Nigeria’s Gross Domestic Product (GDP) will grow by about $3 billion, if the country can reduce its imports. The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who, at the weekend, advocated for import substitution, noted that the importation of petroleum products alone makes up about 25 per cent of annual imports aside from other products that are high import. According to the latest trade figures released by the National Bureau of Statistics (NBS), the country recorded a trade deficit of N3.94 trillion in the first quarter (Q1) of 2021. Nigeria’s total merchandise trade, in the NBS report,…
Author: Temitope N.
Nigeria has been named the richest African country by Gross Domestic Product (GDP), surpassing South Africa and Egypt with a GDP figure of N514.05 billion in the World Population Review’s 2021 Richest African Countries Ratings. According to the World Population Review, Nigeria is not just Africa’s richest country but also its most populous with a head count of over 211 million. It noted that the country’s humongous population had been a major contributor to the large GDP. The World Population Review listed Nigeria as a middle-income, mixed economy and emerging market with growing financial, service, communications and technology sectors. Following…
To mark the World Environment Day, the United States consulate under the aegis of the acting US Consul General, Brandon Hudspeth, on Saturday participated in a tree planting initiative with students of St. Savior’s School, Ebute Metta, Lagos. Some of the attendees at the event were General Manager, the Lagos State Environmental Protection Agency, Dr. Dolapo Fasawe; Assistant Director, Lagos State Ministry of Environment, Folasade Adeyoju; and other environmental groups. The event was organised by members of the Young Africa Leaders Initiative under the auspices of the Mandela Washington Fellowship Alumni Association with the support of a public diplomacy grant…
The Federal Government has said it will grow Nigeria’s power generation to 11,000 megawatts by next year as measures to actualise this are well on course. The country’s power generation currently hovers around 4,000MW and 5,000MW. In March, the Transmission Company of Nigeria announced a peak power generation of 5,801.6MW, which was transmitted to power distribution companies across the country. In response to enquiries by our correspondent on what the government was doing to grow the country’s power supply, officials of the Federal Ministry of Power said the ministry was currently implementing recommendations contained in the Siemens deal. They said…
Leadway Assurance Company Limited says it has partnered with the Association of Parents of Private School Students to launch an education insurance policy plan, tagged ‘Group Education Protection Plan’. In said this in a statement on Sunday titled ‘Leadway Assurance partners parents association for bespoke education plan’. The statement said the education plan was launched at a Children’s Day event in Port Harcourt. It stated that it was designed to help parents protect their children’s future from possible socio-economic disruption in schooling due to unplanned or unforeseen events, such as the death of a parent or guardian, life-threatening critical illness,…
The Director-General, Nigerian Maritime Administration and Safety Agency, Dr Bashir Jamoh, has said that the President, Major General Muhammadu Buhari (retd.), would launch the Deep Blue Project worth $195m on June 10, 2021. Jamoh, revealed this in a statement on Friday adding that the event would combine both the commemoration and the launching of the project. He said, “All is set as we begin the countdown to the commemoration and official launch of assets of the Integrated National Maritime Surveillance and Security Infrastructure Deep Blue. “Come Thursday 10th of June, Nigeria will make the boldest statement ever to secure our…
The Lagos State Government said it has prepared development guide plans for nine excised villages in the state. They communities are Apa, Onikanga, Suberu-Oje, Ketu Ijanikin, Awoyaya, Eleputu, Orimedu, Sangotedo and Langbasa. The Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, disclosed this at a stakeholders’ meeting. He said the nine excised villages were located in different Local Government Areas including Badagry, Alimosho, Ojo, Ibeju-Lekki and Eti-Osa. In attendance were Chairman, House Committee on Physical Planning and Urban Development, Hon. Nureni Akinsanya; Special Adviser to the Governor on Urban Development, Ganiyu Ayuba; Permanent Secretary of the Ministry, Abiola…
The Central Bank of Nigeria on Sunday announced an increase in foreign exchange allocations to banks to meet the requests of customers. These requests include travellers seeking foreign exchange for travel allowances, payment of tuition and medical fees, among other invisible. The CBN Governor, Godwin Emefiele, disclosed this at a meeting with the Managing Directors of Deposit Money Banks over the weekend. Emefiele cautioned the banks to desist from denying customers, particularly travellers, the opportunity to purchase foreign exchange, adding that CBN would take action against any bank that denied customers the opportunity to purchase foreign exchange for legitimate purposes.…
The House of Representatives is considering disallowing staff members of banks and other financial institutions from operating accounts outside the shores of Nigeria. Their spouses and children may also be mandated to declare their assets when a bill presently at the House becomes law. This was contained in the ‘Bank Employees, Etc., (Declaration of Assets)(Amendment) Bill 2021’, which is awaiting second reading. The legislation was titled ‘A Bill for an Act to amend the bank employees, etc., (Declaration of Assets) Act CAP. B1 Laws of the federation of Nigeria 2004 to reflect the prevailing situation in the country’. The bill,…
The Lagos State Government says it has concluded plans with Facebook and Google to construct the biggest technology cluster in West Africa. This was disclosed on by the Lagos State Governor, Babajide Sanwo-Olu, during a tour of the two major innovation and technology hubs in the state, according to a statement Sanwo-Olu said, “Technology is the new oil and the basic element for the Fourth Industrial Revolution globally. As a state with a massive population of young people, we need to play a major role in the development of technology, which is an enabler to leapfrog into rapid socio-economic growth.…