Category: West Africa
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Nigeria: Presidency Explains Current Status of Social Investment Programmes
As the Buhari administration proceeds with the implementation of its Social Investment Programmes, the Federal Government has now released over N375 million this year to feed almost 700,000 primary school pupils in 5 states, while virtually all states of the federation, except two, are now being processed for the payment of N30,000 monthly stipends to…
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Nigeria ratifies the Trade Facilitation Agreement
Nigeria has ratified the Trade Facilitation Agreement (TFA), making it the 107th World Trade Organisation (WTO) member to do so. Only three more ratifications from members are needed to achieve the two-third threshold that will bring the TFA into force. Nigeria’s instrument of acceptance was submitted to the WTO today by the Minister for Industry,…
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Nigeria: Naira Defies Liquidity Boost, Depreciates Further Against Dollar
The Naira on Thursday remained indifferent to the sale of over $250 million to licensed Bureau De Change (BDC) operators nationwide as it suffered another loss against the dollar. The News Agency of Nigeria (NAN) reports that the Naira inched against the dollar at the early hours of Thursday morning by 2 points but could…
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Nigeria: Despite Comeback, MMM Users Still in the Dark Over Payment Issues
MMM users are still unsettled days after the supposed return of the scheme, PREMIUM TIMES has learnt. MMM Nigeria which has well over 3million Nigerians in its talons said it has removed all requests for payment on the system. A report in The Cable said that the scheme in a statement on Tuesday explained that…
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Nigeria: Ezekwesili – Nigeria to Save Over $100bn Oil Revenue Via Conservative Savings
A former Vice-President of the World Bank, Dr. Obiageli Ezekwesili, has said that conservative savings over a period of four years would have enabled the country save more than $100billion of oil revenue. Ezekwesili disclosed this in Lagos during the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) Public Lecture with the theme: “Nigeria Today:…
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Nigerian Govt Amends Charges in $245 Million Fraud Suit Against Total, Chevron
A Federal High Court on Monday in Lagos granted the Federal Government’s application to amend processes in its suit against Total Nigeria Plc over alleged under-declaration of crude oil exports. The plaintiff, FG, had sued Total Nigeria Plc, alleging that it under-declared the volume of crude oil it shipped out of the country between January…
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Nigeria: Naira Stabilises At N497/$ As Hope of Recovery Imminent
The Naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery. The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515…
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Nigeria: NLC Chief Warns Foreign Oil Firms Against Disrespect of Labour Laws
Leading labour leader, Issa Aremu has urged international oil companies (IOCs) operating in Nigeria to ensure decent work conditions for their workers in tune with the nation’s laws. Aremu was speaking yesterday against the backdrop of the recent three-day warning strike called by the National Union of Petroleum and Natural Gas Workers (NUPENG), Natural Gas…
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Nigeria: 50 Companies Bid for NNPC’s Boat Supply Contract
At least 50 companies are scrambling to provide sea worthy tug boats on charter time basis for the maritime operational requirements of the Nigerian National Petroleum Corporation (NNPC) in Lagos, Warri and Port Harcourt. The public bid opening for the contract, which held at the NNPC Headquarters Abuja, had in attendance representatives of the bidding…
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Nigeria’s NNPC proposes changes to increase deepwater oil revenues
Nigeria’s state oil company has proposed legal amendments aimed at enabling the government to increase royalties and other revenues from deepwater oil production. OPEC member Nigeria has been hit hard by a slump in crude oil prices in the last two years, which helped to push the country into recession. And militant attacks in the…