Economy
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Nigeria calls on diaspora to aid in combating food crisis
…As ECN chief advocates for investment, knowledge sharing to tackle crisis In a bid to address the escalating global food crisis, Dr. Mustapha Abdullahi, the Director-General and CEO of the Energy Commission of Nigeria (ECN), has called on Nigerians living abroad to leverage their expertise to help mitigate the impact of skyrocketing food prices. Speaking at a Northern Powerhouse Stakeholders’…
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VP Shettima to open workshop on AfCFTA, Friday
By Kunle Sanni Vice President Kashim Shettima will spearhead a stakeholder workshop on Friday, 2024, aimed at bolstering Nigeria’s position within the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol, the presidency has announced. According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications (Office of the Vice President), the workshop, organized…
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African mining ministers push for stricter value addition rules
Tougher measures to curb raw mineral exports and promote value addition dominated discussions among African mining ministers during the Ministerial Roundtable that opened the annual Africa Natural Resources and Energy Investment Summit (AFNIS) in Abuja on Tuesday. The disclosure, made in a statement by Segun Tomori, Special Assistant on Media to the Minister of Solid Minerals Development, emphasized the introduction…
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FG’s FX reforms, others crippling businesses, say NECA, MAN, NACCIMA
The Nigeria Employers’ Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have attributed the current socio-economic crises in Nigeria to hasty government policy shifts implemented without adequate mitigation plans. The associations expressed their concerns separately, with NECA highlighting the negative impact of major policy shifts undertaken by…
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FAAC: FG, States, LGs share N1.354 trillion in June 2024
A total sum of N1.354 trillion June 2024 federation accounts revenue has been shared with the Federal Government, states, and local government councils in the country. The revenue was shared at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.…
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IMF cuts Nigeria’s economic growth forecast to 3.1%
….retains growth forecasts of 3.2 per cent in 2024, 3.3 per cent in 2025 for global economy The International Monetary Fund has cut its forecast for Nigeria’s economic growth in 2024 to 3.1 per cent. This was contained in a newly released report ‘in the July 2024 World Economic Outlook’ published Tuesday. The IMF cited a weaker growth recorded in…
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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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