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Monday, August 10, 2020

Panel identifies five priority areas to drive Nigeria’s industrialisation

The Nigeria Industrial Policy and Competitiveness Advisory Council held its second meeting on Monday with a decision to focus on five priority areas. The areas are critical infrastructure, financing, trade, skills and capacity building. The Minister of Industry, Trade and Investment, Okechukwu Enelamah, disclosed this to...

In Aba, Nigeria’s China of Africa, local manufactured shoes carry dollar price tags

Adesola Dike is an undergraduate in a Nigerian top University in Lagos State, he has flairs for foreign made fashion brands, but over here in Nigeria, she only has access to those foreign fashion brands shipped into Nigeria as 'second handed clothes'. On the side...

FirstBank: Towards reviving Nigeria’s textile industry

By Chinyere Joel- Nwokeoma (NAN) For many years, until the early 1980s, the Nigerian textile industry was the highest employer of labour, after the public sector. Sadly, the industry is in dire straits battling for survival in recent times. Among the challenges that confronted the sector...

Nigeria seeks $1.21bn to put Ajaokuta steel complex into production

30 May 2018, Lagos — The House of Representatives will hold a public hearing on its investigation into the failure of Nigeria’s foremost steel complex, Ajaokuta on June 4. In a letter seen by Naija247news addressed to the Minister of Solid Minerals Resources, Sole administrator...

States to Get 13% Derivation from Mining Revenue

THE Federal Ministry of Mines and Steel Development on Tuesday said it had secured approval for the payment of 13 per cent derivation from mining revenue to the 36 states of the federation. The Permanent Secretary in the ministry, Abass Mohammed, who disclosed this...

Nigeria Earned U.S.$2 Billion From Onne Free Zone in 6 Years – Umana

Lagos — The Federal Government of Nigeria realised a whopping $2 billion (N611 billion) as revenue from the operation of the Onne Oil and Gas Free Zone through the Nigerian Ports Authority (NPA) within the last six years. The Managing Director of Oil and Gas...

Reps adopt 2 bills to prevent concession of Ajaokuta Steel

The House of Representatives on Wednesday adopted two bills seeking to prevent the concession of Ajaokuta steel company and to ensure its completion. The bills, each sponsored by 301 lawmakers, were introduced for first reading on Wednesday, March 21. The bills are: An act to provide...

Nigeria secures N30b for exploration of new minerals – minister

To save $3.3b from steel products’ importation The Federal Government has secured a N30 billion loan from the National Resources Intervention Fund to implement the roadmap on mining industry.The Minister of Mines and Steel Development, Dr. Kayode Fayemi, disclosed this yesterday at the National...

Mines and Steel Road Map targets N9.7tn contribution to GDP by 2025

The Ministry of Mines and Steel Development says it will contribute $27bn about (N9.7tn) to the Gross Domestic Product by 2025. The ministry stated this in its Road Map in Abuja on Sunday, adding that the contribution would be achieved in three phases. It said that...

Nigerian Manufacturers still depend on black market for forex, says MAN

By Femi Adekoya Despite the Central Bank of Nigeria (CBN) selling $1.1billion to 4,328 firms in November under its foreign exchange allocation guideline, manufacturers have decried non-implementation of the 60 per cent allocation directive given by the apex bank to commercial banks. According to the Manufacturers...
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