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Food Imports Gulps $1.24bn In 6 Months
Food products imports gobbled up $1.24bn of the foreign exchange supplied by the Central Bank of Nigeria from October 2020 to March 2021. This is coming despite the ban directive from President Muhammadu Buhari to the CBN to stop issuing forex for food and fertiliser imports The foreign exchange used for the importation of food…
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West Africa At Risk Of Worsening Food Crisis In Coming Months
Experts have revealed that the food crisis situation in West Africa might worsen between June and August 2021, with as many as 27 million people needing immediate food aid. Currently, 20 million people face a food crisis in West Africa as a result of conflict and the hardship made worse by the coronavirus pandemic. According…
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Lagos State’s 4th Mainland Bridge Project To Cost $2.5 Billion
The Lagos State government is currently finalizing discussions to begin the construction of the 4th Mainland Bridge. Lagos State’s Director-General of Public-Private Partnership, Ope George, said during a briefing on Tuesday, May 18, 2021, that the project will cost about $2.5 billion to complete. The new cost is about $300 million higher than the $2.2…
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Buhari Seeks Fresh N2.3Trillion Loan Amid Nigeria’s Staggering Debt
President Muhammadu Buhari has again implored the Senate to approve a N2.3 trillion loan to finance the 2021 budget deficit of N5.6 trillion. The request was read by Senate President Ahmad Lawan on the floor of the Senate at plenary on Tuesday. According to Buhari, the proposed loan would enable the Federal Government to fund…
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Inflation Drops By 0.05% In April After Consistent Increase
The National Bureau of Statistics has published that the inflation rate reduced by 0.05 percent in April 2021 compared to what obtained in March 2021. It said the inflation rate which stood at 18.17 percent in March reduced to 18.12 percent in April 2021. CPI measures the average change over time in prices of goods…
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Food Prices Drop After 21 Months Consecutive Increase
According to the National Bureau of Statistics, the composite food index rose to 22.72 percent in April 2021 compared to 22.95 percent recorded in March of the same year. The report contained in the NBS’s Consumer Price Index added that on month-on-month basis, the food sub-index increased by 0.99 per cent in April, down by…
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DRC Loses $4 Billion To Israeli Scam Contracts
The Democratic Republic of Congo (DRC) may have lost nearly $4 billion resulting from dubious oil and mining contracts signed with Israeli businessman Dan Gertler according to the CNPAV. The Comitato Nazionale Pendolari Alta Velocità (CNPAV), an anti-corruption coalition reported that an analysis of public data between 2003 and 2021 showed that the DRC had…
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Sudan PM Reveals Plan To Clear $60Bn Foreign Debt
Prime Minister Abdalla Hamdok has mapped out a plan that he hopes would help the country settle its staggering $60 billion foreign debt bill this year. The seasoned UN economist-turned-premier revealed plans to secure relief and deals at an upcoming Paris conference that could bring much-needed investment. Hamdok took office as the head of a…
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Creative Industry Contributes Largely To Nigeria’s Labour
Jobberman, a leading online career portal in Nigeria, in partnership with Mastercard Foundation, released a report on Nigeria’s creative industry saying it has the potential to produce 2.7 million jobs by 2025. According to the report, the creative industry is positioned as the country’s second-largest employer and is set to contribute N5 trillion to the…
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Federal Government Approves N6.2bn For Power Projects
The Federal Executive Council (FEC) has approved N6.2 billion for the execution of various power projects across the country. The minister for Power, Sale Mamman made this known while briefing the State House correspondents on the outcome of the meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. According to Mamman, contracts…