Local News

Nigeria's Export to UK Sees 6% Growth

Statistics has revealed that the volume of export from Nigeria to the United Kingdom grew by 6% in 2011.

The amount of trade by both countries for 2011 stood at $4 billion while the 2012 trade figures were still being worked out even as both countries have outlined plans to double the trade figures by 2014.

Giles Lever, the Deputy British High Commissioner to Nigeria, provided these figures during a reception for African Supplies Ltd (ASL) in Abuja last night.

CBN Expends ₦199.25b to 30 States on Agric Projects

A total of ₦199.25 billion out of the ₦200 billion Commercial Agriculture Credit Scheme has been disbursed to finance 270 projects in 30 States, the Central Bank of Nigeria (CBN) has said.

Sanusi Lamido Sanusi, the Governor of the CBN, said this yesterday during an address at a one day forum for stakeholder in the tomato industry. The forum was organised to help stakeholders in the industry brainstorm on how to unlock the potentials in the sector.

Okonjo-Iweala Advocates Measures to Curb Poor Management

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has advocated the adoption of far-reaching measures to curb opaque management of extractive revenues from African countries, especially Nigeria.

Dr. Okonjo-Iweala, who gave the recommendation at an event organised by the United Kingdom government in Northern Ireland, said that the new push by the G8 to enthrone transparent tax disclosures would further boost efforts by different countries to keep tab on extractive revenues.

Nigeria, Ghana Boost Agric Investment in West Africa

Nigeria and Ghana are leading investments in agriculture in West Africa, as Agricultural investment in the world’s largest cocoa-producing region will grow “very significantly” by 2050, according to the Organisation for Economic Cooperation and Development (OECD).

West African urbanisation is increasing at the fastest rate in the world, due to population expansion and people moving from rural areas to cities. Karim Dahou, an executive manager at the OECD’s directorate for financial and enterprise affairs, said last week in an interview at a conference in London.

Nigeria, US Business Leaders Plan Investment Forum

The Corporate Nigeria Stakeholders and Investment Forum, a gathering of Nigerian businesses, will form synergetic relationships with foreign investors in the United States of America. The forum which is scheduled to hold in New York, USA, July this year is being powered by the Delta State government.

The Chief Executive of Heartlink, Kemi Otegbade, who is also the coordinating consultant for the event, said the support of the Delta State government for the forum is in line with the evolution of Nigeria as a choice investment destination for foreigners.

Foreign Direct Investment to Nigeria, S. Africa fell in 2012 –UN

Africa was one of only two regions in the world to experience an increase in foreign direct investment (FDI) in 2012 but inflows to regional giants Nigeria and South Africa declined, a United Nations report said yesterday.

While global FDI fell by 18% last year, Africa bucked the trend with inflows increasing 5% to $50 billion, as countries like Mozambique, Tanzania and Uganda reaped the benefits of new discoveries of oil and gas, according to the 2013 World Investment Report published by the United Nations Conference on Trade and Development.

FAAN Says Abuja Airport to Experience Power Cuts Friday

The Federal Airport Authority of Nigeria on Wednesday said the Nnamdi Azikiwe International Airport, Abuja, would experience power interruption between Friday and Saturday.

In a statement issued yesterday, Henrieta Yakubu, FAAN’s Head of Communication at the airport, said, “The power interruption is due to electrical maintenance the authority wishes to carry out at the airport.

FAAC Allocates ₦620.65b to FG, states, LGs

After days of uncertainties over shortfall in revenue, the Federation Accounts Allocation Committee on Wednesday reconvened to share the statutory allocation for the month of May.

At the end of the meeting that ended around 9:05pm in Abuja, the committee allocated the sum of ₦620.65 billion to the three tiers of government.

The meeting, presided over by the Minister of State for Finance, Dr. Yerima Ngama, was attended by commissioners of Finance from the 36 states of the federation as well as the Accountant-General of the Federation, Mr. Jonah Otunla.

Budget Appropriation: Lessons From Lagos State

The perception that governance in Lagos State is going to cross over to a slow lane from the initial fast lane, which was started in 2007 by Governor Babatunde Fashola, has continued in spite of claims by the government that its N492billion 2012 budget has recorded 75% cumulative implementation in the first six months. The federal Government has implemented 56% of it 2012 budget in the same period, depending on which organ of government you choose to believe.