Expert urges Nigeria government to address recession, forex; challenges to construction industry
Businessam Staff
July 21, 2017
Bolarinde Patunola-Ajayi, a property consultant, Friday, urged Nigeria’s Federal Government to address the nation’s recession and foreign exchange challenges in order to save the building construction industry from collapse. Patunola-Ajayi, also the President, Nigerian Institution of Estate Surveyors and Valuers (NIESV), gave this advice while speaking with journalists from NAN in Lagos, on the sideline of the […]
Only 7.59m of 69m working Nigerians have retirement savings account as at June, says NBS
Businessam StaffJuly 20, 2017
The retirement savings account (RSA) membership distribution data for Q2 2017 as released by the Nigerian statistical agency, the National Bureau of Statistics (NBS) indicates that only 7.6 million workers are registered under the contributory pension scheme out of a total working population of 69.5 million, representing just 10.93 percent. This compares with 7.5 million […]
Nigeria imports goods worth N6.7 trillion in 2015–Minister
Businessam StaffJuly 15, 2017
Aisha Abubakar, Nigeria’s Minister of State for Industry, Trade and Investment on Friday, July 14 revealed that Nigeria expended more than N6.7 trillion in 2015 on the importation of goods that the country can produce locally, NAN reports. The minister made the statement in Kano during the opening of the North-West zonal sensitisation workshop on the […]
Nigeria to license drones for commercial and private purposes
Businessam StaffJuly 14, 2017
New regulations governing unmanned aircraft are in the works in Nigeria and they will compel the licensing of drones used for both commercial and private purposes, it has emerged. Dele Sasegbon, the director general of the Nigerian Civil Aviation Authority (NCAA) said in Abuja that the agency has proposed these regulations and they are now […]
FG set to revamp Port Harcourt refinery
Businessam StaffJuly 14, 2017
The Senate and the Federal Government have resolved to revamp the Port Harcourt Refinery as against rumoured plans to concede the facility, News Agency of Nigeria (NAN) reports. Sen. Abubakar Kyari, Chairman, Senate Ad Hoc Committee on Planned Concession of the Refinery, made this known at a public hearing on the issue in Abuja Thursday. […]
U.S. special envoy holds roundtable with clerics fighting corruption
Businessam StaffJuly 13, 2017
Amy Lillis, acting United States special representative for religion and global affairs held a roundtable discussion Thursday with members of the Religious Leaders Anti-Corruption (RLAC) working group. The group was formed in 2016 by Muslim and Christian religious leaders with the primary goal of addressing how faith communities could take a leading role in anticorruption […]
Nigeria will borrow more to implement FG recovery plan- Finance minister
Businessam StaffJuly 13, 2017
Nigeria has no choice, but to continue to borrow in order to implement the Federal Government’s Economic Recovery and Growth Plan (ERGP), Kemi Adeosun, country’s finance minister said Thursday, according to NAN report. This was said in a statement signed by the Director of Information, Federal Ministry of Finance, Salisu Dambatta in Abuja, following the recent statement […]
Nigeria’s central government approves N2.7trn to settle 20-year old debts owed pensioners, contractors
Businessam StaffJuly 12, 2017
Nigeria’s federal government Wednesday approved the sum of N2.7 trillion for the payment of 20-year old outstanding debts owed pensioners, contractors, and other employees. The beneficiaries, according to the government would be settled through the issuance of liquid promissory notes (ten-year tenure) phased over a three-year period to minimise the impact on liquidity, while preference […]
DMO sees $483.4m foreign debt service for Nigeria in 10 years
Businessam StaffJuly 12, 2017
Nigeria’s debt office plans to use $483.4 million to service its foreign debt over a 10-year period and make repayments starting from next year as its dollar debts begin to mature, it said in its annual report. Debt Management Office (DMO) projects debt service repayments to amount to a total of $4.47 billion to be made in 2018, 2021 […]
Nigeria cannot afford to “borrow anymore,” finance minister says
Businessam StaffJuly 11, 2017
Kemi Adeosun, Nigeria Minister of finance said Tuesday that the country must not borrow more to fund its budget and should instead look inward, raising more money it needs by other means such as taxes. The minister made the comment while speaking at a business forum in the country’s capital, Abuja, calling into question planned […]