February 19, 2020

Nigeria loses over N90 billion yearly, and in the next three years will lose not less than N270 billion to deficit and importation of palm oil, The Guardian investigation has revealed.

Based on the December 2019 World Bank price index for crude palm oil at $769.93, Nigeria lost N90, 081,810,000 to importation of what it could produce last year and may lose about N270,245,430,000 from 2020 to 2022.

On closing the deficit, experts said...

October 9, 2019

Up to 2,500 jobs could be saved following the sale of Thomas Cook’s chain of 555 UK travel agencies to Hays Travel, following the collapse of the holiday firm last month.

Hays Travel, which claims it is the UK’s largest independent travel agent, has acquired all the Thomas Cook stores and has said it will re-employ a “significant number” of former employees.

“Thomas Cook was a much-loved brand employing talented people,” said John and...

August 20, 2019

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that it will deny foreign exchange (Forex) for importation of more items at both commercial banks and the apex bank levels.

Emefiele stated this in Abuja at the opening of a two-day retreat for ministers’ designates and top government officials at the Presidential Villa yesterday.Speaking, he said the authorities would also not renege on President Muhammadu...

August 9, 2019

Donald Trump has dropped the broadest possible hint that he is ready to dig in for the long term in the Washington’s trade war with China, after the latest escalation in the long-running dispute between the world’s two largest economies.

The US president said he was ready to provide support for US farmers in 2020 should they face pressure from China, as economists at Goldman Sachs said the standoff could continue until after the US p...

August 7, 2019

German industrial production has suffered its biggest annual decline in nine years after the escalating trade war between the US and China took its toll on exports.

Europe’s economic engine, which has increasingly relied on exports to Asia to bolster factory output, was left teetering on the edge of recession in the second quarter after a 1.5% fall in industrial production in June, which is expected to be repeated in July.

Output fell...

July 24, 2019

The Basic Metal, Iron and Steel and Fabricated Metal Products Sectoral Group of the Manufacturers Association of Nigeria (MAN), has raised an alarm over possible massive retrenchment of the workers in the steel sector, as non-patronage of local steel products spells doom for the industry.
With only about 35 or less of the steel plants still active, operations in the firms have been at below capacity with utilisation less tha...

July 17, 2019

Local manufacturers have outlined some of the pre-conditions and safeguards given to the Federal Government as part of measures to maximise the potential benefits of the African Continental Free Trade Area (AfCFTA) deal, having signed the agreement.

Specifically, the Manufacturers Association of Nigeria (MAN), said the Presidential Steering Committee recommended the introduction of explicit rules on import quota restrictions; adoptio...

July 12, 2019

Africa, and in particular Nigeria, has become the best place for investment following the consummation of the about $3 trillion African market in the Africa Continental Free Trade Agreement (AfCFTA), which Nigeria formally accented to at the just-concluded African Union (AU) Meetings in Niamey, Niger. 

Senior Director, African Development Bank (AfDB), Regional Office Nigeria, Mr. Ebrima Faal, made the assertion Tuesday, in Abuja, at...

July 12, 2019

To reposition the Nigerian economy and make it self-reliant, the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has rallied stakeholders’ support for the textile and garment industry, saying it is capable of creating over two million jobs if fully harnessed.

In addition to the high employment generation capacity, Emefiele also noted that as one of the critical sectors, the industry is capable of transforming the economy by...

July 3, 2019

Safe travel in Nigeria’s airspace is in jeopardy despite efforts by government at improving navigation infrastructure.    Pilots are increasingly getting worried about poor communication between cockpits and control towers, a persistent problem that has now worsened.

Experts also expressed fear over the increased possibility of near misses and collision between two or more operating aircraft.

The Guardian learnt at the weeke...

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