Nigeria signs Africa free trade agreement: statement. 13 African countries beat Nigeria in Forbes Business ranking - Vanguard News Nigeria. By Babajide Komolafe Thirteen African countries have been ranked higher than Nigeria in Forbes Magazine’s Best Country for Business ranking for 2019. Nigeria emerged as the 110th Best Country for Business, below South Africa, ranked 59, Morocco (62), Seychelles (66), Tunisia (82), Botswana (83), Rwanda (90), Kenya (93), Ghana (94), Egypt (95), Namibia (96), Senegal (100), Zambia (103) and Cape Verde (104).
“Forbes has rated the business friendliness of the world’s biggest economies annually for the past 13 years. Despite the uncertainty surrounding Brexit, the United Kingdom ranked first for the second straight year on the strength of its workforce, innovation and lack of red tape. Don’t kill law against estimated billing, group urges Reps Nigeria was ranked 135 in trade freedom, 141 for monetary freedom, 116 for innovation and 93 for technology. Related Forbes set to celebrate Jonathan, Sunny Ade, Onyeka Onwenu, others. Number of unemployed Nigerians under Buhari now twice the population of Benin Republic | TODAY NEWS AFRICA. By Paul Ibe, spokesman Atiku Abubakar We expected a terrible job report, particularly with the comment on live television from the President’s spokesman, Garba Shehu, that President Buhari had ordered the Statistician General of the Federation, Dr.
Yemi Kale, to fudge the latest job reports. However, the job report released by the National Bureau of Statistics on Wednesday November 19, 2018, is not just terrible, it is catastrophic. They show that under the All Progressives Congress administration, a whopping 20.93 million Nigerians have lost their jobs! To put this in perspective the unemployed population in Nigeria is now twice the population of Benin Republic! We urge Nigerians to note that a President who can’t create jobs or wealth in his own private business cannot create jobs or wealth for the public because you cannot give what you do not have. Right now, Nigeria is the world headquarters of extreme poverty and our main challenge is jobs.
Afro-currency deals to fetch Nigeria more than $4bn. Buhari approves $98 as Nigeria's new monthly minimum wage. Nigerian President Muhammadu Buhari on Tuesday signed an agreement with organized labour raising the minimum wage in Africa’s most populous nation. The new figure of 30,000 naira is almost double the now former figure of 18,000 naira. The agreement helped avert a planned nationwide strike by labour. Nigerian Labour Congress (NLC) General Secretary Peter Ozo-Eson confirmed earlier on Tuesday that the strike was cancelled after government accepted to raise the minimum wage. A committee set up with the government in November 2017 recommended the 30,000 naira new monthly minimum wage, after a series of meetings. The figure was subsequently recommended to President Muhammadu Buhari and has now been approved. The next move is for the Executive Bill to be presented to the National Assembly.
Nigeria’s main unions launched a strike in September after the wage talks broke down. Nigeria signs treaty on acceptable axle load in West Africa. By Kingsley Adegboye The Federal Government has signed treaty obligations within the West African sub-region and beyond to regulate the amount of load any goods vehicle can put on an axle and by extension, on the road in order to do business within ECOWAS and beyond, Minister of Power, Works and Housing, Mr.
Babatunde Fashola who made this known recently at a one-day Public Enlightenment on the Developments in the Road Sector, where he presented the Federal Highways (Control of Dimensions, Weights and Axle Load) Regulations 2018, said: “Sensitising road transporters and imbibing the existing treaty obligations is the only way to optimise the opportunities that lie in road networks like Trans-Saharan highway that connects Nigeria to Chad, Niger, Tunisia, Mali and Algeria; the Lagos- Abidjan Highway through Benin, Togo and Ghana, or the Enugu-Cameroon Highway through Abakaliki – Ogoja, Ikom and Mfum.” Related Why we should regulate loads vehicles can put on our roads – Fashola March 25, 2018. Nigeria to spend $9.5 billion in military expenditure by 2022 to tackle homegrown security threats.
Nigeria to spend $9.5 billion in military expenditure by 2022 to tackle homegrown security threats Nigerian defense budget, valued at around US$1.5 Billion in 2017, registered a negative CAGR of over 10% during the historic period. The country has a long history of internal conflicts negatively affecting its economic growth and stability. The recent emergence of radical Islamic group Boko Haram intensified the rebellion in northeast Nigeria and led to a state of emergency announcement by the President regarding the affected states. Nigeria is expected to spend a total of close to US$9.5 Billion on its defense over 2018-2022, and the country's military expenditure is expected to increase at a CAGR of close to 9% to reach over US$2 Billion by 2022. Capital expenditure's share of the total defense budget increased from over 16 in 2013 to about 30% in 2017, and is expected to increase to an average of about 26% over the forecast period. www.reportbuyer.com.
Nigeria needs to invest $267bn on electricity by 2040 - Report. ….As Elumelu harps on increased access to electricity By Jimoh Babatunde THE G20’s Global Infrastructure Hub (GI Hub) has called for the investment of $267 billion into Nigeria’s electricity sector by 2040 to meet rising demand. In its latest report tagged, Global Infrastructure Outlook, GI Hub, also estimated that the country requires $878 billion to boost its infrastructure over 25 years. According to the report, to achieve the Sustainable Development Goals (SDGs) for electricity and water, an additional $187 billion will be needed by 2030, bringing the overall investment needs to $1.06 trillion. The report also said that globally, the cost of providing infrastructure to support global economic growth will reach $94 trillion by 2040, with a further $3.5 trillion needed to meet the UN Sustainable Development Goals (SDGs) for universal household access to drinking water and electricity by 2030, bringing the total to $97 trillion.
Advocate of entrepreneurship. Nigeria needs to invest $267bn on electricity by 2040 - Report. UN report shows that Nigeria has the highest number of school drop-outs. Nigeria's vice president regrets his country's loss of Bakassi to Cameroon - Journal du Cameroun. Published on 02.06.2017 à 17h27 by Journal du Cameroun Share Yemi Osinbajo, Nigeria’s Vice President has said that ceding Bakassi to Cameroon is a big loss for Nigeria. Going by The Cable, Osinbajo who is now Nigeria’s acting president made this comment at a town hall meeting in Calabar on Thursday, June 1, when he visited. Osinbajo however stated that the federal government need to do more for the people of Bakassi and should not leave them to suffer. “The ceding of Bakassi as a result of the judgement of the ICJ is a development that we all consider a loss.
Osinbajo also pointed out that President Buhari is interested in partnering with Cross River state to create opportunity for the people. “Buhari renegotiated China-EXIM loan for the Lagos-Calabar rail line and the 2017 budget has provided for the Udokpani/Ikot Ekpene road.” Nigeria's National Assembly passes bill that will see NNPC disbanded. Boko Haram fighters returning to Sambisa forest, says report — Nigeria — The Guardian Nigeria Newspaper | Nigeria News and World News.
This file screengrab taken on May 6, 2017 from a Boko Haram video released by the Nigerian Islamist extremist group Boko Haram shows the leader of the Nigerian Islamist extremist group Boko Haram, Abubakar Shekau flanked by two fighters at an unidentified location. PHOTO: THE GUARDIAN / BOKO HARAM / YOUTUBE Members of a faction of Boko Haram are regrouping, re-arming and returning to the Sambisa Forest area, a report by the United Nations High Commission for Refugees (UNHCR) has warned.
The commission has also expressed worry about the increase in the number of children used as suicide bombers from nine in 2016 to 27 in the first quarter of the year. The regrouping and returning of insurgents to the Sambisa forest may rubbish the successes recorded so far by the Federal Government in the anti-terrorism fight and worsen the security situation in the affected parts of the country.
There is the fear that recently released Boko Haram suspects may have been regrouping in the forest. $480b stolen from Nigeria in 54 years – Chatham House reports — Nigeria — The Guardian Nigeria Newspaper | Nigeria News and World News. Chatham House A Chatham House report launched yesterday in Abuja has estimated that at least $480 billion was stolen by corrupt officials between 1960 and 2004.Chatham House, the Royal Institute of International Affairs, is an independent policy institute based in London.
The report, titled “Collective Action on Corruption in Nigeria, a Social Norms Approach to Connecting Societies and Institutions,” said that close to $400 billion was stolen from Nigeria’s public accounts from 1960 to 1999. It added that between 2005 and 2014, $182 billion was lost through illicit financial flows from the country. This stolen commonwealth, the report observed, represents the investment gaps in building and equipping modern hospitals to reduce Nigeria’s exceptionally high maternal mortality rates estimated at two out of every 10 global maternal deaths.
British Ambassador to Nigeria, Mr. The study, coauthored by Dr. Nigeria, others to lose 66% of jobs to automation —World Bank - Tribune. The World Bank president, Jim Yong Kim, on Thursday in Washington, said developing countries, including Nigeria, faced the risk of losing two-thirds of all jobs that currently exist to automation. He also counseled developing countries to look beyond aids to foreign direct investment which he said has stronger impact than aids just as he called for the mobilisation of idle trillions of dollars “sitting on the sidelines…to help meet the exploding aspirations of people all over the world.”
Kim Yong said these in his opening remarks at the ongoing World Bank/International Monetary Fund Spring Meetings in Washington. According to him, “We estimate that two-thirds of all jobs that currently exist in developing countries will be wiped out by automation.” He added that this is not something that would happen in the future as it had already started happening. He said “Let me just give you one example. “Two years ago, I was told, ‘no way, garment manufacturing still requires human hands. Financial policies introduced last year fostering Nigerian economic growth. Nigeria out of recession, World Economics declares — News — Breaking News, Nigeria News and World News – The Guardian Nigeria.
Pedestrians pass street traders in the business district of Lagos. PHOTO: George Osodi/Bloomberg After a few quarters of negative growth that saw the death of businesses, the Nigerian economy is out of recession, but “conditions remain difficult for businesses,” World Economics said Tuesday. World Economics is a London-based organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy. “April Sales Managers’ Index (SMI) data suggests that the Nigerian economy is continuing to grow out of the recession which saw 10 months of consecutive contraction in 2016,” it said in a release published on its website. “The Market Growth Index grew to 58.5 in April as the monthly Sales Growth Index ticked up to 56.7, its highest value since 2015 and representative of rapid growth.
“This is the second consecutive month of a decline in the headline CPI on a year-on-year basis,” NBS said in its report. Economic recovery plan: FG to provide 15m jobs, 10 gigawatt of electricity - The Federal Government says it will provide at least 15 million jobs for Nigerians by the year 2020 as captured in the recently launched Economic Recovery and Growth Plan. The Minister of Budget and National Planning, Senator Udoma Udo Udoma, gave the assurance at a news conference on ERGP on Tuesday in Abuja.
Udoma said the implementation of the plan would deliver some key outcomes, including generation of at least 10 gigawatt of electricity by 2020. He said: “We want to bring down the rate of unemployment by creating over 15 million direct jobs by 2020 in agriculture, manufacturing, construction, services and particularly among the youth. “We want the manufacturing sector to grow at average of 8.5 per cent, peaking 10.6 per cent by 2020. “We want agriculture to also grow by 6.9 per cent over the Plan period; we want self-sufficiency in rice and wheat in 2018 and 2020 at the end of the plan period. Nigeria: China to Loan Nigeria $4.5 Billion to Boost Agriculture.
By Oladeinde Olawoyin The Peoples Republic of China has said it will lend Nigeria $4.5 billion to boost local agriculture. The loan is to enable Nigeria purchase farming tools including tractors, bulldozers, graders, irrigation pumps, amongst others. Audu Ogbeh, Nigeria's minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor, made the disclosure while speaking to journalists in Abuja on Tuesday. Messrs. "We came to brief the President on developments following our visit to China in April last year and our negotiations on a number of issues to deal with machineries for agricultural development," said Mr.
"We signed an agreement which engages all the states including FCT from the Federal Ministry of Agriculture for the procurement of strategic machinery for rural development and agriculture; tractors, bulldozers, graders, irrigation pumps, tarsiers and so on from China. "The President responded well. Mr. Mr. Guardian. The National Bureau of Statistics, NBS, in its unemployment report for the fourth quarter (Q4) 2016 has given a breakdown of how 3.67 million Nigerians became jobless in one year. Also, the number of unemployed Nigerians rose from 7.51 million at the beginning of October 2015 to 11.19 million at the end of September 2016. High unemployment indicates less productivity and less contribution to the economy because jobless people are spending less. Consequently, the government ends up borrowing money because of low revenues and high spending.
Rise in employment rates also affects other areas, such as quality of health services and living standards. The unemployment report for the Q4 – October to December 2016, although billed to be formally released on March 29th is contained in the Nigerian Economic Recovery and Growth Plan (ERGP 2017 – 2020) just released by the Federal Government on Tuesday. Nigeria to lose crown as Africa's largest economy - BusinessDay : News you can trust BusinessDay : News you can trust. In April 2014, Nigeria proudly declared that, as a result of a statistical revision, its economic output in 2013 had hit $509bn, almost twice as high as previously thought. With South Africa’s gross domestic product coming in at just $372bn, Nigeria had taken pole position as Africa’s largest economy.
A year later, the gulf had grown wider still, with strong growth propelling Nigeria’s GDP to $568bn, even as South Africa, undermined by weak growth and a falling rand, saw its GDP, in dollar terms, slip to $352bn. With a fast-growing population of 187m, compared with South Africa’s much more slowly rising 55m, Nigeria looked set for a long reign as the continent’s largest economy. “With the size of population Nigeria had, the slowing growth in South Africa and the population trends it seemed [South Africa] had permanently lost its first place,” says Charles Robertson, global chief economist at Renaissance Capital, an investment bank focused on emerging markets.
“It’s temporary. @em_sqrd. FG to enforce buying of ‘Made in Nigeria’ products – Punch Newspapers. OFFICIAL: 2016 recession is Nigeria’s worst decline since 1987. Rice importation costs Nigeria $2bn annually- Dangote. Corruption: FG begins verification of real owners of companies, businesses - Daily Post Nigeria. Nigerian economy may have shrunk 1.54% Nigeria seizes $10 million from ex-state oil manager | WTOP. ‘Economy of Lagos is expanding, outlook bright’ — Business — The Guardian Nigeria.
Nigeria: Country Listed Among World's Most Powerful Economies By 2030. Nigeria begins negotiations on CFTA adoption - TVCNews: Latest African breaking news, politics, business and sports. Government launches monthly stipend for poor families in Nigeria. IMF Revises Nigeria’s Growth Projections Upwards. Nigeria’s Consumer Price Index hits 11 year high at 18.55% in December. Nigeria: China Plans $40 Billion Investment in Nigeria. Nigeria reduces import duties on 89 items. Nigeria: NCC Arrests 25 Suspected Pirates, Seizes Goods Worth N76.5 Million in 2016-Official.
Nigeria: Receding Lake Chad Gets $1.8million Lifeline. Nigeria: Presidency Removes 50,000 Ghost Workers From Payroll. Breaking: Expose corruption and get rich, says FG. Nigeria: Over 59 Percent of Nigeria's 2016 Budget Implemented - Buhari. Nigeria: The Elephant in the Room - Nigeria's Population Growth Crisis. Nigeria approves more drastic measures to ease recession - TV360 Nigeria. Nigeria to provide dollars to airlines, fuel marketers in special auction - TV360 Nigeria.
Naija247news - Nigeria Set to Lift Ban on 41 Imported Items. EU Commits €20m For Reconstruction Of North East, N/Delta. Nigeria: Hausa Speakers in Nigeria Now 120 Million - Communique. Nigeria: With Coal, Nigeria Can Generate 17,500MW in 5 Years - Audu. Nigeria: To Get International Passports, Nigerians to Show Evidence of Tax Payment. 2017 budget will usher in massive reconstruction in Northeast Nigeria - Hon. Ngamdu - Daily Post Nigeria.
Over 29,000 displaced Nigerians return from neighbouring countries - TV360 Nigeria. Nigeria’s Population Hits 182 Million. How Lagos emerged fifth largest economy in Africa. Nigerian Federal Government negotiating free trade agreements | BizNis Africa. FG resumes Export Expansion Grant in 2017 – Minister | News24 Nigeria. Nigeria stops imports of wheat from Russia. Nigeria Tomato Plant Closes, Embarrasses President. Desertification and erosion both serious concerns for Nigeria. MAN shortlists three firms to generate power » TODAY.ng. Nigeria, D8 Nations Agree to Increase Trade By U.S.$500 Billion. Nigeria governor says close to $625 mln rail deal to develop poor north. Breaking: FG approves take-off of 8 new private Universities in Nigeria.
IMF Report: Nigeria’s economy is the biggest in Africa - Business - Pulse. Nigeria: Govt Plans to Link Nigeria's Major Roads to Five Other Countries. Nigeria: Customs Pushes for Total Ban On Rice Importation From 2017. FG to buy vehicles worth N3.5bn from local manufacturers for NPS. Buhari seeks $14bn for restoration of Lake Chad | Naija247news. Ignore European Union, don't sign EPA, group tells Nigerian government. Nigeria: Exports increased by 63% in Q2.
Dangote’s tomato factory to resume production in December - Lolu Akinwunmi's Observatory. Nigeria can produce 384,000 units of vehicles annually – NADDC » TODAY.ng. Naija247news - Nigeria spent N1trillion on agricultural commodities and food imports in 2yrs says Dangote | Naija247news. Nigeria's president reshuffles state oil firm and replaces oil minister as boss | Africanews. As Northern Nigeria begins to rebuild. LCCI to launch Nigeria’s e-platform for trade with Russia » TODAY.ng. Naija247news - Economic Diversification: Dangote Refinery, Fertilizer Project will Increase Nigeria’s Competitive Power. World Bank slashes Nigeria’s growth to 0.8% » TODAY.ng. Foreign investors float $2bn Infrastructure Fund in Nigeria » TODAY.ng. Inflation hits 80-month high at 15.6% – NBS » TODAY.ng. Nigerian middle-class squeezed as used car prices rise 51% - FINANCIAL WATCH. Economic hardship: Nigerians seek greener pastures abroad | Punch Newspapers. Nigeria Oil Economy Was A Terrible Mistake, President Buhari Says As Recession Looms.
Overdependence on oil destroyed Nigeria's agriculture – Former Veep | Africanews. Nigeria to Stop Importation of Rice, Sugar, Tomato Paste, Other Commodities By 2018 - Minister. Business - Harsh Economy: Nigerians Groan as Food Prices Increase by 50% | Nigerian Bulletin - Latest News Updates. Nigeria will have enough to eat and sell in 3 years - Audu Ogbeh - Daily Post Nigeria. East Africa: EAC's Vision of a Single Currency. Fed Govt eyes 87% rise in non-oil income. Nigeria: Agriculture Now Contributes Over 24 Percent to GDP - Central Bank. Buhari wants background of foreign firms checked | Business World News 2016-04-07. Here are 5 of Nigeria's silent billionaires.
Nigeria: Boko Haram Insurgency Cost North East U.S.$9 Billion - Report. Nigeria: World Bank Earmarks U.S.$800 Million for Rebuilding North East. NNPC opens bids for co-location of refineries | The Sun News. FG hopeful fuel scarcity would end next week | The Sun News. Lagos begins prosecution of tax evaders tomorrow | The Sun News. Nigeria: Groups Reject Planned Introduction of Genetically Modified Maize, Cotton in Nigeria. Naija247news - Nigeria To Emerge Top Ten Economies In 2050 – Pwc Report. Nigeria's Borno lost $9.5bn to Boko Haram - World Bank | World News 2016-03-21. Nigeria: Economy - We Must Produce Our Food Locally - Buhari.