FAO, IMF, WTO, World Bank raise alarm, demand urgent solution to food crisis

The Food and Agriculture Organisation (FAO), International Monetary Fund (IMF), World Bank Group (WBG), World Food Programme (WFP), and World Trade Organisation (WTO) want urgent action to address the global food crisis. FAO Director-General, Qu Dongyu; IMF Managing Director, Kristalina Georgieva; WBG President, David Malpass; WFP Executive Director, David Beasley, and WTO Director-General, Ngozi Okonjo-Iweala issued a joint statement on Wednesday. The heads noted that …

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Buhari to launch Nigeria’s integrated national financing framework in New York

President Muhammadu Buhari will on Friday, 23rd September 2022, launch Nigeria’s Integrated National Financing Framework (INFF) for Sustainable Development on the margins of the 77th session of the United Nations General Assembly (UNGA77) in New York. According to Femi Adesina, the Special Adviser to the President of Media and Publicity, Nigeria’s INFF was proposed within the broader Addis Ababa Action Agenda as a planning and …

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Nigerian government grants over N16Trillion Waiver to Dangote, Honeywell, others amid ailing economy

President Muhammadu Buhari’s administration has reportedly waived the sum of N16.76tn in revenue to tax reliefs and concessions given to large companies between 2019 and 2021. The beneficiaries of the tax reliefs and concessions included Dangote, Lafarge, Honeywell and 43 other major beneficiaries. At least 46 companies had benefitted from various tax incentives and duty waiver schemes as of the end of 2021, while the …

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I’ve defeated those who tried to stop introduction of NIM – Pantami brags

Minister of Communications and Digital Economy, Prof Isa Pantami, has revealed that he received several threats from some citizens following the National Identity Policy Implementation. Also, Pantami disclosed that President Muhammadu Buhari administration has increased the National Identity Database by 150% in three years. Pantami made this disclosure in his remarks at this year’s National Identity Day commemoration titled, ‘Institutions as Critical Stakeholders for Citizens’ …

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NCAA renews Azman Air’s licence 24 hours after suspension

One of Nigeria’s airlines, Azman Air, has regained its Air Transport License, ATL about 24 hours after it was suspended by the Nigerian Civil Aviation Authority (NCAA). NCAA said the suspension on the ATL of Azman Air was lifted upon fulfilment of all outstanding requirements by the airline. A copy of the document sighted in Lagos on Friday, signed by NCAA Director General, Capt. Musa …

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Jeremy Awori Becomes Ecobank Group’s incoming Chief Executive Officer

Ecobank Transnational Incorporated (ETI) said its board of directors has selected Jeremy Awori as the new Group Chief Executive Officer. He will succeed outgoing CEO Ade Ayeyemi after he retires soon. This was disclosed via press release which explained that Mr Ayeyemi would retire at 60, in line with ETI’s retirement policy. The effective date for Awori’s assumption of office would be announced in due …

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Mixta Africa secures N8bn funding to expand affordable housing delivery in Lagos

Africa’s foremost real estate company, Mixta Africa has secured development financing of N8bn from Shelter Afrique, the pan-African finance institution that exclusively supports the development of housing and real estate sector in Africa. The funding will enable Mixta to expand the delivery of affordable housing in Nigeria. The Company is currently executing the 1000-unit Marula Park Project. Marula Park is a family-friendly, gated community consisting …

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DBN offers free entrepreneurship training to MSMEs

Thousands of Nigerian Micro, Small, and Medium Businesses (MSMEs) are set to benefit from the free entrepreneurship program being offered by the Development Bank of Nigeria (DBN) Plc. The free entrepreneurship training is part of the Bank’s efforts toward achieving its core mandate of building the capacity of small businesses to enable them to formalize and upscale. This essentially will address the challenges some of …

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AfDB issues €1.25bn benchmark social bond due Sept. 2029

The African Development Bank (AfDB) has launched and priced a new 1.25 billion euros seven-year Global Benchmark transaction, in a Social Bond format, due Sept. 14, 2029. The AfDB in a statement posted on its website on Friday, stated that the bond launched on Wednesday, “pays a coupon of 2.250 per cent with a re-offer yield of 2.310 per cent.” The new seven-year EUR transaction …

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FG Okays Nigeria-Kuwait Bilateral Air Deal

The Federal Government of Nigeria has approved the signing of a Bilateral Air Services Agreement with Kuwait. Minister of Aviation, Hadi Sirika made the announcement on Wednesday at the State House. The official addressed reporters after the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari. The deal with Kuwait is in accordance with the provisions of the International Civil Aviation Organisation (ICAO) convention …

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Nigerian Electricity Billing Suffers N543bn revenue loss in 12 months

According to the latest report by the Nigerian Electricity Regulatory Commission the total billing to electricity consumers by the 11 distribution companies stands at N816bn. The report also shows that out of this amount, only N370bn has been collected by the DIiscos, leaving a total outstanding of N543bn. The data was contained in the NERC’s Annual Report. The latest report shows that the loss was …

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Economic Crisis: Stock Market Depreciates By N1.69trn In 3 Months

Kayode Tokede As Nigeria continue to grapple with economic challenges, the equities market has maintained a downward slide with investors’ wealth dwinddling by a whopping  N1.69 trillion in just three months. THISDAY analysis of market activity from June to August 2022 revealed that for the month of August, the stock market depreciated by N283billion in market capitalisation, while in July, the market capitalisation went down by …

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NCC fixes new rate for international calls termination

The Nigerian Communications Commission has set $0.10 as the new fixed International Termination Rate for voice services paid by overseas telecom carriers for ending international calls on local networks in Nigeria. The ITR pertains to the cost of bringing call traffic into Nigeria, and it was increased from the $0.045 initially presented in December last year as a floor price. The Commission said the new …

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Why Gas infrastructure deficit requires $2bn annually, FG reveals

The Federal Government on Tuesday put the estimated amount required to bridge Nigeria’s gas infrastructure deficit at $2bn annually. The Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this at the inauguration of the Governing Council of the Midstream and Downstream Gas Infrastructure Fund. He said a key cause of poor gas production, gas flaring and low domestic gas utilisation was the gas …

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Dangote refinery gets 300,000 barrels per day from NNPC

The Nigeria National Petroleum Corporation Limited will have the first right of refusal to supply the Dangote refinery with about 300,000 barrels of crude oil per day for the next 20 years. The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, disclosed this to journalists when he appeared at the 49th Session of the State House Ministerial Briefing organised by the Presidential Communications Team, at …

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NCAA threatens to withdraw airlines’ licences over N46bn debt

The Nigerian Civil Aviation Authority, on Tuesday, said it would withdraw the licenses of domestic airlines within 30 days beginning from August 30, 2022, if the airlines fail to sign a Memorandum of Understanding on how to clear the about N46bn debt which they owe aviation agencies. It said this in response to a letter written by the Airline Operators of Nigeria to the Ministers …

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