Industrial Sector

Lawmaker Says Govt Is ‘A Bad Manager’

A lawmaker, Wole Oke, has described the Nigerian government as a “bad manager, adding that it cannot “run businesses effectively”, necessitating the selling of assets to fund the 2021 budget. The lawmaker who represents Oriade/Obokun, Osun State, while on Channels TV, said that the assets that are being sold off …

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Nigerians Continue To Eat Bush Meat Amid COVID-19

A report revealed that amid the COVID-19 pandemic Nigerians continue to consume bush meat, despite findings that draw a connection to zoonotic diseases like coronavirus. The report by WildAid titled, ‘Widespread bush meat consumption across Nigeria post-COVID report finds, but points to paths for reduction’. It stated that the consumption …

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AfCFTA Will Benefit African Countries If Properly Managed – NCX MD

The Managing Director of the Nigeria Commodity Exchange (NCX), Zaheera Baba-Ari, has said that the Africa Continental Trade Agreement (AFCFTA) would benefit Africa Nations if managed properly. She said this in an interview with journalists on Sunday, in Abuja. Baba-Ari said that the trade agreement would bolster trading between African …

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Nigeria Records Highest Food Inflation Since 2016

Nigeria recorded its highest food inflation in four years. This is according to the December 2020 consumer price index/inflation report by the National Bureau of Statistics, which was released on Friday. The inflation rate surged by 1.26 percent on a year-on-year basis from 18.30 percent in November 2020 to 19.56 …

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Oil Price Falls To $55 As Nigeria’s Output Shrinks

The international oil benchmark, Brent crude, fell to $55 per barrel on Friday from peak of $56 per barrel it sustained in the past two days amid declining crude oil production. Also, Nigeria’s crude oil production dropped by 155,000 million barrels per day to 1.17 in December from 1.33 million …

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PFAs Invest N8.14tn In Government Securities

The Pension Funds Administrators, PFAs, invested N8.14tn of the total assets under the Contributory Pension Scheme in the Federal Government’s securities as of the end of November. The National Pension Commission (PENCOM) disclosed this in its unaudited report on pension fund portfolio, which was obtained by Biz Watch Nigeria on …

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11 African Nations To Share World Bank’s $5bn Investment

Eleven African nations will benefit from the $5 billion World Bank investment into the promotion of livelihoods across these nations. The plan of the global financial institution was disclosed by its President David Malpass in a statement at the One Planet Summit. Malpass said that the investment was crucial as …

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Experts Worry Over Nigeria’s Inflation Control Measures

FG to keep rate at 11.95% In 2021 The plans put in place by the Federal government to reduce the rising inflation in the country have been described by experts as suboptimal. The country is planning to keep inflation rate stable at 11.95 per cent by the end of 2021 …

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