The Nigerian House of Representatives has urged the Federal Government to inject huge investment into the Sovereign Wealth Fund, transport, agriculture and solid minerals. This was declared when the house commenced debate on the 2017 budget on Tuesday. According to Femi Gbajabiamila (photo), the House Leader, there is a need for massive investment in critical sectors of the economy particularly...

Nigeria’s Minister of State for Petroleum, Emmanuel Kachikwu (photo), has said that crude oil prices, which have been hanging around $55 a barrel since early last month, will rise by about $10 in the coming months. “Ultimately, the effects over the next few months will get us to where we want to be, which is in the mid-$60s,” Kachikwu said in a Bloomberg interview. Let’s be...

General Electric (GE) has revealed plans to invest in Nigeria’s three refineries situated in Port Harcourt, Warri and Kaduna. This is coming after Italian oil major, Eni, revealed plans to cooperate with the Nigerian National Petroleum Corporation (NNPC) over the renovation and enhancement of the Port Harcourt refinery. Speaking during a presentation to the Group Managing Director of NNPC and...

The Federal Government of Nigeria under its Agricultural Transformation Support Programme Phase one (ATASP-1) has revealed plans to expend $175m in rehabilitating agricultural and ancillary social infrastructure in seven states These states include Kebbi, Sokoto, Niger, Kano, Enugu, Anambra and Jigawa, Today news reports. According to the National Coordinator of ATASP-1, Haruna Akwashiki,...

The Court of Cassation of Morocco has issued a decree to protect good-faith purchasers of lands, reports daily L’Economiste. “During a recent plenary meeting, the country’s highest judicial body said it would protect good-faith purchasers at the expense of victims of spoliation,” reveals the newspapers. It however highlighted that the news is yet to be confirmed or overturned by the...

Senegal has signed with the Islamic Development Bank (IDB), three financing agreements valued at CFA51 billion. The agreements which aim to support social and economic development were signed in the presence of the minister of economy, finance and planning, Amadou Bâ and the vice-president of operations at IDB, Mansur Muhtar. The funds mobilized will finance Senegal’s Islamic microfinance...

A price dispute between the Federal Government of Nigeria and International Oil Companies (IOCs) operating in the country has resulted in a revenue loss of over $4.04 billion in eight years, the Guardian reports. It was reported that the long-standing disagreement was due to the differences in price to be used in valuing crude oil for the aim of calculating IOCs’ tax obligation from...

Nigeria’s Acting President, Yemi Osinbajo (photo), has said that growth in the country’s economy can only be realized if it is driven by the private sector. Speaking at the second edition of the Presidential Business Forum in Abuja, Osinbajo said the main focus is to sustain the robust private sector partnership in the country, Govandbusinessjournal reports. “It is our strong believe that...

Nigeria's foreign exchange reserves rose by 8.9% to $27.49 billion as at January 20, 2017, climbing to the highest level since April 2016, central bank data showed on Tuesday. The reserves were down by 3.17% from the same period in January 2016, the bank said not giving further details as to the reason behind the rise, Reuters reports. The country’s foreign exchange reserves increased...

The Federal Government of Nigeria has revealed plans to boost electricity generation with the establishment of two small hydropower plants capable of adding 2000KW of electricity to the country’s energy capacity. This was disclosed by the Minister of Science and Technology, Ogbonnaya Onu, at a press conference to announce the result of Nigeria’s participation at the just concluded 7th...