The Lekki Deep Sea Port in Lagos has received the first ship at its dock signaling a new era in port decongestion efforts in Nigeria. The Managing Director, Nigeria Ports Authority, Mohammed Bello-Koko, who received the marine vessel “Zhen Hua 28,” a heavy lift carrier, stated that the Lekki Deep Seaport, when operational, would reduce …read more →
Economy
Peer Review: AU Rates Nigeria High in Infrastructure, Agric Revolution
The African Union Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD) says Nigeria recorded tremendous successes in infrastructure development and agricultural revolution during the African Peer Review Mechanism (APRM). Princess Gloria Akobundu, Chief Executive Officer of AUDA-NEPAD, said this at a news conference in Abuja on Thursday. Akobundu said that the country also recorded successes in …read more →
Nigeria’s GDP Grows 3.4% in 2021, Driven by Non-Oil Sector
Nigeria’s Gross Domestic Product (GDP) grew by 3.98 percent in the fourth quarter of 2021, its biggest growth since 2014, according to latest data by the nation’s statistics agency. The National Bureau of Statistics (NBS) report showed that fourth quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40 percent in …read more →
Nigeria Posts $3.68 Bn Balance of Payment Surplus in Q3 2021
Nigeria’s balance of payment account recorded a surplus of $3.68 billion at the end of September, 2021, the first surplus in 10 consecutive quarters, the Central Bank of Nigeria (CBN) report showed. The report showed that Nigeria recorded its first current account surplus in almost three years, as the combination of an increase in net …read more →
Fitch Says Rising Sovereign Debt Could Hit Ratings in Sub-Saharan Africa
A rise in government debt/GDP would be a potential negative rating action trigger for most sub-Saharan Africa (SSA) sovereigns, particularly those whose ratings are on negative outlook, said Fitch Ratings. “Efforts to contain COVID-19 outbreaks have hurt economic activity, weighing on tax revenues, even as public expenditure pressures have risen with demands for additional healthcare …read more →
Dangote Refinery Production Could Accelerate Nigeria’s Economic Recovery – IMF
The International Monetary Fund, IMF, has noted that the non-oil sector of the Nigerian economy could be stronger, benefit from its recent growth momentum, and higher production from the new Dangote Refinery, and its supportive credit policies. The IMF’s Executive Board 2021 Article IV Consultation with Nigeria released recently, said that Nigeria’s ratification of the …read more →
With National Policy on 5G, ABSA Sees Opportunity for Economic Growth in Nigeria
Given the success recorded last December in the auction of the two slots in the 3.5GHz spectrum, in preparation for 5G technology rollout in Nigeria, coupled with the commitment of the federal government on 5G rollout this month, Absa, a leading pan-African Corporate and Investment Bank has said it is fully aligned with government’s aspiration …read more →
Lagos Consolidates on Infrastructure & Education in 2022 Budget
The Lagos State government has earmarked huge capital expenditure in the 2022 fiscal year to service key growth areas to consolidate the recovery of the state’s economy and positively impact residents’ livelihoods. In the proposed N1.388 trillion budget for the year 2022 presented to the Lagos State House of Assembly on Wednesday, Governor Babajide Sanwo-Olu …read more →
PIB Will Unlock Opportunities for Indigenous Companies – Oando Energy Boss
The Chief Operating Officer, Oando Energy Resources, ALEX Irune, has said that the passage of the Petroleum Industry Bill (PIB) will unlock several partnership opportunities for indigenous oil and gas companies. Irune made the assertion during a panel session at the ongoing Nigeria Oil and Gas (NOG) conference and exhibition on Wednesday in Abuja. The …read more →
Russian Companies to Invest $500 Million Into Nigeria’s Manufacturing Sector
The Chairman, Nigerians in Diaspora Organisation (NIDO), Russia, Sampson Uwem-Edimo has said that nine Russian companies have indicated interest to invest over $500 million in Nigeria’s manufacturing sector. Uwem-Edimo made this known in a statement on Sunday in Lagos, ahead of the forthcoming Russia- Nigeria Business Conference. He said the planned investment was to deepen …read more →