Nigeria's vice president regrets his country's loss of Bakassi to Cameroon - Journal du Cameroun. Published on 02.06.2017 à 17h27 by Journal du Cameroun Share Yemi Osinbajo, Nigeria’s Vice President has said that ceding Bakassi to Cameroon is a big loss for Nigeria.
Going by The Cable, Osinbajo who is now Nigeria’s acting president made this comment at a town hall meeting in Calabar on Thursday, June 1, when he visited. Osinbajo however stated that the federal government need to do more for the people of Bakassi and should not leave them to suffer. “The ceding of Bakassi as a result of the judgement of the ICJ is a development that we all consider a loss. Osinbajo also pointed out that President Buhari is interested in partnering with Cross River state to create opportunity for the people. “Buhari renegotiated China-EXIM loan for the Lagos-Calabar rail line and the 2017 budget has provided for the Udokpani/Ikot Ekpene road.” Nigeria's National Assembly passes bill that will see NNPC disbanded. Boko Haram fighters returning to Sambisa forest, says report — Nigeria — The Guardian Nigeria Newspaper. This file screengrab taken on May 6, 2017 from a Boko Haram video released by the Nigerian Islamist extremist group Boko Haram shows the leader of the Nigerian Islamist extremist group Boko Haram, Abubakar Shekau flanked by two fighters at an unidentified location.
PHOTO: THE GUARDIAN / BOKO HARAM / YOUTUBE Members of a faction of Boko Haram are regrouping, re-arming and returning to the Sambisa Forest area, a report by the United Nations High Commission for Refugees (UNHCR) has warned. The commission has also expressed worry about the increase in the number of children used as suicide bombers from nine in 2016 to 27 in the first quarter of the year.
The regrouping and returning of insurgents to the Sambisa forest may rubbish the successes recorded so far by the Federal Government in the anti-terrorism fight and worsen the security situation in the affected parts of the country. There is the fear that recently released Boko Haram suspects may have been regrouping in the forest. $480b stolen from Nigeria in 54 years – Chatham House reports — Nigeria — The Guardian Nigeria Newspaper.
Chatham House A Chatham House report launched yesterday in Abuja has estimated that at least $480 billion was stolen by corrupt officials between 1960 and 2004.Chatham House, the Royal Institute of International Affairs, is an independent policy institute based in London.
The report, titled “Collective Action on Corruption in Nigeria, a Social Norms Approach to Connecting Societies and Institutions,” said that close to $400 billion was stolen from Nigeria’s public accounts from 1960 to 1999. It added that between 2005 and 2014, $182 billion was lost through illicit financial flows from the country. This stolen commonwealth, the report observed, represents the investment gaps in building and equipping modern hospitals to reduce Nigeria’s exceptionally high maternal mortality rates estimated at two out of every 10 global maternal deaths.
Nigeria, others to lose 66% of jobs to automation —World Bank - Tribune. The World Bank president, Jim Yong Kim, on Thursday in Washington, said developing countries, including Nigeria, faced the risk of losing two-thirds of all jobs that currently exist to automation.
He also counseled developing countries to look beyond aids to foreign direct investment which he said has stronger impact than aids just as he called for the mobilisation of idle trillions of dollars “sitting on the sidelines…to help meet the exploding aspirations of people all over the world.” Kim Yong said these in his opening remarks at the ongoing World Bank/International Monetary Fund Spring Meetings in Washington. According to him, “We estimate that two-thirds of all jobs that currently exist in developing countries will be wiped out by automation.” He added that this is not something that would happen in the future as it had already started happening. He said “Let me just give you one example. “Two years ago, I was told, ‘no way, garment manufacturing still requires human hands.
Financial policies introduced last year fostering Nigerian economic growth. Nigeria out of recession, World Economics declares — News — Breaking News, Nigeria News and World News – The Guardian Nigeria. Pedestrians pass street traders in the business district of Lagos.
PHOTO: George Osodi/Bloomberg After a few quarters of negative growth that saw the death of businesses, the Nigerian economy is out of recession, but “conditions remain difficult for businesses,” World Economics said Tuesday. World Economics is a London-based organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy. “April Sales Managers’ Index (SMI) data suggests that the Nigerian economy is continuing to grow out of the recession which saw 10 months of consecutive contraction in 2016,” it said in a release published on its website. “The Market Growth Index grew to 58.5 in April as the monthly Sales Growth Index ticked up to 56.7, its highest value since 2015 and representative of rapid growth.
Economic recovery plan: FG to provide 15m jobs, 10 gigawatt of electricity - The Federal Government says it will provide at least 15 million jobs for Nigerians by the year 2020 as captured in the recently launched Economic Recovery and Growth Plan.
The Minister of Budget and National Planning, Senator Udoma Udo Udoma, gave the assurance at a news conference on ERGP on Tuesday in Abuja. Udoma said the implementation of the plan would deliver some key outcomes, including generation of at least 10 gigawatt of electricity by 2020. He said: “We want to bring down the rate of unemployment by creating over 15 million direct jobs by 2020 in agriculture, manufacturing, construction, services and particularly among the youth. “We want the manufacturing sector to grow at average of 8.5 per cent, peaking 10.6 per cent by 2020. Nigeria: China to Loan Nigeria $4.5 Billion to Boost Agriculture. By Oladeinde Olawoyin The Peoples Republic of China has said it will lend Nigeria $4.5 billion to boost local agriculture.
The loan is to enable Nigeria purchase farming tools including tractors, bulldozers, graders, irrigation pumps, amongst others. Audu Ogbeh, Nigeria's minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor, made the disclosure while speaking to journalists in Abuja on Tuesday. Messrs. Guardian. The National Bureau of Statistics, NBS, in its unemployment report for the fourth quarter (Q4) 2016 has given a breakdown of how 3.67 million Nigerians became jobless in one year.
Also, the number of unemployed Nigerians rose from 7.51 million at the beginning of October 2015 to 11.19 million at the end of September 2016. High unemployment indicates less productivity and less contribution to the economy because jobless people are spending less. Consequently, the government ends up borrowing money because of low revenues and high spending. Rise in employment rates also affects other areas, such as quality of health services and living standards. The unemployment report for the Q4 – October to December 2016, although billed to be formally released on March 29th is contained in the Nigerian Economic Recovery and Growth Plan (ERGP 2017 – 2020) just released by the Federal Government on Tuesday. Nigeria to lose crown as Africa's largest economy - BusinessDay : News you can trust BusinessDay : News you can trust. In April 2014, Nigeria proudly declared that, as a result of a statistical revision, its economic output in 2013 had hit $509bn, almost twice as high as previously thought.
With South Africa’s gross domestic product coming in at just $372bn, Nigeria had taken pole position as Africa’s largest economy. A year later, the gulf had grown wider still, with strong growth propelling Nigeria’s GDP to $568bn, even as South Africa, undermined by weak growth and a falling rand, saw its GDP, in dollar terms, slip to $352bn. With a fast-growing population of 187m, compared with South Africa’s much more slowly rising 55m, Nigeria looked set for a long reign as the continent’s largest economy. “With the size of population Nigeria had, the slowing growth in South Africa and the population trends it seemed [South Africa] had permanently lost its first place,” says Charles Robertson, global chief economist at Renaissance Capital, an investment bank focused on emerging markets.
FG to enforce buying of ‘Made in Nigeria’ products – Punch Newspapers. Eniola Akinkuotu, Abuja The Federal Government says it has put plans in motion to enforce the buying of Nigerian products by government agencies.
The Minister of Information, Culture and Tourism, Alhaji Lai Mohammed, said that the Act establishing the Bureau of Public Procurements would be reviewed to enforce the buying of Nigerian products which would, in turn, boost the economy. Mohammed said this on Monday at a town hall meeting held at Umuahia on Monday. He said, “Talking about Made-in-Nigeria products, let me use this important national platform to announce that the Federal Executive Council has already approved measures to sensitise Nigerians to patronise such products.
OFFICIAL: 2016 recession is Nigeria’s worst decline since 1987. The National Bureau of Statistics (NBS) has confirmed that the 2016 economic recession was a full year recesssion, and the worst in the country’s history since 1987. In 1987, according to World Bank data, Nigeria had a full year decline in gross domestic product (GDP) was put at 10.8 percent. The country recorded recessions in 1991 and 1995, recording a full year economic decline of 0.6 and 0.3 percent respectively. According to NBS GDP report released on Tuesday, Nigeria recorded a contraction of 1.51 percent in 2016. “In the fourth quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -1.30% (year-on-year) in real terms, from N18,533.75 billion in Q4 2015 to N18,292.95 billion in Q4 2016,” NBS said. “This decline was less severe than the decline recorded in the previous quarter, of -2.24%, but was nevertheless lower than the growth rate recorded in the final quarter of 2015, of 2.11%.
Rice importation costs Nigeria $2bn annually- Dangote. Alhaji Aliko Dangote, President of Dangote Groups of Companies, says Nigerians consume over 6.5 million tonnes of rice annually, less than half of which is produced locally. Dangote stated this on Wednesday during the inauguration of the Dangote Rice Out growers Scheme in Goronyo Local Government Area of Sokoto state. He expressed concern that the deficit arising from importation of rice cost Nigeria over $2billion per annum. He said : ”As agriculture remains an important sector in our economy, we plan to produce 1million tonnes of high quality parboiled rice within the next three years. “This is by cultivating about 160,000 hectres of irrigable rice farmland in some selected states, thus making the commodity affordable to ordinary Nigerians.
“Moreover, the outgrowers scheme is committed to creating significant number of jobs, increasing the incomes of small holder farmers and ensuring food security in the country. Gov. Corruption: FG begins verification of real owners of companies, businesses - Daily Post Nigeria. In line with the anti-corruption crusade of the President Muhammadu Buhari-led administration, the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), has revealed plans to introduce companies register that will show the real owners of investments and businesses in the country. His Special Assistant on Media and Publicity, Comrade Salihu Othman Isah revealed this in a statement in Abuja yesterday. Isah said the AGF made the disclosure at the National Consultative Session by the Open Government Partnership (OGP) Working Group Planning Meeting on Beneficial Ownership hosted by the Federal Ministry of Justice and sponsored by the United States Agency for International Development (USAID) in Abuja.
Malami expressed the strong commitment by the Federal Government to ensure transparency and accountability in the business environment in Nigeria, using the Open Government Partnership (OGP) mechanism. Nigerian economy may have shrunk 1.54% ABUJA: Nigeria’s economy is projected to have contracted 1.54% in 2016, according to a budget ministry document, with Africa’s most populous country mired in its first recession in a quarter of a century.
Nigeria is heavily dependent on crude oil exports to fuel its economy, but low global prices and militant attacks on the southeastern Delta oil hub have hammered those exports and slashed government revenues. “The Nigerian economy, in response to both external and internal economic pressures, inevitably contracted and is currently in recession with a projected growth of -1.54% for 2016,” the document released to Reuters by the ministry said. The budget ministry draft, called “Key issues in the Economic Recovery and Growth Plan”, said the recession was also caused by growth dependent on consumption rather than investment and “huge leaks in government resources through corruption and inefficient spending”. Nigeria seizes $10 million from ex-state oil manager.
ABUJA, Nigeria (AP) — Nigeria’s anti-corruption agency says agents seized nearly $10 million from a safe in a slum building belonging to a former manager of the state oil company. Spokesman Wilson Uwujaren of the Economic and Financial Crimes Commission says intelligence led to a raid last week on the building in northern Kaduna city, where agents uncovered “a staggering sum of 9,772,800. U.S. dollars and another sum of 74,000 pounds sterling cash.” He says the loot was hidden in a fire-proof safe and has been claimed by building owner Andrew Yakubu, who was managing director of the Nigerian National Petroleum Corp. from 2012 to 2014.
Yakubu says the money was gifts, according to Friday’s statement from Uwujaren. ‘Economy of Lagos is expanding, outlook bright’ — Business — The Guardian Nigeria. Steve Ayorinde. Nigeria: Country Listed Among World's Most Powerful Economies By 2030. Nigeria begins negotiations on CFTA adoption - TVCNews: Latest African breaking news, politics, business and sports. Preparatory to the 2017 establishment of a Continental Free Trade Area, CFTA in Africa, Nigeria has commenced negotiations to facilitate the adoption of the trade deal after several months of lagging behind among other trade blocs. The AU had set a deadline of December 2017 for the adoption of the CFTA, though the Federal Government explained that the gruelling process of negotiations and adoption will depend on how much progress is made. Once concluded, the CFTA will enhance the movement of goods and services and boost trade facilitation within the 54-member bloc of the continent.
A statement from the Federal Ministry of Industry, Trade and Investment noted that the Nigerian Negotiating team departed for Kigali, Rwanda, on Monday for another round of text-based negotiations in the Technical Working Groups (TWG) of the Negotiating Forum for the Continental Free Trade Agreement (CFTA). Government launches monthly stipend for poor families in Nigeria. IMF Revises Nigeria’s Growth Projections Upwards. The International Monetary Fund has said it expects Nigeria’s economy to recover in 2016 even as it revised upward the growth projections for the country to 0.8 per cent based on higher oil production as well as likely improved price of crude at the international market.
The IMF in its World Economic Outlook update released yesterday said economic activities in both advanced economies and Emerging Markets and Developing Economies (EMDEs) is forecast to accelerate in 2017 and 2018, with global growth projected to be 3.4 percent and 3.6 percent, respectively, unchanged from its October forecasts. While growth forecast for some regions were revised downward, the IMF said Nigeria’s forecasts were revised up, primarily reflecting higher oil production due to security improvements. Nigeria’s Consumer Price Index hits 11 year high at 18.55% in December. Nigeria: China Plans $40 Billion Investment in Nigeria. Photo: The Guardian China’s Foreign Affairs minister Wang Yi and President Muhammadu Buhari.
China is investing additional $40 billion in Nigerian economy, its Foreign Affairs Minister, Mr Wang Yi, said on Wednesday at a bilateral meeting with his Nigerian counterpart, Mr Geoffrey Onyeama, in Abuja. Nigeria reduces import duties on 89 items. The federal government has reduced import duties on more than 89 items in various sectors of the nation’s economy.
The government said the reduction, approved by President Muhammadu Buhari, is to promote development in critical sectors of the economy, and is part of its 2016 Fiscal Policy Measures. A circular issued by the Ministry of Finance on Friday said the measures supersede the 2015 Fiscal Policy Measures. Nigeria: NCC Arrests 25 Suspected Pirates, Seizes Goods Worth N76.5 Million in 2016-Official. The Lagos Zonal Office of the Nigerian Copyright Commission says it arrested 25 suspected pirates and seized goods worth N76.6 million in 2016. Nigeria: Receding Lake Chad Gets $1.8million Lifeline. Nigeria: Presidency Removes 50,000 Ghost Workers From Payroll. Breaking: Expose corruption and get rich, says FG. Published on December 21, 2016 by pmnews · 1 Comment. Nigeria: Over 59 Percent of Nigeria's 2016 Budget Implemented - Buhari. Nigeria: The Elephant in the Room - Nigeria's Population Growth Crisis.
Nigeria approves more drastic measures to ease recession - TV360 Nigeria. Nigeria to provide dollars to airlines, fuel marketers in special auction - TV360 Nigeria. Naija247news - Nigeria Set to Lift Ban on 41 Imported Items. EU Commits €20m For Reconstruction Of North East, N/Delta. Nigeria: Hausa Speakers in Nigeria Now 120 Million - Communique.
Nigeria: With Coal, Nigeria Can Generate 17,500MW in 5 Years - Audu. Nigeria: To Get International Passports, Nigerians to Show Evidence of Tax Payment. 2017 budget will usher in massive reconstruction in Northeast Nigeria - Hon. Ngamdu - Daily Post Nigeria. Over 29,000 displaced Nigerians return from neighbouring countries - TV360 Nigeria. Nigeria’s Population Hits 182 Million. How Lagos emerged fifth largest economy in Africa. Nigerian Federal Government negotiating free trade agreements. FG resumes Export Expansion Grant in 2017 – Minister. Nigeria stops imports of wheat from Russia. Nigeria Tomato Plant Closes, Embarrasses President. Desertification and erosion both serious concerns for Nigeria. MAN shortlists three firms to generate power » TODAY.ng.
Nigeria, D8 Nations Agree to Increase Trade By U.S.$500 Billion. Nigeria governor says close to $625 mln rail deal to develop poor north. Breaking: FG approves take-off of 8 new private Universities in Nigeria. IMF Report: Nigeria’s economy is the biggest in Africa - Business - Pulse. Nigeria: Govt Plans to Link Nigeria's Major Roads to Five Other Countries. Nigeria: Customs Pushes for Total Ban On Rice Importation From 2017. FG to buy vehicles worth N3.5bn from local manufacturers for NPS. Buhari seeks $14bn for restoration of Lake Chad.
Ignore European Union, don't sign EPA, group tells Nigerian government. Nigeria: Exports increased by 63% in Q2. Dangote’s tomato factory to resume production in December - Lolu Akinwunmi's Observatory. Nigeria can produce 384,000 units of vehicles annually – NADDC » TODAY.ng. Naija247news - Nigeria spent N1trillion on agricultural commodities and food imports in 2yrs says Dangote. Nigeria's president reshuffles state oil firm and replaces oil minister as boss. As Northern Nigeria begins to rebuild. LCCI to launch Nigeria’s e-platform for trade with Russia » TODAY.ng. Naija247news - Economic Diversification: Dangote Refinery, Fertilizer Project will Increase Nigeria’s Competitive Power. World Bank slashes Nigeria’s growth to 0.8% » TODAY.ng. Foreign investors float $2bn Infrastructure Fund in Nigeria » TODAY.ng. Inflation hits 80-month high at 15.6% – NBS » TODAY.ng. Nigerian middle-class squeezed as used car prices rise 51% - FINANCIAL WATCH.
Economic hardship: Nigerians seek greener pastures abroad. Nigeria Oil Economy Was A Terrible Mistake, President Buhari Says As Recession Looms. Overdependence on oil destroyed Nigeria's agriculture – Former Veep. Nigeria to Stop Importation of Rice, Sugar, Tomato Paste, Other Commodities By 2018 - Minister. Business - Harsh Economy: Nigerians Groan as Food Prices Increase by 50% Nigeria will have enough to eat and sell in 3 years - Audu Ogbeh - Daily Post Nigeria. East Africa: EAC's Vision of a Single Currency. Fed Govt eyes 87% rise in non-oil income. Nigeria: Agriculture Now Contributes Over 24 Percent to GDP - Central Bank. Buhari wants background of foreign firms checked. Here are 5 of Nigeria's silent billionaires. Nigeria: Boko Haram Insurgency Cost North East U.S.$9 Billion - Report.
Nigeria: World Bank Earmarks U.S.$800 Million for Rebuilding North East. NNPC opens bids for co-location of refineries. FG hopeful fuel scarcity would end next week. Lagos begins prosecution of tax evaders tomorrow. Nigeria: Groups Reject Planned Introduction of Genetically Modified Maize, Cotton in Nigeria. Naija247news - Nigeria To Emerge Top Ten Economies In 2050 – Pwc Report. Nigeria's Borno lost $9.5bn to Boko Haram - World Bank. Nigeria: Economy - We Must Produce Our Food Locally - Buhari.