Local News

Nigeria-Indonesia Trade Hits $449m

The Indonesia Trade Promotion Centre (ITPC) said the volume of trade between Nigeria and Indonesia has hit a sum of $448.6 million. The centre also fixed a target to increase the trade figure by 12% in 2013.

The Director, ITPC, Pontas Tobing, explained that commerce between Nigeria and Indonesia has improved significantly compared to last year due to the cordial relationship that exists between the two countries.

NAIC Guarantees Support to Osun Farmers

The Managing Director of the Nigerian Agricultural Insurance Corporation (NAIC), Dr. Tijjani Garba, has commended the agricultural transformation programme of the Osun State Government.

According to the report, Dr. Garba noted the governor’s achievements, especially the investment of over ₦3billion in agro-allied venture inputs, machinery and capacity building for the farmers for greater productivity.

FCT Administration Targets ₦500b PPP Investment

The Federal Capital Territory Administration has said it is accessing about ₦500billion investments for infrastructure development and has also put machinery in motion to access more in the years ahead.

Bala Mohammed, Minister of the Federal Capital territory, noted that the FCTA had the potential to access funds for investments in infrastructure in the private sector, apart from budgetary allocations to provide infrastructure while receiving the Chairman, Infrastructure Concession Regulatory Commission, Senator Ken Nnamani, in Abuja on Saturday.

Chevron certifies withdrawal from Olokola LNG project

CHEVRON Nigeria Limited, operator of the Nigerian National Petroleum Corporation/Chevron Joint Venture, has officially confirmed its withdrawal from the Olokola Liquefied Natural Gas project.

Mr. Deji Haastrup, who is the General Manager, Policy, Government and Public Affairs, Chevron Nigeria, said in a statement yesterday that the withdrawal from the project took effect from July 31 2013, although there had been speculations that the company might pull out of the Olokola LNG project but no official confirmation was forthcoming until now.

FG signs ₦78b MoU with Chinese firm on Power

The Federal Government on Tuesday signed ₦78bn ($500m) Memorandum of Understanding with the Xian Electric Engineering Company Limited of China for the execution of transmission projects in the power sector.

The Minister of Power, Prof. Chinedu Nebo, said the loan was negotiated by the Minister of Finance, Dr. Ngozi Okonjo-Iweala when President Goodluck Jonathan visited China recently. The ₦78billion, a loan obtained from the China Exim Bank, will be used for the construction of power transmission infrastructure across the country.