Friday, October 02, 2020
At 60, ICT contribution to GDP rises, but infrastructure investment fails to impress
The information and communication technology (ICT) sector accounts for 15.09 percent of Nigeria’s gross domestic product (GDP), as of the second quarter of 2020. It is a rise from 9.99 percent recorded in the previous quarter and a very big jump from 4.1 percent recorded in 2004, three years after the country issued its first… Read more
Economy: Buhari explains why petroleum prices must be adjusted
Nigeria’s President Muhammadu Buhari on Thursday said the country must further adjust petroleum prices in the wake of current global realities. The president, in his early morning national broadcast to mark Nigeria’s 60th Independence anniversary, said the country’s revenue had experienced a 60 percent decline in the wake of current global coronavirus pandemic resulting in… Read more
At $89bn in 18yrs, illegal capital flight from Nigeria 2nd highest in Africa
In almost two decades, an estimated $89 billion, equivalent to 18.69 percent of Nigeria’s GDP, left the country as illicit capital flight, according to UNCTAD’s Economic Development in Africa Report 2020. The proceeds from oil export misinvoicing at $44 billion and $45billion from import misinvoicing between 1996 and 2014 contribute to an average of $4.94billion… Read more
Petrol: Comparing Nigeria with Saudi Arabia ridiculous, TUC tells Buhari
The Trade Union Congress of Nigeria has condemned the comparison between Nigeria and Saudi Arabia made by the President, Major General Muhammadu Buhari (retd.), in his Independence Day address. The President, TUC, Quadri Olaleye, in a statement on Thursday, said the comparison was unnecessary as Nigeria was not at par in all ramifications with Saudi Arabia and other countries mentioned. Read more
Electricity consumers paid N1.27tn in three years, say Discos
Electricity distribution companies collected a total of N1.27tn from customers in the last three years, data obtained from the Association of Nigerian Electricity Distributors on Thursday have shown. ANED, the umbrella body for the Discos, said customers paid N363bn in 2017, N437.9bn in 2018 and N473bn in 2019. Read more
‘FG aggressively developing gas-to-power infrastructure, exploration’
The Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kyari, has said the Federal Government is aggressively pursuing other gas development initiatives to improve Nigeria’s current utilization of alternative fuels as well as stimulating gas demand and power generation in the country. Read more
First Bank reinforces financial inclusion, disburses N17 billion
First Bank of Nigeria Limited, a leading financial inclusion services provider, recently announced that loans in excess of N17 billion had been disbursed to individuals, across the country. The loan disbursement is carried-out through First Advance, its digital lending solution. Read more
Mobile industry adds $184 billion to economy as 5G adoption gathers momentum
From the $155 billion it added to the sub-Saharan Africa (SSA) economies in 2019, the mobile industry is expected to increase this to $184 billion by 2024. This is according to the Global System for Mobile telecommunications Association (GSMA) SSA Economy report, presented Tuesday at the ongoing GSM Thrive Africa conference. Read more
