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Economy

Government to revoke non-performing licenses on silo concession

Government to revoke non-performing licenses on silo concession

Economy
Minister Agriculture and Rural Development, Sabo Nanono, has threatened to revoke the licence of any concessionaire that failed to meet the terms of agreement, nine months after the Federal Government concession 20 silo complexes to private sector operators. The Government had projected to generate about N6billion from concession fees over a period of 10 years, to which the concessionaires were expected to compensate government through a fee structure broken down into three components, including the upfront one-off payment, an annual fixed value; inflation linked concession fee and an annual share of profit from operations. To this extent, the “Government retains ownership of the silo complexes and at the end of the concession term, has the option to decide to manage them directly, n...
Bears push further into February, as capitalisation plunges N160b

Bears push further into February, as capitalisation plunges N160b

Economy
Despite the full year 2019 results being churned out by quoted companies, the equities market began the month of February on a bearish note amid weak investors’ sentiments, as market capitalisation slumped by N160 billion. Yesterday, the All-Share Index (ASI), shed 310.13 absolute points, representing a dip of 1.08 percent to close at 28,533.40 points. Similarly, market capitalisation lost N160 billion to close at N14.697 trillion. The downtrend was impacted by losses recorded in large and medium value stocks, amongst which were; Forte Oil, Julius Berger, Cadbury Nigeria, Zenith Bank, and Access Bank. Analysts at Afrinvest Limited, said: “For the rest of the week, we expect corporate earnings release to dictate the direction of the equities market.” United Capi...
Pantami tasks government agencies, private sector on data protection

Pantami tasks government agencies, private sector on data protection

Economy
Minister of Communication and Digital Economy, Isa Ali Pantami, has urged all agencies of government and the private sector to ensure security of data of Nigerians under their custody. Speaking at a workshop to mark the 2020 World Privacy Day, organised by the National Information Technology Development Agency (NITDA) in Abuja, Pantami observed that Nigeria’s quest to attain digital economy cannot be achieved without data protection, as Nigerians must be sure of the privacy of their data before they can accept to migrate to digital platforms. He said: “The Constitution guarantees data as a fundamental human right, Nigeria data protection regulation is a subsidiary legislation, and it is the right of Nigerians for their privacy to be protected, and any data under the control of govern...
Nigeria requires $5.7m to provide water, says UNICEF

Nigeria requires $5.7m to provide water, says UNICEF

Economy
United Nation Children Economic Fund (UNICEF), has disclosed that Nigeria requires an average of $5.7billion to provide water and sanitation in each local government area of the federation. The Chief of Party Water Sanitation and Hygiene, UNICEF, Zaid Jurji, who disclosed this yesterday, during a meeting between Organised Private Sector on Water, Sanitation and Hygiene (OPS-WASH), and the Minister of Water Resources, Suleiman Adamu, in Abuja, said the investment would cover all costs and other benefits. Commending Nigeria’s efforts toward ending open defecation in the country, he said current initiatives must tally with increasing population. “We are close to 200 million people and with the increasing population, if every year, there is an increase of services for five million people...
Provide young people with new skills to meet the needs of a 21st century labor market, African Development Bank report urges

Provide young people with new skills to meet the needs of a 21st century labor market, African Development Bank report urges

Economy
"Youth must be prepared for the jobs of the future – not the jobs of the past," African Development Bank (https://www.AfDB.org/) President Akinwumi Adesina said on Thursday at the launch of the Bank's flagship African Economic Outlook (bit.ly/2ShnTnI) "Given the fast pace of change, driven by the 4th industrial revolution – from artificial intelligence to robotics, machine learning, quantum computing – Africa must invest more in re-directing and re-skilling its labor force, and especially the youth, to effectively participate," the Bank president said. The African Economic Outlook is an annual report that provides updates and forecasts of the continent's economic performance. The theme of the 2020 report is Developing Africa's 'Workforce for the Future.' According ...
“Nobody eats GDP” says African Development Bank President as he calls for inclusive growth

“Nobody eats GDP” says African Development Bank President as he calls for inclusive growth

Economy
The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well “Nobody eats GDP” says African Development Bank President as he calls for inclusive growth frica’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” the African Development Bank’s (AfDB.org) President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report on Thursday. The 2020 African Economic Outlook (AEO) (http://bit.ly/2vABQFU) showed that the continent’s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021. According to the report, these figures do not tel...

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