Business

Cities Like Lagos Need Building Designs That Don’t Just Copy Global Styles

Eko Atlantic city in Lagos is described as the largest real estate project in Africa and dubbed the “Dubai of Africa”. Pius Utomi Ekpei/AFP via Getty Images Dr Anthony Ogbuokiri, Nottingham Trent University and Dr Emmanuel Manu, Nottingham Trent University Covered in glass, the former IMB Plaza building in Lagos stood as an example of the influence of international design ...

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MAN Faults FG On Food Sufficiency Claim, No Forex For Food Importers

President Muhammadu Buhari on Thursday, directed the Governor of the  Central Bank of Nigeria, Godwin Emefiele, not to release money for food and fertilizer importation henceforth. The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, who disclosed this in a statement titled, “Don’t give a kobo for food, fertilizers imports, President Buhari directs CBN,” said Buhari ...

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Naira Plunges, Exchanges For N440 Per Dollar

The naira exchanged to the dollars for N440 in the parallel market on Thursday, despite the resumption of forex sales to the Bureau de Change Operators on Monday. The naira had last week dropped from N480/$ to N420/$, following the Central Bank of Nigeria’s announcement to resume forex sales to the BDCs. In a circular by the CBN, it stated ...

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How Corruption Undermines Peacebuilding In Nigeria’s Oil Region

A Nigerian Navy unit on patrol, looking for illegal oil refineries in the Niger Delta region near Port Harcourt. Stefan Heunis/AFP via Getty Image Obasesam Okoi, University of St. Thomas In the wake of an insurgency that devastated Nigeria’s petroleum industry and sent the economy into a tailspin, the Nigerian government granted unconditional amnesty to thousands of insurgents in 2009. ...

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The N2.3 Trillion Stimulus Package Must Be Implemented Quickly, Osinbajo Tells Ministers

Though the Federal Government has commenced the implementation of the N2.3 trillion stimulus package, the economic distortions and hardship caused by the COVID-19 pandemic require the relevant ministers and stakeholders to expedite action on the plan adopted to mitigate the effect of the crisis on the economy, according to Vice President Yemi Osinbajo, SAN. Emphasizing the need for a quick ...

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Prepare For Further Fuel Price Hike, Marketers Warn Nigerians

Fuel marketers across the country adjusted their pump prices on Thursday to between N158 and N162 per litre of petrol, saying a further increase in global crude oil prices would push the pump price of petrol higher. Petrol prices have increased for three straight months, rising from N121.50–N123.50 per litre in June to N140.80-N143.80 in July, N148-N150 in August and ...

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Speculators Count Losses As Naira Rebounds, Exchanges For 420/$

The naira exchanged to the dollar at the parallel market at N420/$ on Wednesday, following the interventions made by the Central Bank of Nigeria in the Investors and Exporters window. Prior to CBN’s renewed intervention in the I&E window on Monday, the naira exchanged for as high as N480 to the dollar. Speculators in Nigeria’s foreign exchange market would count ...

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Lamentations As PPMC Jerks Up Fuel Price

The Petroleum Products Marketing Company (PPMC) has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N151.56 per litre from N138.62 per litre. The PPMC is a subsidiary of the Nigerian National Petroleum Corporation, NNPC, and currently imports almost all of Nigeria’s petrol. According to an internal memo made available to marketers and other stakeholders, the new ...

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Adesina Sworn In For Second Term As AfDB President

“Today, a rainbow stretches from the 81 member countries of the African Development Bank across the deep blue skies of Africa…The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank.” With these powerful words President of the African Development Bank Group, Dr. Akinwumi Adesina, addressed participants after formally being sworn into office ...

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