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Nigeria’s economy sinks deeper into recession

Economic drepression

*GDP drops by 2.24%; oil production averages 1.63m bpd Goods and services produced in Nigeria between July and September 2016 have dropped lower as the nation grapples with economic slow down. Companies and other economic agents in the country are producing far below their capacities as Nigeria’s economic slump deepened with oil production falling and factory output hard hit by ...

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Avengers blame renewed bombings on Troops’ presence

Avengers

The Niger Delta Avengers (NDA) said Sunday that it resumed its bombings of oil installations because of the continued presence of troops in the Niger Delta. According to the group, the continued presence of troops has undermined peace talks between the region’s leaders and the government. Leaders of the region including Chief Edwin Clark, and Minister of state Petroleum Ibe ...

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DSS raids parallel market, arrests dealers selling dollar above N400

Dollar

The Department of State Services (DSS) on Thursday raided the foreign exchange parallel market in Lagos and Abuja, arresting dealers who were selling the dollar above N400. A dealer, who preferred anonymity, said some of his colleagues were among those arrested. “The DSS visited the market and arrested some of my colleagues, but I was saved because I didn’t have ...

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MMM not a secured business venture – Reps

House-of-Reps-session_0

The House of Representatives on Wednesday asked the Economic and Financial Crimes Commission and the Central Bank of Nigeria to immediately go after the promoters Mavrodi Mondial Moneybox, otherwise known as ‘MMM’ in Nigeria. Lawmakers strongly opposed the investment scheme, which lately gained popularity among Nigerians in the wake of the current economic recession in the country. MMM promises 30 ...

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Innoson Group partners Chinese Consortium to invest $1bn in Nigerian IT sector

CHIEF-INNOCENT-CHUKWUMA-OFR-CHAIRMAN-INNOSON-GROUP-NNEWI.2

Osinbajo receives group today The federal government’s initiative to attract foreign investments into the country is beginning to yield results, just as Innoson Group is partnering a consortium of Chinese investors to invest a whopping $1 billion into Nigeria’s information technology (IT) sector. The investment plan includes $400 million, which will be invested in Nigeria’s Digital Switch Over (DSO) project ...

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Recession: Dangote sacks 36 expatriates, 12 Nigerians

Aliko Dangote

The current recession rocking the Nigerian economy has hit one of the biggest employers of labour in the country outside of the government as the Dangote Group, belonging to Africa’s richest man, Aliko Dangote, has fired 48 members of staff. Our correspondents gathered that those sacked were made up of 36 expatriate and 12 Nigerian workers from the group’s headquarters ...

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N500m alleged bribe: Buhari’s top aide surrenders for probe

President Muhammadu Buhari

President Muhammadu Buhari may have ordered one of his senior aides to answer to the allegation of taking N500 million bribe from a leading telecommunications firm in Nigeria to reduce a huge fine imposed on it by the Nigerian Communications Commission (NCC). The aide, according to findings , has already made statement to an investigation team headed by a top ...

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ENUGU: Building Strong, Sustainable Partnership for Achieving SDGs

Governor Ifeanyi Ugwuanyi

The government of Enugu State under the leadership of Gov. Ifeanyi Ugwuanyi in collaboration with Department for International Development (DFID) Regional Office South-East / South-South and Start-up Hub is organizing a one-day round-table for Development Partners in Enugu State. This partnership initiative which is the first in the State and South-East region is scheduled to hold on 25th October, 2016 ...

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Dangote targets 2m metric tons of sugar annually

dangote sugar

The Dangote Sugar Refinery Plc, a member of Dangote Group, on Monday said it plans to produce between 1.5 and 2 million metric tons of refined sugar annually from locally produced sugarcane. The Acting Group Managing Director, Mr. Abdullahi Sule, made the disclosure at the 2016 World Food Day celebrations organised by Lagos State Government. Sule, who was represented by ...

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FG, World Bank seal $1.3bn SMEs deal

Kemi Adeosun, Finance Minister

The Federal Government at the weekend reached an agreement with the World Bank Group and other development partners for the release of about $1.3 billion for the funding of Small and Medium Enterprises (SMEs) with the planned takeoff of the Development Bank of Nigeria (DBN). Nigeria’s Finance Minister, Mrs Kemi Adeosun, who broke the news at a post event press ...

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