The Acting President of Nigeria, Yemi Osinbajo (photo), has disclosed that a sum of N1billion ($3.2million) has been set aside in the 2017 budget for the development of the Ibaka deep-sea Port Project in Akwa Ibom State. According to him, the Federal Government is extremely committed to the realization of the project as it is significant to the growth of Nigeria and the economy. “Indeed, as...

The United Nations has revealed that the Islamist Militant Group, Boko Haram since its resurgence in 2009 has caused $9 billion worth of damage in Nigeria’s northeast by destroying homes, schools, bridges and roads. The president of the UN Security Council, Matthew Rycroft (photo), who disclosed this during a visit to Maiduguri, said Borno state alone recorded losses valued at $6.2...

As part of efforts to bridge the skill gap and solve the challenges of inadequate financial backing in Nigeria, the New Partnership for Africa’s Development (NEPAD) has revealed plans to invest €35 million in five African countries including Nigeria. The other four countries are Tunisia, Algeria, Cameroon and South Africa. Speaking at a two-day stakeholders’ meeting in Abuja,...

The Debt Management Office (DMO) has listed the Federal Government’s $1 billion Eurobond on the Nigerian Stock Exchange (NSE). This was disclosed by Abraham Nwankwo, the Director-General of DMO, during the bond listing at the NSE on Thursday in Lagos. According to him, the Eurobond was the first ever of the kind to be listed on NSE. It was raised under realistic terms to fund capital...

Mauritius’ tourism revenues should soar 3.8% to 58 billion rupees or $1.64 billion this year, according to the nation’s statistics office. This forecast is lower than that projected by a report published earlier in the year (59 billion rupees). Tourist arrivals are expected to increase by 6.8% from 1.28 million last year to 1.34 million in 2017. The statistics office also projects a...

Last Feb.27, the European Union (EU) signed with Burkina Faso a financing agreement worth €117 million to back the support programme for food and nutrition security, sustainable agriculture and resiliency (PASANAD). The facility aims to support Burkina Faso’s efforts in implementing the national strategy for food and nutrition security (PNSAN) which aims at achieving sustainable food...

The Telecommunications Industry contributed 8.9% to the national Gross Domestic Product (GDP) of Nigeria compared to the 8.6% recorded in 2015, according to the Nigerian Communications Commission (NCC). Yesterday, the Deputy Director, Consumer Affairs Bureau at the NCC, Ephraim Nwokenneya, said the rise was due to the increasing number of telecoms subscribers. According to Nwokenneya, the...

The Federal Government has signed a multilateral agreement with the Government of Cameroon and the United Nations High Commissioner for Refugees (UNHCR) for the voluntary repatriation of Nigerian refugees in Cameroon. There are over 85, 000 Nigerian refugees in Cameroon. These refugees fled to the country due to the insurgency in the northern part of Nigeria caused by Boko Haram. According to...

The Minister of Agriculture and Rural Development, Audu Ogbeh, has revealed that Nigeria earned $43 million from the export of Gum Arabic in 2016. Ogbeh who disclosed this after a meeting of the Federal Executive Council (FEC), said that, as a result of the performance, the Federal Government has set aside N263 million ($836, 000) to boost the production and export of the commodity. The...

The Nigerian Deposit Insurance Corporation (NDIC) has revealed that about three million Nigerians have lost N18 billion (about $58million) to a Ponzi scheme popularly known as Mavrodi Mundial Movement (MMM). NDIC’s Managing Director, Umaru Ibrahim, who was represented by the NDIC Deputy Director of Corporate Affairs, Hadi Suleiman, disclosed this at the ongoing 38th Kaduna International...