Economy

  • Nigeria loses $9bn yearly to illegal mining, Rep panel reveals

    The house of representatives committee on solid minerals development revealed that Nigeria loses $9 billion annually to illegal mining. The Chairman of the committee, Jonathan Gbefwi  who spoke on Monday at a public hearing organised to investigate illegal mining in the solid mineral sector said illegal mining poses “substantial risks” to the nation’s economy, environment, and security. “The unregulated exploitation…

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  • Nigeria will be a net exporter of petroleum products end of 2024, says Kyari

    The Group CEO, NNPC Limited, Mr. Mele Kyari on Monday  joined other critical stakeholders of the nation’s economy at an Emergency Interactive Session organised by the Senate Committee on Finance, led by Senator Muhammed Sani Musa, to discuss issues regarding the economy. During the session, Kyari explained that based on emerging indicators and developments in the energy sector, Nigeria will…

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  • IPMAN, NUPENG suspend strike in Oyo, Osun over Police harassment

    Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Oyo and Osun states have suspended their strike over police harassment. According to NAN, the suspension of the strike was announced in a statement signed on Monday by Mutiu Bukola, IPMAN chairman, and Hammed Hamzat, chairman of the Petroleum…

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  • Edun canvasses social protection policies to address high cost of living

    The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has canvassed social protection policies that would address the high cost of living in Nigeria. Edun gave the suggestions at the 3rd edition of the Social Protection Cross Learning Summit held in Abuja. The Minister observed that the high-level meeting, organised under the leadership of the Vice President,…

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  • FG distributes 20 trucks of rice to 36 state Governors

    By Kunle Sanni In a bid to address the food shortages experienced in the country, the Federal Government has approved the distribution of 20 trucks of Rice to all the state Governors for onward distribution to vulnerable Nigerians. Briefing State House Correspondents after the Federal Executive Council meeting presided over by President Bola Tinubu in Abuja, Minister of Information and…

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  • Power sector reforms: FG plans to invest $50m funding for state solar plant, among others

    In its renewed determination to drive economic growth and development in the country, the Federal Government, on Monday revealed plans to invest $50million funding for state solar plant pilots and infrastructure upgrades. Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, in a statement added that the  government also wis planning to roll out 3.5 million meters to…

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  • BREAKING: Nigeria’s headline inflation increases to 34.19% in June 2024, says NBS

    The National Bureau of Statistics (NBS) on Monday disclosed that Nigeria’s headline inflation increased to 34.19 per cent in June 2024 from 33.95 per cent reported in May 2024. On a month-on-month basis, headline inflation rose by 17basis to 2.31per cent from 22.14 per cent m/m. According to the report, Food inflation increased by 21basis points to 40.87per cent from…

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  • NBS lauds Kwara’s initiative to embark on GDP compilation

    Kwara State has taken a significant step toward economic development by investing in the compilation of its Gross Domestic Product (GDP) from 2013 to 2022, aligning itself with other structured states in Nigeria. This initiative, according to the National Bureau of Statistics (NBS), highlights the state’s commitment to data-driven planning and policy-making. During a courtesy visit to Government House, Ilorin,…

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  • 65% of uncultivated arable land in Africa enough to feed 9.5bn people by 2050- Adesina

    The President of African Development Bank (AfDB), Dr Akinwunmi Adesina, has said Africa had 65 percent of the uncultivated arable land left in the world to feed 9.5 billion people by 2050. Adesina stated that what Africa does with agriculture will determine the future of food in the world. “Essentially, food is money. The size of the food and agriculture…

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  • Tinubu reaffirms commitment to food security, announces suspension of tariff on imported grains

    By Kunle Sanni President Bola Tinubu has reaffirmed his administration’s commitment to addressing food security concerns in the country and driving down the cost of living for citizens. He said the government’s recent decision to temporarily suspend tariffs on imported grains and other essential food items, a policy announced earlier in the week by the Minister of Agriculture and Food…

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