (PIGB) which the Legislative arm of the Federal Government passed and communicated to him for his signature. The outcome of the secret parley is not yet public. But, it will determine whether President Buhari will sign the bill into law. Presidential Villa insiders say there is a political mileage to be gained by the All...
Nigeria: Stop Trying to Deceive Nigerians – PDP to Osinbajo
Economy, News, Nigeria

Nigeria: Stop Trying to Deceive Nigerians – PDP to Osinbajo

The People's Democratic Party has advised Vice President Osinbajo to stop trying to deceive Nigerians manipulated figures. According to the PDP, this was simply an attempt at covering the woeful performance of the APC led government of President Buhari. The party rather admonished Osinbajo to show Nigerians this administration's score card rather than try to confuse them with bogus figures. In a statement, Kola Ologbondiyan, the party's spokesperson said "the Buhari administration, which crippled our once robust economy, pushed it into recession, turned our nation from a growing economy to a debtor country and world’s poverty capital. "Despite being busted, Osinbajo is labouring to deceive Nigerians by converting domestic borrowings in Naira, under the APC, to US dollars, so that ...
Nigeria: N211 million Worth of Gold Seized at the Airport by the EFCC
Economy, News, Nigeria, Security

Nigeria: N211 million Worth of Gold Seized at the Airport by the EFCC

Gold worth about N211 million was prevented from being transported out of the country illegally by the EFCC at the Murtala Mohammed International Airport, Lagos State. Commenting on the issue, the acting head of EFCC's Media and Publicity, Mr Tony Orilade, said "following intelligence reports, the operatives on November 9, 2018, uncovered the gold weighing about 35kg just at the point of departure of a suspect currently in the EFCC’s custody." According to him, the gold was heading to Dubai when it was intercepted. He noted that the suspect was providing the agency with useful information that will help it get to the bottom of the syndicate behind the operation. He further added "It will be recalled that the EFCC also in March 2017, intercepted bags containing a total of N49 milli...
Nigeria: Reliance On Imported Foreign Food Fuels Hunger, Says FAO
Africa, Agriculture, Economy, Nigeria

Nigeria: Reliance On Imported Foreign Food Fuels Hunger, Says FAO

Nigeria and all the other developing countries of the world will continue to experience hunger if they fail to shift from depending on imported foreign food. This is the underlying conclusion tumbling out of the Food and Agriculture Organisation (FAO) seminar on achieving a world of zero-hunger. Going by what the experts say, making hunger history, will greatly depend on local food systems. Indigenous food systems and indigenous traditional knowledge have survived hundreds and sometimes thousands of years, therefore they may have some of the answers we are looking for, FAO Director-General José Graziano da Silva said on Friday. FAO, an agency of the United Nations, considers indigenous and tribal peoples as fundamental actors in the fight against poverty, hunger and all other form...
Nigeria: Warring Executive, Legislature Close Ranks To Combat Natural Resources Theft In Nigeria
Economy, News, Nigeria

Nigeria: Warring Executive, Legislature Close Ranks To Combat Natural Resources Theft In Nigeria

Despite the festering cold war between the Executive and the Legislative arms of the Nigerian government, the two organs of governance appear to be finding a common ground to rally together once more. The menace of piracy and theft of natural resources in the country’s territorial waters is bringing them together. Speaker of the House of Representatives, Yakubu Dogara, said in Abuja, Nigeria’s capital city on Tuesday that the bicameral National Assembly will collaborate with the Executive to make new laws and strengthen existing ones in order to smash incidences of piracy and theft of natural resources in Nigeria’s territorial waters. Dogara, a stalwart of the opposition Peoples Democratic Party (PDP) made this cherry deal public while speaking to a delegation from the Nigerian Ma...
Nigeria: Return Our Stolen Asset, Not Give Doomsday Prophecy On 2019 – Presidency to HSBC
Corruption, Economy, News, Nigeria

Nigeria: Return Our Stolen Asset, Not Give Doomsday Prophecy On 2019 – Presidency to HSBC

PRESIDENCY WANTS HSBC TO RETURN OUR STOLEN ASSETS, NOT GIVE US DOOMSDAY PROPHECY ON 2019 The Presidency wishes to make clear to all Nigerians, and particularly the global banking giant HSBC which said the second term of President Muhammadu Buhari would stunt the economy, that what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC. A bank that soiled its hand with ‘‘millions of US dollars yet-to-be-recovered Abacha loot’’, and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate has no moral right whatsoever to project that a “second term for Mr. Buhari raises the risk of limited economic progress and further fiscal deterioration.” Rather, ...
Nigeria: Buhari Replaces Adeosun with a Northerner
Economy, News, Nigeria

Nigeria: Buhari Replaces Adeosun with a Northerner

Following the resignation of Nigeria's Finance Minister, Kemi Adeosun over the forgery of her NYSC exemption certificate, Buhari has replaced her with a Northerner, Mrs Zainab Shamshuna Ahmed. Read Also: Breaking News: Nigeria’s Finance Minister, Kemi Adeosun Resigns This is coming a few days after he replaced Matthew Seiyefa, a Southerner as the acting DSS boss  with Yusuf Magaji Bichi, a Northerner who had to be recalled from retirement to fill the position. Read Also: Breaking News: Buhari Appoints Another Northerner to Head the DSS Prior to becoming the new Finance Minister, Zainab Shamshuna Ahmed was the Minister of State for Budget and National Planning. She has held several positions including Deputy General Manager in charge of Corporate Treasury, Chief Finance Officer ...
Nigeria: Abuja Bound Train Crushes 52 Cows in Kaduna
Agriculture, Economy, Fulani Herdsmen, News, Nigeria, Security

Nigeria: Abuja Bound Train Crushes 52 Cows in Kaduna

The Kaduna state commissioner of police sunday confirmed that 52 cows were crushed to death by an kaduna-Abuja bound train. Addressing a press conference in Kaduna, police Commissioner Ahmad Abdurahaman said the incidence happened in Kasarami in Kagarko local government of the state. According to him, the command received a distress call of the accident and he personally led principal staff of the Command to the spot. “When we got to the spot we found out that contrary to earlier calls of insurgents attack, what actually happened was an accident involving cows. The Fulani Herdsmen who passed the night at kasarami asked if they could cross over with their cattle and were misinformed that there was no rail services on Sunday. “It was when they were half way that a fast moving tra...
Nigeria: God Has Used Buhari and Some of Us to Make Nigeria Work – Ngige
Economy, News, Nigeria

Nigeria: God Has Used Buhari and Some of Us to Make Nigeria Work – Ngige

The Minister of Labour and Employment, Dr Chris Ngige on Sunday said Nigeria would have been in ruins if President Muhammadu Buhari was not elected to pilot the affairs of the country in 2015. Ngige who spoke with journalists in Onitsha, Anambra State, said the All Progressives Congress met the country in tatters when it took over from the Peoples Democratic Party about three years ago. He expressed surprised that Nigerians were not “clapping” for Buhari for reviving the economy of the country from what he called a state of comatose. Reminded that the general feeling was that Buhari had failed in areas of security and economy, Ngige said “Don’t just talk about that. We are wonderful with the economy; nobody, I mean no person would have done better than this present government in t...