BUSINESS
Despite Improved Revenue, We Still Need More Borrowings, Edun Tells Senate
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian government needs more borrowings to fund its budget even though some Ministries, Departments and Agencies have surpassed their revenue target. Edun said this during an interactive session of the Senate Joint Committees on Finance and National Planning and Economic Affairs on the 2025-2027 Medium-Term Expenditure...
Dangote To Boost Sugar Production With $700m Expansion Plan
Dangote Group is set to end Nigeria’s dependence on imported sugar with an investment of more than $700 million sugar expansion plan aimed at boosting local production. Dangote Sugar Refinery, one of the group’s subsidiaries, is planning to invest the money in land development, equipment, infrastructure, training and community engagement, with the aim to build a supply chain that can...
Nigeria To Commence Local Manufacturing Of Vehicle Next Year — Minister
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, says Nigeria is ready to commence local automobile manufacturing before the end of the year. At the African Association of Automotive Manufacturers and the Nigerian Automative Manufacturers Association’s meeting in Abuja, Uzoka-Anite said funds to grow the nation’s automotive industry have been made available to local manufacturers. According to her, it was...
Dangote Refinery Presents First Petrol Sample
The President of Dangote Group, Aliko Dangote, has presented the first sample of Premium Motor Spirit, otherwise known as petrol. Dangote made this presentation on Tuesday in a broadcast at his refinery situated in the Ibeju-Lekki Area of Lagos State. The 650,000-capacity refinery engaged in a test run of the product. “I would like to salute the people of Nigeria and the...
Dangote Loses N240b In 5 Hours To Coronavirus
Africa’s richest man Aliko Dangote on Wednesday lost more than N240 billion in five hours as the effect of the coronavirus bit harder on the Stock Exchange. The World Health Organisation (WHO) on Wednesday declared coronavirus a pandemic. A pandemic is a disease that is spreading in multiple countries around the world at the same time. Some of Dangote’s firms under the...
EEDC, AEDC, others Now Selling FG’s Free Meter, Customers Allege
Power consumers have raised the alarm that power distribution companies, including Enugu Electricity Distribution Company, EEDC and Abuja Electricity Distribution Company, AEDC were now selling the free meters that were provided for electricity users by the Federal Government. In October 2020, the Federal Government inaugurated the National Mass Metering Programme in respect of which the Central Bank of Nigeria issued...
Let’s Break Misconception, Ignorance And Legalise Cannabis Now — Ondo Governor
Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN, has said controlled cultivation of the cannabis plant for medical usage and exportation will generate several billions of dollars and provide thousands of jobs for the teeming youths. Governor Akeredolu said the global market of Medicinal cannabis in 2019 was put at 52.8 billion Dollars, adding that the market forecast is an average...
Senator Kalu’s Ambitious Plan To Make Abia North The Food Basket Of Nigeria Amidst Economic Hardships
As Abia North, like other regions in Nigeria, faces a severe economic crisis marked by hunger and unemployment, Senator Orji Uzor Kalu is spearheading an initiative to transform the region into the nation's food basket. This visionary plan aims to address the immediate hardships of the populace while laying the foundation for long-term economic stability and growth. THE CURRENT SITUATION Like many...
Stop Interference With Mining Activities, Minister Warns States
The Minister of Solid Minerals Development, Dr. Dele Alake, has cautioned against arbitrary closure of mining operations by state governments, warning that such act could abort efforts by Federal Government to attract Foreign Direct Investments (FDI) and provoke divestment. He handed down the warning while announcing a fact-finding committee to look into the face-off between Osun State government and Thor...
Fresh Borrowing: Reps Approve Buhari’s $16bn, €1bn Loan Requests, $125m Grant
House of Representatives, yesterday, approved President Muhammadu Buhari’s request for new externally borrowing comprising $16.2 billion and €1.020 billion. The House also approved a grant component of the external funding plan amounting to $125 million in the President’s request. The approval was granted during the consideration of report on the ‘Request for a concurrent approval of donor fund projects under the...
