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Tag: Nigeria

Nigeria needs $2b monthly for fiscal sustainability as FG builds oil reserves

Nigeria needs $2b monthly for fiscal sustainability as FG builds oil reserves

Business, Economy
The Department of Petroleum Resources (DPR) has stated that the country needs over $2 billion monthly revenue to remain sustainable as a nation. The Director, DPR, Sarki Auwalu, warned that without this monthly income, the economy would be in doldrums as over 70 per cent of the $2 billion is presently being realized through the nation’s oil and gas sector. Auwalu stated this at a DPR/ Nigerian Extractive Industries Transparency Initiative (NEITI) strategic engagement session in Lagos. According to him, majority of the Foreign Direct Investments (FDIs) into the country are attracted by the nation’s competitive oil and gas sector while stating the Department’s plans to build more oil reserves in the country. “In the upstream sector, we want to grow the reserves to 40 billion ba...
Marriott to open first premium hotel in Lagos May 19

Marriott to open first premium hotel in Lagos May 19

Business
Riding on the success of its over 8 outlets in Nigeria, Marriott International, the world’s largest hotel group, is set to open its largest hotel in Lagos, Nigeria. The 250-room Lagos Marriott Hotel Ikeja, which is owned and built by Sifax Group, is a premium brand and will open on May 19, 2021. The hotel is the first Marriott designed and purposed-built hotel in Nigeria and the largest in Sub-Saharan Africa, amid contemporary facilities, great service and experience for guests. Speaking at a media preview of the hotel at the Ikeja GRA, Lagos, on Tuesday, Rudi Janse Van Resnburg, general manager of the hotel, described the new hotel as an amazing product, noting that Marriott International is yet again boosting experience for guests who want travel brilliantly with the great ...
Lagos warns telcos against illegal digging of land

Lagos warns telcos against illegal digging of land

Business
LASRAA registers 5m Lagosians, targets 60 registration centresThe Lagos State Government has warned telecoms operators against illegal land digging for fibre cable laying.  Rather, the state said operators should key into the ongoing fibre laying project the state is handling across the 20 local government areas and all the local council development areas.   The Lagos State Commissioner for Science and Technology, Hakeem Fahm, made this known during the 2021 ministerial press briefing to commemorate the second year of Babajide Sanwo-Olu-led administration. Fahm said Lagos implemented a 3,000 km of Fibre Metro Network connection in 2020 and an additional 3,000km in 2021 across the state as part of the comprehensive Smart City Programme that seeks to provide a 24-hour driven economy....
Insurer pays N501million claims in Q1

Insurer pays N501million claims in Q1

Insurance
Great Nigeria Insurance Plc has disclosed its commitment to honouring genuine claims as and when due, as its quarterly total claims pay was N501.6 million. Speaking to The Guardian, the Head of Corporate Communications and Brand Manager (GNI), Oyinkansola Sobande, said claim obligations have increased, which he attributed to the economic downturn. According to her, “every insured wants to claim at every given opportunity, which has impacted the claim figures since the occurrence of the pandemic.” The summary of the claims paid in the first quarter of 2021 shows that group life had the highest figure of N422 million while the general insurance business totaled N79m. While commenting on the intent of the organization as regards claims settlement, the Managing Director/Chief Exec...
Nigeria loses 20% passenger traffic over Emirates, Etihad exit

Nigeria loses 20% passenger traffic over Emirates, Etihad exit

Aviation
•Foreign airlines rally behind controversial rapid antigen test The suspension of Emirates Airlines and Etihad’s withdrawal from Nigerian airspace has cost the country, at least, a 20 per cent decline in international passenger traffic. The Guardian learned that the decline was a major setback for air travel’s gradual recovery that earlier climbed to 45 per cent of pre-COVID-19 traffic. Meanwhile, foreign airlines have rallied behind the controversial rapid antigen tests as a better alternative to the popular polymerase chain reaction (PCR) test standard for COVID-19. To that effect, the International Air Transport Association (IATA) has urged governments to accept best-in-class rapid antigen tests following the publication of new research findings. The Federal Government ...
Nigeria overtakes US as India’s fourth biggest oil supplier

Nigeria overtakes US as India’s fourth biggest oil supplier

Oil & Gas
Nigeria emerged as the fourth biggest supplier of crude oil to India in December, pushing the United States down to the sixth position just after Brazil. Reuters reported on Wednesday that India’s crude oil imports in December soared to the highest levels in nearly three years to more than five million barrels per day as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed. India’s year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally. December oil imports by India, the world’s third biggest crude importer and consumer, were about 29 per cent more than the previous month and about 11.6 per cent higher than a year e...
Stagflation and how to tame Nigeria’s misery index

Stagflation and how to tame Nigeria’s misery index

Economy
The headline inflation has grown consistently in the past 15 months to hit 15.75 per cent in December. The last time the index reached and exceeded its current figure was December 2018. Unmanageable inflation growth is a challenge but just one among the red data the economy is grappling with. Unemployment (plus underemployment) also reached an all-time high of above 55.7 per cent last year just as the weak naira is crushing the purchasing power of an average citizen daily. At the same time, production continues to face a cost efficiency challenge with the government’s ability to intervene being weakened by falling revenue. The country officially announced a recession last year when the gross domestic product (GDP) plunged over six per cent. These indicators point to one worrisome ...
THE NIGERIA’S FX CRISIS:  OVERARCHING CONSEQUENCE OF INSECURITY AND STRUCTURAL DEFICIENCY

THE NIGERIA’S FX CRISIS: OVERARCHING CONSEQUENCE OF INSECURITY AND STRUCTURAL DEFICIENCY

Economy, Finance
The Nigerian Naira has lost close to 30% in value within the last one year, and more than 200% in the last 10 years. The situation has led to a spike in capital outflow, high unemployment, the alarming rate of inflation and other direct and indirect consequences associated with exchange rate crisis. While greater attention has been placed on COVID-19 as the root cause of the diverse economic challenges this year, the current FX situation should be looked at from diverse perspectives; primarily, the existing structural and policy challenges that have been limiting the country’s FX earnings over the years and also the COVID-19 induced shock on global energy demand. The COVID-19 Effect Earlier this year, as a result of restrictions imposed by countries when COVID-19 was declared a glob...
UNN centre appoints Prof Okoro as director

UNN centre appoints Prof Okoro as director

Appointments
The UNIVERSITY of Nigeria, Nsukka (UNN), Centre for Business Development has appointed professor of Mass Communication and immediate past Dean, Faculty of Arts, Nnanyelugo Okoro, as director. Born on December 10, 1960, in Edem-Ani, Nsukka Local Government Area of Enugu State, Prof. Okoro graduated with B.A. (Hons.), Mass Communication (Second Class Honours, Upper Division), in 1987. He had a stint with the New Outlook Newspapers, and Dawn Functions Nigeria Limited, in Enugu as News Editor and Media Manager, respectively. In 1993, he bagged M.A. Mass Communication in UNN, where he got employed as an assistant lecturer. From there, he started the scholarship journey that saw him to the peak of the academic ladder as a professor in 2011. He had his M.Sc Public Administration degre...
FG to disburse N300m MSMEs Survival Fund to mark 60th anniversary

FG to disburse N300m MSMEs Survival Fund to mark 60th anniversary

Innovation
Government has concluded arrangements to share about N300million under the National Medium, Small and Micro Enterprises (MSMEs) Survival Funds scheme to about 333,000 artisans and transporters, as part of measures to commemorate Nigeria’s 60th Independence anniversary on October 1st. The government named target beneficiaries of the scheme include mechanics, taxi drivers, hairdressers, keke NAPEP riders, Okada riders, plumbers, electricians among others. It said the beneficiaries are to be drawn from 12 states, including Lagos, Bauchi, Kaduna, Kano, Plateau, Borno, Ekiti, Anambra, Abia, Kogi, Ondo, and the FCT respectively for this first phase of the scheme. The Minister of State for Industry, Trade and Investment, Ambassador Mariam Yalwaji Katagum, made this known in Abuja, while ...