Business Archives - Page 18 of 24

May

14

2023

Alex Otti and the task of exorcising Abia of evil spirit of backwardness

Abia State, Economy, PoliticsAbia State, Alex Otti, Business, Politics

For straight twenty four (24) years, Abia State has been badly run. The state has been under the torment of certain spirits that frustrated development as it were. It has been presided over by three managers called governors. For their collective efforts, the state today holds the unenviable record as the worst state in the South East geo-political zone and perhaps, in the entire country. Created from the Old Imo State on August 27, 1991 by the Military Administration of General Ibrahim Babangida, its story is known across the country as a state that has refused to “grow”.Observers have continued…

May

11

2023

By Amos Oge Kalu

Osun: FG shut down 75 filling stations over infractions

Business, Economy, MetroBusiness, Economy, Metro, Nigeria

The Nigeria Midstream and Downstream Petroleum Regulatory Authority has shut down over 75 filling stations in Osun State. On Wednesday, Mr. Kunle Adeyemo, NMDPRA state Coordinator, disclosed this while briefing journalists on the agency’s activities in April. According to him, the filling stations were shut down due to non-compliance with the agency’s regulatory standard, including operating without a valid license. He said the agency, in the period under review, beamed searchlights on over 301 across the state and discovered many had committed several infractions. He urged that stakeholders in the industry must operate within the ambit of regulation to avoid…

May

09

2023

By Amos Oge Kalu

Nigeria’s debt profile races to N80trn under the Buhari govt

Business, Economy, MetroBusiness, Economy, Metro, Mohammadu Buhari, Nigeria

With Nigeria’s total debt stock racing to over N80 trillion, there is a heightened concern in the country. Stakeholders are of the view that Nigeria’s economy is in an emergency situation and on the verge of collapse if nothing is done. Although the Debt Management Office has consistently dismissed fears surrounding Nigeria’s increasing debt profile, economic analysts have never kept mum, signaling the alarm bill. DMO, in its Fourth Quarter report of 2022, said Nigeria’s total debt hovers around N46.25 trillion. Specifically, the total domestic debt stock was N27.55 trillion, while external debt stock was N18.70 trillion (USD 41.69 billion)…

May

07

2023

By Amos Oge Kalu

Dangote announces date for commissioning of multi-billion refineries

Business, EconomyBusiness, Dangote, Economy

Dangote Group has announced the date for the launch of its much-awaited refineries. A letter of invitation circulating on social media indicated that the commissioning would happen on May 22, 2023. The multi-billion-dollar Oil Refinery and Petrochemical Company is expected to bring solutions to Nigeria’s perennial refining issues.

Apr

16

2023

By Freeman

IMF advices African countries including Nigeria to adjust exchange rate

Business, Economy, MetroAfrica, Business, Economy, IMF, Metro, Nigeria

The International Monetary Fund has advised Sub-Saharan African countries to seek currency adjustments (devaluation) due to the realities of rising global interest rates and limited access to funding. The fund opines that “some adjustment of currencies seems unavoidable in many cases” even if their reaction was to resist it. “There are certainly some reasons for sub-Saharan African countries to resist exchange rate pressures, including an elevated share of foreign-currency debt and weakly anchored inflation. But countries have to adjust to new fundamentals of higher global interest rates and tighter financing conditions that are expected to last into the foreseeable future. For most countries, the…