Nigeria’s inability to process cashew nuts in significant quantities for export resulted in the loss of $1.4 billion in 2016. Data from the National Cashew Association of Nigeria (NCAN) showed that the country exported a total of 160,000 metic tons of cashew valued at $300 million in 2016. According to the Vice president, Nigeria Agribusiness Group, Emmanuel Ijewere, about 90% ($270...

As part of efforts to boost the economy, the Federal Government of Nigeria has announced that foreign missions will from now on be involved in the sales of products and services produced in the country. This is aimed at improving the export of local products, increase revenue, create jobs, and assist in diversifying the economy. The FG through the Ministry of Industry, Trade and Investment is...

Med-View Airline, one of Nigeria’s domestic carriers, has listed on the Nigerian Stock Exchange (NSE) offering N9.75 billion ordinary shares of 50 kobo each at N1.50 per share, representing an initial capital of N14.63 billion. Through this initial public offering (IPO), the carrier aims to increase its annual revenue which is currently at N26 billion, which is expected to reach N58.5billion...

The Federal Government of Nigeria has commenced the distribution of 20,000 solar-powered lighting systems to rural communities, as part of efforts to ensure stable power supply in the country. This programme which was launched by the Acting President, Yemi Osinbajo (photo), at a rural community in Gwagwalada Area in Abuja, saw the distribution of 200 units of the systems in the first...

In its 2017 rankings of African billionaires, Forbes revealed that the number of African billionaires has dwindled again amid persisting economic turmoil over the continent. The US magazine has indeed listed only 21 billionaires in its rankings for the current year, against 23 in 2015 and 28 in 2014. The individuals’ combined wealth in 2017, according to Forbes, stood at $70 billion. At...

In order to make its land policy more efficient, the ministry in charge of presidential projects, land development and equipment near the presidency (M2PATE), has opted for decentralization. In this framework was held on January 30, 2017, an inter-regional consultation workshop to develop a strategy which aims to support the decentralization of land management. “The current government is...

A Nigerian House of Representatives ad-hoc committee has queried the Central Bank of Nigeria (CBN) over payments of royalties, application fees and signature bonuses associated with Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) awarded to some oil companies by the Federal Government. The committee headed by Gideon Gwani, was set up by the House of Reps to determine whether due...

In line with the President Buhari-led administrations’ Social Investment Programmes (SIPs), the Federal government has disbursed loans to beneficiaries in 13 states and the Federal Capital Territory of Abuja. The states concerned are Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Osun, Ogun, Oyo, Ondo, Rivers and the FCT. This micro-credit scheme which falls under the...

The price of Nigeria’s Bonny Light crude oil increased to $53.91 per barrel in December 2016, from $42.20 the previous month, a difference of $11.71. This is the second highest amongst the Organization of Petroleum Exporting Countries’ (OPEC) reference basket, under the month in review. During this period, the country was producing 1.9 million bpd and probably earned an...

In Cote d’Ivoire, the pilot phase of a project financed by the European Union (EU), has allowed to deliver 3,000 land certificates to populations of four departments. This was revealed last Friday by Daniela Rofi, head of EUR cooperation in Ivory Coast. The four departments that benefited from the initiative are Abengourou and Agnibilékrou in the East, Daloa in the Central-West and Toulepleu...