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Saturday, July 11, 2020

UN to begin $4bn Implementation Framework in Nigeria, 2018

…As Canada earmarks $3.5bn to support women, children health in Nigeria*** The UN has indicated a commitment to begin its implementation of over $4 billion, UN Sustainable Development Partnership Framework (UNSDPF) in Nigeria by 2018. The UN Resident Humanitarian Coordinator and UNDP Resident Representative, Mr Edward...

Osun State’s Proposed MKO Abiola airport to gulp N69 billion

The proposed M. K. O Abiola International Airport in Ido-Osun, Osun, will cost N69 billion under a concession arrangement with an indigenous company, AWOL International, an official has said. Niyi Ogundiran, the Director of Public Building in Osun State Ministry of Works, gave the figure...

Nigeria Unveils $732 Million Broadband Project to Diversify Economy from Oil

By Emele Onu Public-private partnership targets 65% penetration by 2024 Program is part of government’s strategy to diversify economy Nigeria plans to invest 265 billion naira ($732 million) in broadband infrastructure over the next four years as the government sets its sights on nationwide coverage and to...

World Bank commitment to Nigeria hits $11 billion — Country Director

The Country Director, World Bank Group, Rachid Benmessaoud, says the bank’s net commitment to Nigeria over the years is about $11 billion. He said this on Thursday in Abuja at the maiden edition of the Nigeria Portfolio Performance Award. Organised in partnership with the Ministry of...

Singapore-based Noodle maker plans $1bn biggest regional port in Nigeria’s Lagos

The Tolaram Group, maker of Indomie Noodles, is building the biggest port in West Africa on the east side of Lagos with $1bn facility from China, according to the Financial Times. A report in Financial Times on Tuesday said the Singapore-based company was set to...

Nigeria mulls private funds to divest 40% shares in electricity distribution companies

• Raises hope on kick-off of Mambilla hydro power project • Highlights infrastructure plans Chineme Okafor in Abuja and Ejiofor Alike in Lagos The Minister of Power, Works and Housing, Mr. Babatunde Fashola, Monday stated that the federal government would be open to welcome new and tangible...

Multiple taxation, infrastructure deficit, killing Nigeria’s economy – LCCI

The Director of Research and Advocacy of the Lagos Chamber of Commerce and Industry (LCCI), Dr Vincent Nwani, restated on Wednesday that multiple taxation and infrastructure deficit were harming the nation’s economy. Nwani, an economist, made the observation in a paper entitled: “Regulations Undoing Diversification...

Nigerian lenders bleed over Energy firms NPLs

Femi Asu Deposit money banks in the country are said to be bleeding as acquisition loans advanced to power and oil companies have not been paid. Prior to the fall in crude oil prices from a peak of $115 per barrel in 2014, banks gave loans...

MfBs’ bad loans drop by 5.3% to N25bn — NDIC

THE microfinance bank industry recorded 5.2 percent decline in nonperforming loans (bad loans) to N25 billion in 2018 from N26.18 billion in 2017. NDIC NDIC IFRS 9 implementation burdens insurance firms(Opens in a new browser tab) The industry, however, struggled in terms of profitability...

Osinbajo commissions $1 billion cement factory

The federal government is on course to achieve Nigeria’s quest for self-sufficiency in cement production and export, Vice President Yemi Osinbajo said last week Tuesday. The vice president was speaking at the unveiling of the $1billion Obu cement factory at Okpella in Edo State. He also...
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