ABUJA, June 24 (Reuters) – Nigeria’s pace of economic growth remains fragile, Central Bank Governor Godwin Emefiele said on Monday. Emefiele made the comment at a briefing in Abuja where he laid out the central bank’s policy direction for the next five years.
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Shell Nigeria Gas (SNG) has increased its gas distribution capacity by over 150% following the safe completion of its second gas train, the Agbara-Ota Capacity Increase Project. The facility enables SNG and its partners to achieve regular gas supply to subscribed industries in Ogun State while efforts are ongoing to reach more states. Managing Director, SNG, Ed Ubong, said, “Apart from increasing the distribution capacity in existing states where it operates, SNG is maturing opportunities to expand its gas distribution network to new states. On completion of its expansion projects, over 1,000 megawatts equivalent of energy will be directly supplied to various industrial parks and manufacturing companies in Nigeria.” Ubong spoke with journalists at the…
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A group, Concerned Staff of FIRS, have petitioned President Muhammadu Buhari over the atrocities and infractions allegedly perpetrated by the Executive Chairman of the Federal Inland Revenue Service, Babatunde Fowler. In an open letter, the group advised President Buhari not to re-appoint Fowler because the FIRS boss had “unimaginably taken it back to the old dark period of inefficient and ineffective days.” It also recommended that the activities of Fowler from the day he was appointed up to his last day in office should be investigated and brought to book…
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The introduction of a new cellular generation is a delightful, and meaningful, event. The 1st generation introduced mobility. The 2nd generation [or: 2G] brought us into the digital world. The 3rd generation, in turn, introduced mobile data. And the 4th generation created the mobile broadband world in which we live today. Unlike previous generations, which took us a single step forward (though it was usually a very big one), the 5th generation takes us multiple steps in multiple directions. Enhanced mobile broadband (eMBB) applications are a big step forward in…
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Manufacturing sector recorded a decline of about N77.92bn in output in the first quarter of this year, figures obtained from National Bureau of Statistics have revealed. An analysis of Gross Domestic Product report prepared by NBS revealed that the sector recorded a total output of N1.69tn as of the end of the fourth quarter of 2018. However, the level of productivity of the sector dropped by N77.92bn from the fourth quarter figure of N1.68tn to N1.61tn. The sector had been badly hit by the harsh operating environment which took its…
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The National Broadcasting Commission (NBC) Chairman Dr Ishaq Modibbo Kawu and two others were recently arraigned before Justice Folashade Giwa-Ogunbanjo of the Federal High Court, Abuja for the N2.5billion fraud charge preferred against them. The others are Pinnacle Communications Limited (PCL) Chairman Lucky Omoluwa and the Chief Operating Officer Dipo Onifade. They were accused of complicity in the misappropriation of the N2.5billion meant for the Digital Switch-Over (DSO) project of the Federal Government.
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A Non-Governmental Organisation, Coalition Against Corruption and Bad Governance (CACOBAG), has called on President Muhammadu Buhari to probe allegations of broadcast license racketeering currently rocking the National Broadcasting Commission (NBC) and the Office of the Chief to the President. This is contained in an advertorial and court affidavit by the group to back up its petition, which was published on various media platforms and signed by the National Chairman, Alhaji Toyin Raheem. The group said information at its disposal revealed that the embattled Director General of the NBC, Mallam Ishaq…
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No fewer than 137 pipelines points were vandalised in February which represents a 40 per cent drop when compared to the reported incident in January, according to Nigerian National Petroleum Corporation (NNPC).The corporation made the fact known in its Monthly Financial and Operation report released in Abuja, on Sunday. It said: “A breakdown of the report indicated that in February 2019, a total of 137 pipeline points were vandalised which translated to 40 per cent drop from the 230 points vandalised in January 2019.’’ It noted that Mosimi-Ibadan petroleum products…
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The actual price of Premium Motor Spirit, PMS, also known as petrol, climbed to N205 per litre, according to documents obtained from the Petroleum Products Pricing Regulatory Agency, PPPRA. What this means is that if the Federal Government deregulates the downstream petroleum industry today, petrol would be sold to motorists by petroleum marketers at N205 per litre. According to the documents from the PPPRA, the price of the commodity appreciated by 8.47 per cent from N189 per litre recorded in April 25, 2018, to N205 per litre as at May…
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The Central Bank of Nigeria (CBN), on Thursday, released guidelines for the bilateral Currency Swap agreement between Nigeria and China. The CBN gave the guidelines in a document signed by the Director, Financial Markets Department, Dr. Alvan Ikoku and posted on its website. The regulator, in a document titled, “Regulations for Transactions with Authorised Dealers in Renminbi,” said it might conduct bi-weekly trading sessions to ensure liquidity for trade and direct investment between the two countries. The Apex bank, in the guidelines, mandated commercial banks and merchant banks including authorised…
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