ONNE FREE ZONE REMAINS TOAST OF INVESTORS — OGFZA
RIVERS - The Oil and Gas Free Zones Authority (OGFZA) has described its flagship Free Zone in Onne, Rivers State, as the toast of the global investing community and first port of call for those seeking opportunities for good return on investment in oil and gas related businesses. The Acting Managing Director of OGFZA, Mr Adekunle Ajayi, made the remark...
Sokoto Lawmaker Rolls Out Animal Feed As Constituency Empowerment Material
A member of the Sokoto State House of Assembly, Honourable Buhari Haliru (PDP-Sokoto North I), on Thursday empowered no fewer than 200 constituents with animal feeds to become self-reliant. Haliru, while flagging-up the distribution at his constituency office, said that the aim is to engage the beneficiaries into small businesses in order to support their living standard. “We are confident that...
Be Good Debtors, Repay Your Debts – CBN Tells States
The Central Bank of Nigeria (CBN) has told state governments to act as good debtors by paying the debts that they owe to both commercial banks and the apex bank in order to be creditworthy. At the end of its Monetary Policy Committee (MPC) meeting on Tuesday, CBN Governor, Mr Godwin Emefiele also disclosed that the bank retained the Monetary...
CBN denies prohibition on domiciliary accounts deposits
The Central Bank of Nigeria, CBN has said that it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks. In a statement on Sunday, the Director, Corporate Communications, CBN, Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria. He said, “The bank has not prohibited the acceptance of foreign currency cash deposits...
CBN Floats Naira, Allowing Banks To Trade FOREX Freely
Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy. Sources familiar with the matter told BusinessDay Wednesday that a market rate based on a willing buyer and a willing seller is currently being quoted by banks who sent out emails to some customers confirming the...
Tinubu Tells IMF That Nigerians Are Happy With His Economic Reforms
President Bola Tinubu has said Nigerians are now seeing the positive results of his administration’s reforms. Since he assumed office in May 2023, Tinubu has scrapped subsidy on petroleum products and floated the naira, the result of which worsened inflation and subjected the masses to hardship. But receiving the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, on the...
Emefiele risks jail term over $53m garnishee order
The Governor of Central Bank of Nigeria, Mr Godwin I. Emefiele risks being committed to prison for failing to honour a Garnishee Order Absolute to pay the balance of $53m due and payable under the said Order to Mr Joe Agi (SAN) and team of lawyers that facilitated the Paris Club fund matter for the Federal Government. Justice I. E....
BREAKING: Nigeria Now Tops South Africa As The Continent’s Biggest Economy
As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy. The answer to the question of whether South Africa or Nigeria, the two countries that account for almost half of sub-Saharan Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use...
Africa’s Economic Policies Rely On Borrowed Concepts — Moghalu
Kingsley Moghalu, the president of the African School of Governance and a former deputy governor of the Central Bank of Nigeria, has criticized Africa's economic strategies for lacking originality and philosophical depth. Speaking on the theme “Leadership in Africa” during the Toyin Falola interviews on Monday, Moghalu condemned the reliance on ineffective, borrowed ideas from the West that fail to...
Economic Crisis: Group Asks FG Not To Sack Workers
A group is known as The Alliance for Surviving COVID-19 and Beyond (ASCAB) has asked the federal government, FG not to use budget cuts as an excuse to sack workers. The federal government had revised the 2020 budget due to the crash in the price of oil and other effects of the coronavirus pandemic on the economy. In a statement, Adewale...
