The Kaduna Refinery loses an average of N2.2 billion ($7million) every year to vandals who unlawfully tap of its raw water pipeline, running from Kaduna River, revealed Idi Mukhtar, Managing Director of Kaduna Refining and Petrochemical Company (KRPC). “We require a particular amount of water sufficient enough to generate steam and other industrial consumption needs, but because of the...

The Federal Government of Nigeria has identified climate-friendly projects valued at N52 billion ($165 million), according to the Permanent Secretary of the Ministry of Environment, Bukar Hassan. Hassan who declared this during a meeting of Permanent Secretaries on Green Bonds in Abuja said the project would be financed through Green bonds. He noted that the government plans to issue the first...

Trade volumes between Nigeria and South Africa fell to about N1.3 trillion ($4.1billion) in 2016 from N1.5trillion ($4.8billion) in 2015, South African Ambassador to Nigeria, Lulu Aaron-Mnguni, revealed. Aaron-Mnguni who disclosed this in Abuja on Thursday said that bilateral relations between the two countries were excellent but could still be improved. According to the envoy, trade increased...

PricewaterhouseCoopers, one of the world's largest professional-services firms, in its latest report places Nigeria at the 14th position among thirty-two countries that will be world's most powerful economies by 2050. The report, titled “The long view: how will the global economic order change by 2050?” ranked the countries by their projected global gross domestic product at purchasing power...

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, on Wednesday revealed plans by the Nigerian Government to increase customs duties on tomato imports and remove the tariffs on some farming equipment. This is aimed at promoting local production and investment in the agricultural sector. According to the Minister, the tax on some greenhouse equipment which currently amounts to...

The National Assembly has revealed plans to increase its present total allocation for the health sector in the 2017 budget from N304billion (4.17% of total budget) to N1.1trillion. This increase falls in line with the 2001 Abuja Declaration, which recommends that a minimum 15% of total annual budgets be dedicated to the health sector. “There shall be increased appropriation by the National...

MTN Group is expected to report a full-year loss for the 2016 financial year mainly due to a $1 billion regulatory fine imposed on it by Nigerian authorities, after refusing to deactivate 5.1 million unregistered users. According to the company, the fine has cut off 474 cents from headline earnings per share. MTN’s shares had declined by 2.18% at 115.16 rand the lowest since December....

The Federal government has revealed plans to start using railway waggons to transport food items as part of measures to reduce the prices of food items across the country. This is coming after the Federal Executive Council last week set up a task force to advise the government on how best to address the rising cost of food items. According to the Minister of Agriculture, Audu Ogbeh, the task...

The Federal Government of Nigeria is working on a policy under which $50 million will be set aside to fund and encourage investment in the production of biofuels in the country. Deputy Director of the Research Department at the CBN, Lawrence Odey, who spoke on behalf of the Central Bank of Nigeria (CBN), disclosed this in Abuja at the National Capacity Building and Sensitization Workshop on...

Nigerian’s parliament has approved the issuance of a $1bn Eurobond to finance the nation’s budget deficit and infrastructure projects. This was announced on Feb 8 by the Senate spokesperson, Aliyu Sabi Abdullahi (photo). “... the only request for approval from the executive was ... for the issuance of $1 billion Eurobond ... for the funding of the 2016 budget deficit, and we...