Digital economy: FG commits N2bn to Abuja ICT Park

Nigeria’s quest to have a national information and communication technology (ICT) park may become a reality this year as the Federal Government has earmarked N2 billion for the project. The Federal Government, in the 2020 budget recently signed, highlighted this as a major project of the Ministry of Communications and Digital Economy. The N2 billion represents 33.9 per cent of the total N5.9 billion budgeted for capital projects this year by the ministry, which is pushing for a digital economy through institutionalisation of technology adoption in all government activities. Part…

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ABCON: Devaluation’ll hurt Nigeria’s economy

President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu  Gwadabe, has dismissed speculation in some quarters of an imminent devaluation of the naira, stating that a weakening of the local currency at this time, will not do the economy any good.   The ABCON president stated this in a chat with journalists at the sensitisation programme on the “Outcome of the Central Bank of Nigeria’s (CBN) Examiners/Inter-Governmental Action Group against Money Laundering in West Africa’ (GIABA) visit on the operations of BDCs and way forward,” held by…

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Water transportation key to nation’s economy – Moghalu

Muhammad Bashir, Lokoja The newly appointed Managing Director, National Inland Water Ways Authority (NIWA), Chief George Moghalu has said water Inland transportation system is a critical component of national freight system. Moghalu stated this Tuesday, while addressing the management team of the authority at the NIWA headquarters in Lokoja, Kogi State. He said movement of bulk commodities through the inland water system will hugely mitigate the growing transportation needs of the country. “Our country dearly needs diversification and development of it’s critical infrastructures in the area of waterway transportation. NIWA…

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Trade war: World economy draws closer to recession

The escalating trade war between the U.S. and China is nudging the world economy toward its first recession in a decade with investors demanding politicians and central bankers act fast to change course, Bloomberg reported yesterday. In the U.S. alone, the recession risk is “much higher than it needs to be and much higher than it was two months ago,” Lawrence Summers, a former U.S. Treasury secretary and a White House economic adviser during the last downturn, told Bloomberg Television. “You can often play with fire and not have anything…

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‘GDP data: Economy in dire need of fiscal stimulus’

  As reactions continue to trail this week’s release of Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), Financial Derivatives Company (FDC) Limited has said that the data shows that the: “Economy is in dire need of fiscal stimulus.” The firm stated this in its publication, entitled, “Unity Bank Digest” obtained by New Telegraph yesterday. According to the firm, although the NBS numbers indicates that Nigeria’s real GDP growth declined by 0.37 per cent to 2.01 per cent in Q1’19 from 2.38 per cent in Q4’18,…

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H1 2018: ‘Poor economy slows local raw material sourcing’

Manufacturers Association of Nigeria (MAN) has admitted that general sluggishness of the economy and a renewed importation of raw materials considering the tranquility in the foreign exchange market slowed down the country’s local sourcing of raw materials in the manufacturing sector in the first half of 2018. Particularly, the association said that utilisation of local raw materials by manufacturers stood at 56.6 per cent in the first half of 2018, down by 4.12 and 9.1 percentage points from 60.72 per cent of the same half in 2017 and 65.7 per…

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‘Local coffee production can boost Nigeria’s economy’

  As Nigeria seeks to diversify from dependence on oil, financial analysts have stressed the need for the Federal Government to boost local production of coffee to enhance growth of the economy. These calls was made in a report from the Financial Derivative Company (FDC) entitled: Commodity in Focus’. Specifically, the experts said improvement in local production of coffee, is crucial for economic growth and job creation. They hinged their argument on high rate of coffee consumption in Nigeria, which they said rose more than 20 per cent between 2010…

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Penetration: Looking beyond big tickets

As Nigeria’s economy gradually stabilises and foreign investors take interest in the local insurance sector, there is an urgent need to deepen penetration. Sunday Ojeme reports   Even with various risks and investment projection failures staring at everyone, Nigeria still ranks among countries with the lowest insurance penetration rate globally with a paltry one per cent of its over 170 million population taking up insurance policies. This is a challenge that ranks tops amongst many other issues affecting the sector and it is imperative for stakeholders to continue to find…

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Salvaging epileptic economy via tech

Epilepsy is a medical term, meaning literally a severe neurological disorder marked by abrupt recurrent episodes of sensory disturbances, loss of consciousness, or convulsions, associated with unusual tremor in the brain. It’s noteworthy that the aforementioned medical vice can be addressed through the application of lobotomy, a surgical operation in which some of the nerves in the human brain are cut. The current Nigeria’s economy – likewise that of other African nations – is arguably epileptic, thus requires such major surgery as lobotomy if the governments at all levels are…

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Nigeria loses N1.5trn annually to ‘ocean blue economy’

A study conducted by the Federal Government’s Committee on Maritime Trade has revealed that the nation’s maritime sector is losing about N1.5 trillion annually due to its inability to exploit the ‘ocean blue economy.’ Blue economy can be described as a marine-based sustainable, visionary economic developmental process, which leads to improved human well being, through sound management of marine resources. It was learnt that the loss excluded expatriates manpower cost, which is estimated at N600 billion annually going by the report of the National Content Development and Management Board (NCDMB).…

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