Business

Africa CEO Forum: Jim Ovia, Awosika, Other Business Leaders To Discuss African Economic Integration

The 7th edition of the largest international meeting of Africa’s private sector will be held on March 25 and 26 in Kigali, Rwanda. Leading decision-makers from industry, finance and politics, will come from more than 70 countries to discuss regional integration along with other key topics for the development of Africa’s businesses. At a time when intra-continental trade remains too ...

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Why Nigeria should first support rice farmers before it cuts off imports

Rapid urbanisation is one of the reasons that Nigeria’s demand for rice is so high. Jeremy Weate/Flickr, CC BY-ND Rahman Akintayo Sanusi, Federal University of Agriculture, Abeokuta Nigeria spends an average of US $22 billion (₦7.92trn) each year on food imports. Its major food imports include wheat, sugar and fish. Another big import, rice, accounts for about US$1.65 billion, or ...

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Anambra Welcomes Golden Tulip Hotel 

Raymond Ozoji, Awka “Official opening of Agulu Lake Hotel and Resort on Monday 7th January, 2019 By His Excellency Chief Willie M. Obiano Governor of Anambra state.” That was the inscription strategically placed at the entrance of a new six-star hotel commissioned and officially declared open for business by the Anambra state governor. The grand opening of the world-class hotel ...

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CBN Announces Truce With MTN

The Central Bank of Nigeria has announced the resolution of its dispute with MTN Communications Limited, saying the company will now atone only for the illegal remittances on preference shares issued in 2008. CBN’s spokesman and director of corporate communications, Isaac Okorafor announced the breakthrough in a statement published on the bank’s website on Monday. The MTN also corroborated the ...

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Oil Plunges 6 Percent As Economic Slowdown Fears Grip Market

Oil prices plunged more than 6 percent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic slowdown rattled the market. U.S. crude futures CLc1 and global benchmark Brent LCOc1 hit their lowest levels since 2017 during the session, putting both benchmarks on track for losses of ...

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Ocean Marine Denies Pipeline Surveillance Impropriety Allegation

Ocean Marine Services (OMS) has denied allegation of impropriety on its multi-million dollars pipeline surveillance deals with the Nigerian National Petroleum Corporation (NNPC). The company which said this in a document noted that its attention has been drawn to a publication by Eraskorp Nigeria Limited (Eraskorp) in ThisDay newspaper of 10 December 2018, on page 32, with the title “Award ...

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Budget 2019 Is Fundamentally Flawed

By Atiku Abubakar President Muhammadu Buhari presented the 2019 Budget Proposals to the Joint Session of the National Assembly on Wednesday 20 December 2018. Its key aim is to, according to the President, ‘further place the economy on the path of inclusive, diversified and sustainable growth in order to continue to lift significant numbers of our citizens out of poverty’. ...

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Excess Crude Account Drops From $2.319bn To $631m In Three Weeks

Nigeria’s Ministry of Finance on Wednesday disclosed that the amount in the Excess Crude Account (ECA) has declined from $2.319 billion to $631 million within three weeks. Permanent Secretary, Ministry of Finance, Mahmoud Dutse while explaining the decline told journalists in Abuja that withdrawals were made by the Federal Government from the ECA to settle the last tranche of the ...

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Buhari Unveils N8.8trn Budget

President Muhammadu Buhari on Wednesday unveiled a federal budget of N8.83 trillion for the 2019 fiscal year with N300 billion lower that the current budget. The figure came in the 2019 Appropriation Bill presented by the president to a joint session of the National Assembly in Abuja. The News Agency of Nigeria (NAN) reports that the 2018 total budget estimate ...

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How Africa, Europe Can Collaborate To Tap Benefit Of Digital Economy, By Osinbajo

Africa and Europe must work together to advance and harvest the economic benefits of digital economy, and at the same time prevent a counter-productive widening of the digital gap, according to Vice President Yemi Osinbajo, SAN. Prof. Osinbajo stated this today at the Africa-Europe High-Level Forum in Vienna, Austria, which had in attendance other African and European Heads of State ...

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