Redeveloped National Theatre ready next year The Bankers’ Committee, yesterday, warned against abuse of the new foreign exchange (FX) sale, saying individuals who circumvent the process would be handed over to the law enforcement agents. Briefing the media on the outcome of its meeting, the bankers promised to support the Central Bank of Nigeria (CBN) for the smooth implementation of the new FX sale. The apex bank recently stopped the funding of FX to bureau de change (BDCs) and mandated deposit money banks (DMBS) to take a full change of FX to personal and business travel allowance (PTA/BTA) users. Speaking…
Author: Temitope N.
As prevailing economic challenges undermine investments and disposable incomes, local manufacturers have expressed concerns about the loss of investments to neighbouring African countries. The Senior Partner, Delloite Nigeria, Mr. Bernard Orji, during the 50th yearly meeting of the MAN, Apapa Branch in Lagos, stated that the prevailing challenges in the operating environment are undermining the growth of the real sector. According to him, the high level of insecurity in the country is a major bottleneck hindering the growth of the sector, pointing out that insecurity would persist as long as the country keeps recording high unemployment levels. “The insecurity has…
The Department of Petroleum Resources (DPR) has stated that the Nigerian Gas Transportation Network Code (NGTNC) introduced last year to guide open access transportation of natural gas, has already attracted investment proposals of over $500 million. According to the Director, DPR, Sarki Auwalu, so far, the Department has received investment proposals for power generation, ammonia for fertilizer, domestic LNG, methanol, virtual gas pipeline systems, new gas hubs and the establishment of Nigeria gas trading exchange. Through its Nigerian Gas Flare Commercialisation Programme (NGFCP), the DPR noted that plans are ongoing to reduce gas flaring from the current single digits of…
The Edo State Governor, Godwin Obaseki, has reiterated the need for Nigeria to diversify its economy from crude oil, noting that the nation can earn $20bn yearly from the cultivation and production of oil palm. Obaseki, who spoke to journalists in Benin City, said the decline in prices of crude oil and the COVID -19 pandemic, highlight the importance and urgency to diversify the country’s economy creating an alternative source of revenue. The governor said his government is investing in the agricultural sector to boost the state’s economy, tackle food insecurity and create wealth for Edo citizens. He said: “The…
Financial analysts at EFG Hermes Holdings have said the reason behind Nigeria’s falling reserves is still not straightforward considering limited transparency of reserves and balance of payments numbers. Indeed, the analysts highlighted four main factors that dictate the disappointing movement of reserves. In its latest report, titled ‘More pressure on NGN; adjustment edging closer’, EFG Hermes Holdings noted that Nigeria has been exporting less oil in the past year given its commitment to OPEC+ production cuts. The report stated that crude oil export volumes are down by 20 per cent on average in the year to June, reducing the upside…
Heavy reliance on importation and weak Naira-to-Dollar exchange rate have been blamed for the spike in aviation fuel, currently pegged at N315/litre. Fuel marketers, yesterday, said besides the local charges and fees that are fixed, fluctuations in the global price of crude oil and the exchange rate would continue to affect the price of fuel, until there is a renewed effort to refine the product locally. Findings showed that the essential commodity lately sold for N315 per litre at airports in Northern parts of the country and above N220 in the South. The rate is an upward review from N215…
A new study by researchers at Imperial College London has found that fully vaccinated people have their risk of infection from the COVID-19 Delta variant reduced by 50 to 60 per cent. The study emphasised the need for people who have received the first dose of the COVID-19 vaccine to go for their second dose, noting that it would protect them against the highly transmissible Delta variant. The study also reconfirmed the link between COVID-19 infections and hospitalisations which has begun to wane. It stated that the Delta variant is causing a rise in cases of hospitalisation. According to the…
The Gombe State Commissioner for Health, Dr. Habu Dahiru, says the state has intensified COVID-19 surveillance at the Gombe NYSC camp and in the various local government areas. According to the commissioner, the surveillance started after 25 corps members tested positive for COVID-19 at the Gombe NYSC camp. He said, “We are conducting more surveillance at the NYSC camp. We are also conducting surveillance across the Local Government Areas as we are getting more cases in the town. Speaking in an interview, Dahiru, who also doubles as Gombe Incident Manager, noted that the state reached out to other states, where…
The Nigeria Centre for Disease Control says cholera has so far killed 816 people in Nigeria in 2021. The agency in its latest report also said 22 states and the Federal Capital Territory have reported suspected cholera cases in 2021. According to the NCDC, as of August 1, 2021, a total of 31,425 suspected cases including 816 deaths have been reported from Benue state, Delta state, Zamfara state, Gombe state, Bayelsa state, Kogi state, Sokoto state, Bauchi state, Kano state. Other affected states are Kaduna, Plateau, Kebbi, Cross River, Niger, Nasarawa, Jigawa, Yobe, Kwara, Enugu, Adamawa, Katsina, Borno and the…
Kaduna State Commissioner for Health, Dr. Amina Mohammed-Baloni, says more than 130,000 residents of the state have been tested for COVID-19. Mohammed-Baloni disclosed this on Monday while delivering a lecture at Kaduna State University, Kaduna. The News Agency of Nigeria reports that the event was the 2021 Annual Faculty Day Lecture of the Faculty of Public Health and Community Medicine of the National Postgraduate Medical College of Nigeria. NAN also reports that the lecture was entitled: ‘Exploring the Impact of COVID-19 on Communities and the Mitigation Efforts.’ According to the commissioner, 9,100 people have tested positive for the virus in…