July 1, 2020

President Muhammadu Buhari on Tuesday at the United Nations outlined the Federal Government's plans to lift 100 million Nigerians out of poverty within the next 10 years.

The president spoke in a video message to a high-level meeting of the UN General Assembly on poverty eradication.

The News Agency of Nigeria (NAN) reports that the virtual meeting featured the launch of the Alliance for Poverty Eradication (APE).

At least, 94 million...

June 24, 2020

World Bank has approved a $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply.

The bank, in statement in Abuja on Wednesday, said that the target was to also achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector.

It explained that about 47 per cent of Nigerians did not have access to grid electricit...

June 8, 2020

New swarms of desert locusts will threaten West Africa in June, the Food and Agriculture Organisation (FAO), has warned.

The FAO, in a report, said desert locusts will continue breeding in Ethiopia, Kenya, Somalia, Sudan and West Africa.

"In the coming months, Desert Locusts will continue breeding in Ethiopia, Kenya and Somalia. New swarms will form in June and migrate to the Sudan through South Sudan and pose a risk to the Sahel in W...

May 27, 2020

President Muhammadu Buhari has advised Nigerian farmers to increase their food production as Nigeria has 'no money' for food importation.

Even before the coronavirus pandemic, Nigeria has restricted food importation as the country strived to produce a lot of the food it consumes.

The country also shut its borders with neighbouring countries, largely to prevent the importation and smuggling of items such as rice, poultry and petrol. T...

May 22, 2020

An assessment by the Nigeria Bureau of Statistics indicates that Nigeria's economy will go into a recession at an average of -4.4 per cent, the finance minister, Zainab Ahmed, has said.

Ms Ahmed spoke while addressing journalists after the National Economic Council meeting on Thursday.

"The National Bureau of Statistics (NBS) has made an assessment. So, it is the NBS assessment that Nigeria will go into a recession measuring at an ave...

May 1, 2020

The $3.4 billion emergency funding for Nigeria on Tuesday by the International Monetary Fund (IMF) is a repayable loan approved to help the country cushion the impact of the coronavirus pandemic on her economy, the Bretton wood Group clarified on Wednesday.

The IMF also mentioned the two conditions attached to the loan.

Since April 6, when the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that Nigeria subm...

April 22, 2020

The slump in the U.S. crude oil futures below $0 per barrel is not a reflection of the reality in the global oil market capable of impacting Nigeria's oil production, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said.

Last Monday, the U.S. crude oil price dropped to its worst level since New York Mercantile Exchange (NYMEX) opened oil futures trading in 1983.

The drop, coming few d...

April 17, 2020

The United Nations (UN) says it has received delivery of vital health supplies including 10,000 test kits, 15 oxygen concentrators, personal protective equipment (PPE), vaccines, and other vital health supplies for onward donation to the Nigerian government.

The supplies are co-financed by the European Union (EU) and IHS Nigeria, the Nigerian subsidiary of IHS Towers.

Currently, Nigeria has about 442 confirmed cases of coronavirus, wi...

April 1, 2020

As countries of the world continue to battle the spread of coronavirus, oil prices crashed below $20 amid a supply glut on Monday.

Brent crude fell to $22.58 per barrel at one point on Monday, its lowest level since November 2002.

The price of oil has sunk to levels not seen since 2002 as demand for crude collapses amid the coronavirus pandemic, analysts said.

The price of U.S. West Texas Intermediate (WTI) fell below $20 a barrel, clo...

March 27, 2020

The cost of shipping goods into Nigerian ports is among the highest in the world, with the figure for Apapa port costing more than thrice of that to Tema, Ghana, according to new research by SBM Intelligence.

The organisation tracked shipments to three African ports between September and November 2019 and came up with the average cost of shipping goods in from the European Union, the terminal charges on containers while they are in t...

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